Hot Rod Diecast

Boston Ventures, a leading middle market private equity firm, announced today that it has agreed to a sizeable investment in Petty Enterprises and the Richard Petty Driving Experience. The infusion of capital will allow Petty Enterprises to significantly grow the organization with the goal of returning to the pinnacle of the Nat\’l Assoc for Stock Car Racing Sprint Cup Series and growing the Richard Petty Driving Experience into the safe driving and performance sectors.

“Nat\’l Assoc for Stock Car Racing is a different sport than it was when my dad won three championships, or when I won seven,” said “The King” Richard Petty, who will hold the title of Chairman Emeritus. “If there is one thing I could point to as the biggest difference, it would be the technology and engineering that is required to be competitive. We have known for quite some time that we need to find a partner to help us improve those areas of our race team, but we wanted to make sure that it was done correctly. I’m proud of what the Petty family has built over our 60 years in this sport. I am confident that Boston Ventures will help us continue that legacy.”

Barry Baker, Managing Director of Boston Ventures, will become Chairman of Petty Enterprises. Mr. Baker joined Boston Ventures in October 2000 and brings more than 30 years of industry and operating experience to the organization. Prior to joining Boston Ventures, Mr. Baker was President and Chief Operating Officer of USA Networks, Inc., where he served as a member of the Executive Committee and the Board of Directors. Previously, Mr. Baker was CEO/Designate at Sinclair Broadcast Group, Inc., a position he assumed after Sinclair Broadcast Group, Inc. acquired River City Broadcasting, L.P. in 1996. Mr. Baker founded River City Broadcasting, L.P. (a Boston Ventures portfolio company) in 1989 and served as Chief Executive Officer through 1996. Mr. Baker currently serves on the Board of Directors of HomePages Holdings, LLC; Backyard Broadcasting Holdings, LLC; and Smith Media, LLC. He attended Syracuse University and serves on the Newhouse School of Public Communications Board.

Andrew C. Davis, Managing Director of Boston Ventures, will also serve on the newly formed Petty Enterprises Board of Directors. Mr. Davis joined Boston Ventures in 1996 as an Associate and brings more than 16 years of investment banking and principal investing experience to the organization. Prior to joining Boston Ventures, he was an Associate in the Media and Telecommunications Group at Lehman Brothers, Inc. from 1994 to 1996. From 1989 to 1992, he was an Investment Banking Analyst at Bear, Stearns & Co., Inc. He also was a summer Associate in Strategic Planning for the Theme Park Division of Walt Disney Company. He currently serves on the Board of Directors of 21st Holdings Corporation; NorthStar Travel Media Holdings, LLC; and Smith Media, LLC. Mr. Davis earned his B.A. in Economics from the University of Michigan in 1989 and M.B.A. from the Kellogg Graduate School of Management at Northwestern University in 1994.

“Barry and Andy are two dynamic individuals who will diversify the portfolio of the new Petty Enterprises,” said newly-appointed Petty Enterprises CEO David Zucker. “Both have strong ties to corporate America and that is something that you need in today’s world of Nat\’l Assoc for Stock Car Racing. We need to replace sponsorship on the No. 43 car with driver Bobby Labonte and we will be looking to add new partners in the future. These two will help Petty Enterprises continue the strong relationships we have enjoyed in the past, while building for the future.”

This entry was posted on Thursday, June 12th, 2008 at 12:50 pm and is filed under NASCAR. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.