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Labonte Signs with Petty Enterprises for 4 More Seasons
Petty Enterprises Announces New Business Structure
Mooresville, N.C. (June 11, 2008) – Petty Enterprises, the most successful organization in the history of American motorsports, today announced a partnership with Boston Ventures, a leading middle market private equity firm which invests in the entertainment, media, and communications sectors. This marks the first time since Lee Petty formed the organization in 1949 that an outside firm has invested in the legendary race team. In addition to introducing new CEO David Zucker and a major investment by Boston Ventures, Petty Enterprises has also extended their contract with former NASCAR Sprint Cup champion Bobby Labonte and will integrate the operations of Petty Enterprises and the Richard Petty Driving Experience.
For more information on the history of Petty Enterprises.
BOSTON VENTURES
Boston Ventures, which has invested $2.4 billion in more than seventy companies, has agreed to a capital investment in Petty Enterprises and the Richard Petty Driving Experience. This infusion of capital will allow Petty Enterprises to grow significantly and continue to invest in additional personnel, equipment, technology and testing.
Barry Baker, Managing Director of Boston Ventures, will become Chairman of Petty Enterprises. He brings more than 30 years of industry and operating experience to the firm. Prior to joining Boston Ventures, Mr. Baker was President and Chief Operating Officer of USA Networks, Inc. Andrew C. Davis, Managing Director of Boston Ventures, will also serve on the newly-formed Petty Enterprises Board of Directors. “The King” Richard Petty will hold the title of Chairman Emeritus and will continue to be actively involved in the business.
“The time has come for Petty Enterprises to take the steps necessary to get back to Victory Lane,” said Petty. “This is something I have taken a great deal of time to think about and I’m comfortable with the decision I have made and to have Boston Ventures as my partner in Petty Enterprises. Boston Ventures will provide us with the capital necessary to compete for wins and championships. Over the years, many of their investments have been partnerships with family-owned companies. In each of those cases, Boston Ventures has stayed true to the family mission, while improving the overall well-being of the company.”
“There is no doubt this is an emotional decision for our family, for my dad, my mother, for me, for my sisters, for the grandkids, for all of us,” said Kyle Petty. “We have labored over this decision for a long time, but it’s absolutely the right decision. And not just for our family but for the 152 families that depend on Petty Enterprises. My grandfather founded Petty Enterprises in 1949 and over the years we have won a ton of races and 10 championships, but most importantly created livelihoods for many families and the investment by Boston Ventures will secure the future of Petty Enterprises for many generations.
Labonte Signs with Petty Enterprises for 4 More Seasons
Petty Enterprises Announces New Business Structure
Mooresville, N.C. (June 11, 2008) – Petty Enterprises, the most successful organization in the history of American motorsports, today announced a partnership with Boston Ventures, a leading middle market private equity firm which invests in the entertainment, media, and communications sectors. This marks the first time since Lee Petty formed the organization in 1949 that an outside firm has invested in the legendary race team. In addition to introducing new CEO David Zucker and a major investment by Boston Ventures, Petty Enterprises has also extended their contract with former NASCAR Sprint Cup champion Bobby Labonte and will integrate the operations of Petty Enterprises and the Richard Petty Driving Experience.
For more information on the history of Petty Enterprises.
BOSTON VENTURES
Boston Ventures, which has invested $2.4 billion in more than seventy companies, has agreed to a capital investment in Petty Enterprises and the Richard Petty Driving Experience. This infusion of capital will allow Petty Enterprises to grow significantly and continue to invest in additional personnel, equipment, technology and testing.
Barry Baker, Managing Director of Boston Ventures, will become Chairman of Petty Enterprises. He brings more than 30 years of industry and operating experience to the firm. Prior to joining Boston Ventures, Mr. Baker was President and Chief Operating Officer of USA Networks, Inc. Andrew C. Davis, Managing Director of Boston Ventures, will also serve on the newly-formed Petty Enterprises Board of Directors. “The King” Richard Petty will hold the title of Chairman Emeritus and will continue to be actively involved in the business.
“The time has come for Petty Enterprises to take the steps necessary to get back to Victory Lane,” said Petty. “This is something I have taken a great deal of time to think about and I’m comfortable with the decision I have made and to have Boston Ventures as my partner in Petty Enterprises. Boston Ventures will provide us with the capital necessary to compete for wins and championships. Over the years, many of their investments have been partnerships with family-owned companies. In each of those cases, Boston Ventures has stayed true to the family mission, while improving the overall well-being of the company.”
“There is no doubt this is an emotional decision for our family, for my dad, my mother, for me, for my sisters, for the grandkids, for all of us,” said Kyle Petty. “We have labored over this decision for a long time, but it’s absolutely the right decision. And not just for our family but for the 152 families that depend on Petty Enterprises. My grandfather founded Petty Enterprises in 1949 and over the years we have won a ton of races and 10 championships, but most importantly created livelihoods for many families and the investment by Boston Ventures will secure the future of Petty Enterprises for many generations.
