Boston Ventures has acquired a majority stake in Petty Enterprises for an undisclosed amount. Founded and owned by former NASCAR driver Richard Petty, PE operates the Richard Petty Driving Experience and two racing teams.
Boston Ventures, a leading middle market private equity firm that invests in the entertainment, media, information and publishing, and communications sectors, announced today it has made a significant investment in Petty Enterprises and the Richard Petty Driving Experience. Together, Richard Petty and Boston Ventures are partnering to continue the growth of the most successful and recognized name in NASCAR racing history.
The iconic Richard Petty name is the most recognized brand in the automotive racing world and this marks the first time since Lee Petty formed the organization in 1948 that an outside firm has invested in the legendary race team. Petty Enterprises operates two outstanding properties: The Richard Petty Driving Experience, a unique 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; and two NASCAR race teams