Corvette Central Acquired by Legendary Companies
Legendary Companies has announced the acquisition of Corvette Central. The Michigan-based Corvette restoration parts manufacturer and supplier expands Legendary Companies’ position in the Corvette market and is consistent with the company’s strategy of growing its portfolio of authentic components to comprehensively serve classic-vehicle enthusiasts. Together with Coker Tire and
Paragon Corvette, the acquisition of Corvette Central represents the third family-owned business to be added to Legendary Companies’ portfolio of brands since partnering with Irving Place Capital in 2018.
Founded in 1975, Corvette Central is a provider of parts to upgrade, repair or restore all generations of the Chevrolet Corvette. The company has been owned by Jerry Kohn and his family since its inception.
Financial terms of the transaction were not disclosed. Grand Rapids, Michigan-based BlueWater Partners served as financial advisor to Corvette Central. To learn more about Corvette Central and its product lines, visit www.corvettecentral.com.
Jeffers Purchases IHRA From IRG Sports + Entertainment
World championship car builder Larry Jeffers has taken over ownership of the International Hot Rod Association (IHRA) from IRG Sports + Entertainment effectively immediately.
The IHRA is the second-largest drag-racing organization in North America and home to the IHRA Summit SuperSeries. Designed specifically for grassroots, Sportsman racers, the long-running program includes the Summit SuperSeries Team Finals and the IHRA Summit SuperSeries World Finals scheduled for October 12–15 at Holly Springs (Mississippi) Motorsports.
In addition, the IHRA has more than 75 member tracks and thousands of member racers throughout North America. Other programs include the IHRA Sportsman Spectacular presented by Hagerty and Moser Engineering with events across the United States. Each event is tailored to the host track’s racing programs as IHRA members are eligible for Ironman trophies, commemorate checks, medals and round prizes from IHRA partners.
Jeffers, who will serve as IHRA President and CEO, expressed his commitment to the IHRA’s members, tracks and partners. He has earned a reputation in the motorsports community with his Missouri-based company. He also looks to build on the IHRA’s history. The IHRA was founded in November 1970 by legendary promoter Larry Carrier and sanctioned its first national events in 1971. Four years later, IHRA was the first to attract the involvement of a major corporation to drag racing through R.J. Reynolds.
Decades later, the IHRA thrives through its commitment to the grassroots level of the sport and its relationships with current IHRA partners. It was important for IRG Sports + Entertainment to find a new owner who was dedicated to the racers, tracks, partners and the long-term success of the IHRA.
BorgWarner Acquires EV-Charging Solutions Company
BorgWarner has acquired Rhombus Energy Solutions, a provider of charging solutions in the North American market. Headquartered in San Diego, Rhombus offers vehicle-to-grid (V2G) and Underwriters Laboratory-certified charging. Rhombus supplies its patented technology to EV OEMs and charging and grid service providers.
The acquisition will help support BorgWarner’s expansion in V2G DC Fast Charging and the enabling software market. The transaction has an enterprise value of up to $185 million. Approximately $130 million was delivered at closing, and up to $55 million could be paid in the form of contingent payments over the next three years. For more information, visit borgwarner.com.
Torqued Distribution Opens Detroit Warehouse
Torqued Distribution has opened an all-new warehouse and national sales office in Detroit. Headquartered in San Francisco, Torqued began by importing racing and performance brands from England and Europe and today is the sole U.S. distributor for Tillett Racing, Nuke Performance, obp Motorsport and more. Additional brands include Holley, Bell Helmets, CSF, Detroit Muscle, MOMO Italy and XClutch. For more information, visit torqueddistribution.com.
Vista Outdoor Announces Acquisition of Fox Racing
Vista Outdoor—the Anoka, Minnesota-based parent company of 40 brands that design, manufacture and market sporting and outdoor products—has announced the acquisition of Irvine, California-based Fox Racing. Fox Racing offers helmets, protective gear and apparel for dirt bikes, motocross and more categories. For more information, visit foxracing.com or vistaoutdoor.com.
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