White Bluff, TN-based fibreglass boat manufacturer Ebbtide Corporation has been sold to a Chinese investment firm.
The sale was announced Friday by Baltimore, MD-based 321 Capital Partners, LLC.
A press release issues by 321 Capital quotes Ebbtide President and former owner, Tommy Trabue, as saying "While selling your company that you have been operating for 44 years is bittersweet there comes a time when you need to transition yourself to a different position.
"The new owner of Ebbtide is a Chinese businessman and entrepreneur that plans to build our brand name here in the U.S. and Canada as well as developing Ebbtide into a global brand. He will strengthen the company financially and provide leadership and vision to build the company for the future. He offers an excellent opportunity for all of our employees to grow in his international organization both here and China. I am pleased that I will continue working with the company as the future unfolds.'
The un-named buyer is said to be based in China's Shandong Province and in Chicago, IL, and in the process of developing "a complimentary manufacturing facility' in Shandong Province. George Gong, spokesmen, said "After acquisition, we will invest more money to improve the Tennessee facility, and produce more boats to meet customer requirements. Furthermore, we would like to promote Ebbtide as a worldwide brand supported by the manufacturing facilities in the United States and China. We will recruit more engineers, designers, employees to produce high quality, modern and advantaged boats.'
Ebbtide Corporation manufactures a full line of fibreglass boats from 18- to 28-feet at its 150,000 square-foot manufacturing facility in White Bluff, TN. The company lists 13 Canadian dealers on its website, with nine of them in Quebec.