Non-public fairness agency Velocity Capital Administration has acquired North American grassroots motorsport operator Parella Motorsports Holdings (PMH). Firm founder Tony Parella will proceed as CEO.
PMH, which was based by Parella in 2012, owns 5 main street racing collection and hosts racing festivals throughout the US below the SpeedTour model title. Between SVRA, Trans Am, FR Americas, F4 U.S. and the Prototype Dash Sequence Affiliation, it had greater than 5,500 rivals through the 2023 season.
Moreover, PMH additionally holds the long-term industrial rights to SCCA Professional Racing, which sanctions Trans Am, FR Americas, F4 U.S., Formulation Race Promotions and Formulation 2000.
“After reaching accelerated development over the previous 12 years, I’ve been looking for the fitting accomplice to assist me understand my imaginative and prescient for Parella Motorsports and I’m thrilled to be collaborating with the Velocity group,” mentioned Parella.
“Their hands-on, value-add method and area experience inside the sports activities and leisure sectors are precisely what our firm wanted to develop each organically and thru acquisitions, which is able to assist guarantee we obtain our true potential. I’m excited to guide us via this subsequent chapter in our rising motorsports operation.”
Velocity focuses on value-add investing in excessive development firms throughout the sports activities, media, and leisure industries, and co-founder, accomplice and Board Chairman Arne Rees mentioned that PMH might be a pure match.
“The Parella funding is an ideal complement to our current portfolio as we now have already begun cross-pollinating the corporate with our portfolio firms and leveraging our personal direct working expertise to additional commercialize the enterprise and enhance the monetization of the corporate’s mental property,” mentioned Rees.
Phrases of the transaction weren’t disclosed.
