Two men buy Balex Marine’s assets

Two expat Kiwi businessmen who participated in Balex Marine’s $330,000 equity crowdfunding last year have bought the automatic boat loader’s assets from the liquidator for an undisclosed sum.

Liquidators were appointed to the Tauranga-based company and its sister firm Suelex last month after Balex couldn’t find a new funding lifeline when high costs and slow sales had drained its coffers. The boat loader raised $330,000 through 80 investments via equity crowdfunder Snowball Effect in October, just above its minimum target. Participants included expat businessmen Daniel Given and Reon Oak, who run Hong Kong-based manufacturing and supply chain firm Gait International.

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