More Buell Stuff…
Press Release from EBR’s new owner, Liquid Asset Partners:
For Immediate Release January 15, 2016
New owner of Erik Buell Racing says EBR could make a comeback
Milwaukee, WI: The sale of Erik Buell Racing was approved Thursday in Walworth County Circuit Court with Grand Rapids, MI based Liquid Asset Partners as the winning bidder.
Erik Buell Racing (EBR) is an East Troy, WI motorcycle manufacturer that ceased operations in April 2015. EBR was involved in a venture in 2014 with Hero MotoCorp Ltd., which ended in a settlement in July 2015. EBR was founded by Erik Buell in 2010 after Harley-Davidson ceased operations of the Buell Motorcycle Company in 2009.
Liquid Asset Partners was successful in purchasing the assets after a nine month process by the Court Receiver. Liquid Asset Partners has a long history in the motorcycle industry working with major manufacturers & distributors to sell assets and intellectual property. They plan to run a simple two part sale process. Part one is working to secure a new buyer who has the proper experience, financial ability, and desire to continue manufacturing EBR’s motorcycles for many years to come. Part two will be a sale of excess assets to help streamline the operations.
“I believe Erik Buell Racing (EBR) has established themselves as one of the premier motorcycle manufacturers in the world and has strong potential as a viable business,” said Bill Melvin, CEO of Liquid Asset Partners. “Hundreds of millions of dollars have been spent on research and design to arrive at the EBR RS, RX, and SX platforms, which have proven themselves on the racing circuit to be state of the art and in dealer sales to be in high demand. Their bikes, out of the box, can go head to head with the top Italian race bikes. Our sale process will enable the proper exposure of the company and price flexibility that may better fit a new owner to move forward with operations. We believe any plan needs to include the support of the great team of employees of EBR. We will be working closely with management to formulate the plan. This is a once in a lifetime opportunity and any interested parties or investors should contact us immediately.”
Liquid Asset Partners is a very knowledgeable player in the motorcycle industry with a wide array of high level contacts across the globe. From their experience with American Ironhorse in 2009 and the Indian Motorcycle Company in 2004 (they tried to acquire the I.P.), they understand the sale of the business could take time, possibly up to one year. In the event it does take time, Liquid Asset plans to work with the remaining EBR management to streamline the Intellectual Property, tooling, and core manufacturing assets needed for a potential new owner.
“There are still a lot of options on the table for a new owner to come in and continue making EBRs. EBR is not a start up, this is an established brand with a huge following across the globe. With the internet, motorcyclists everywhere will know this business is still for sale and we will be open to discussing options,” continued Melvin. “Tell everyone! Maybe it will be crowd sourced, maybe a private investor will step in, maybe we will provide financing for the right team to move forward, or maybe a large manufacturer will acquire the brand with additional due diligence. Our hope is that someone will continue to manufacture these amazing motorcycles and with our acquisition we are adding more pavement to the road so that can happen.”
Background on Liquid Asset Partners: Since 1974, their management team has worked with banks, retailers, courts, manufacturers, and investors. They make cash purchases or run commission disposition sales in retail, wholesale, industrial and motorsports industries. Past work in the motorcycle industry by the management team includes the Cannondale Motorcycle Factory in 2002, the Indian Motorcycle Factory in 2004, the American Ironhorse Motorcycle Factory in 2009, the Buell Factory in 2010, and assisting with the sales of major distributors, dealers, and suppliers.
Parties interested in Erik Buell Racing as a viable business should contact Liquid Asset Partners at 616.719.5917 to sign an NDA and receive additional information on the sale process.
Parties interested in the Sale of Excess Assets should sign up for email updates at www.LiquidAP.com or www.facebook.com/LiquidAssetPartnersLLC/
Meanwhile, Bruce Belfer, whose deal fell through in the eleventh hour and who prides himself on his never-say-die attitude, should not be counted out of the running. “Erik Buell Racing is an American icon of motorcycling”, Belfer wrote yesterday. “I set out to keep the company from being liquidated, and today it is still intact. Liquid Asset Partners has proposed a structured transition of the company to a new owner, and I suggest we give them the benefit of the doubt.”
Belfer was present at the most recent court proceedings, and has been in contact with the new owners. Who knows? If LAP is serious about waiting a year to get its money back and keeping EBR’s assets in one piece in the meantime, it could really just make it easier for the right buyer to get all the stars, money sources and legal people properly aligned before jumping back in.
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