Middle-market private equity firm Boston Ventures is driving away with one of the legendary names in NASCAR racing as it takes an
equity stake in Petty Enterprises and the Richard Petty Driving Experience.
The amount of Boston Ventures' equity investment in the 60-year-old racing operation was not disclosed, but the firm will install managing director Barry Baker as chairman of the company and ESPN veteran David F. Zucker as CEO when the deal closes in the second quarter of 2008.
Financial investors have been racing to get into auto racing companies over the past 12 months. In August 2007, George Gillet Jr., owner of the NHL's Montreal Canadiens, acquired a majority stake of Evernham Motorsports. In the prior month, actor Paul Newman formed a partnership with Robert Yates Racing. In February 2007, Boston Red Sox owner and commodities trader John Henry acquired a 50% stake in Roush Racing and renamed the team Fenway Roush Racing. -
George White For the full story, see TheDeal.com and The Daily Deal later in the day.
See press release
