After an initial auction where a New Jersey buyer was unable to close on Erik Buell Racing, the motorcycle company will head to the auction block again on Dec. 10.
Bruce Belfer, CEO of Atlantic Metals Group LLC, had the highest bid for the company in August, when it was auctioned out of receivership. In the following months, Belfer was unable to close on the deal due to outstanding settlements between Erik Buell Racing and Hero MotoCorp concerning the consulting business.
Belfer said he will likely bid again at the second auction, but noted the business is not worth the same as it was when he first agreed to pay $2.25 million.
“My goal has been and continues to be to get that company back on its feet, and continue to produce motorcycles in East Troy,” Belfer told the Milwaukee Business Journal.
Since the first auction, Belfer’s company has been paying EBR employees to keep them from leaving the company during the limbo period. Belfer recognizes that the employees are the most important asset in the acquisition.