Boston Ventures invests in Richard Petty

June 11, 2008 11:41 AM E-mail| |Comments ()| Text size – +

Local private equity firm Boston Ventures said today that it has made a "significant investment" in a company linked to NASCAR racing legend Richard Petty and his family.

Boston Ventures said it has invested in Petty Enterprises, which includes the Richard Petty Driving Experience.

According to Boston Ventures, this marks the first time since family patriarch Lee Petty formed the organization in 1948 that an outside firm has invested in the legendary race team.

The Richard Petty Driving Experience is a program that offers fans the opportunity to get behind the wheel or to ride along with a professional in a NASCAR style stock car at speeds up to 165 mph, Boston Ventures said.

Petty Enterprises also operates two NASCAR race teams - the .43 race car driven by former NASCAR champion Bobby Labonte and the .45 race team that features driver Kyle Petty, grandson of company founder Lee Petty and the son of Richard Petty, Boston Ventures noted in a press release.

Boston Ventures said it will provide growth capital and management support to enhance all aspects of the company, including investing in the necessary resources and initiatives to improve the performance of the race team and to grow the Driving Experience in its core and ancillary businesses.

Barry Baker, a Boston Ventures managing director, will become chairman of the company upon completion of the transaction, which is expected to occur in the second quarter, Boston Ventures said, and Andrew C. Davis, another managing director of Boston Ventures, will also serve on the Petty Enterprises board of directors.

"This investment is consistent with Boston Ventures' strategy of investing in highly recognizable media and entertainment franchises and partnering with families who are looking to transition their company to the next level," Davis said in a statement.

Boston Ventures said that David F. Zucker, a former executive of Playboy Enterprises, has joined Petty Enterprises as chief executive.
(By Chris Reidy, Globe staff)