P1racenews AI automatic summary:
Private equity firm Velocity Capital Management has acquired North American grassroots motorsport operator Parella Motorsports Holdings (PMH). Company founder Tony Parella will continue as CEO. PMH…
Private equity firm Velocity Capital Management has acquired grassroots motorsport operator Parella Motorsports Holdings (PMH), with company founder Tony Parella remaining as CEO. PMH owns five major road racing series in North America and organizes racing festivals under the SpeedTour brand. It had over 5,500 competitors during the 2023 season and also holds the long-term commercial rights to SCCA Pro Racing. Velocity specializes in investing in high growth companies in the sports, media, and entertainment industries and plans to leverage its experience to further commercialize PMH’s business. The terms of the transaction were not disclosed.
