Performance Motorsports International (PMI), which includes the JE Pistons, Wiseco Performance Products, K1 Technologies, Innovate Motorsports and ProX Racing Parts brands, has been acquired by private equity firm Kinderhook Industries from Dover Corporation.
This is New York-based Kinderhook's 40th automotive aftermarket acquisition, and its third public/private equity partnership in the past 24 months. Kinderhook manages over $2 billion in committed capital.
With the acquisition comes the new performance parts platform, Race Winning Brands, headquartered in Mentor, Ohio, which manufactures performance and racing pistons and related engine components, marketing its products through the abovementioned brands.
As part of the transaction, Dover will maintain a minority ownership stake in Race Winning Brands.
Brian Reese, Kinderhook Operating Partner, former Vice President of COMP Performance Group and most recently Divisional Vice President of Sears Holdings Corporation, will be joining Race Winning Brands as the Chief Executive Officer. Reese has over 20 years of experience fueling premium brands with innovative products.
“I have long admired PMI and considered their brands as preeminent leaders in the automotive and powersports performance markets. I am thrilled to have the opportunity to work with Kinderhook and the management team to lead Race Winning Brands in its next phase of growth,” said Reese.
Bob Romanelli, a Kinderhook Operating Partner, will be joining Race Winning Brands as Executive Chairman. Romanelli has over 30 years of industry experience, including previously serving as President and CEO of the Mr. Gasket Performance Group, COO of RAM Products, Inc., and as Director of Operations of Echlin's Fuel Systems Group.
“As an active member of the automotive industry, both as an executive and as a racer, I have always been impressed with PMI,” Romanelli said. “As Chairman of the Board, I look forward to working alongside Kinderhook and the management team to complete strategic acquisitions across the automotive and powersports performance markets.”
As part of the transaction, Kinderhook will also be adding David Ropp, a Kinderhook Operating Partner, to the Board of Directors. Ropp has over 35 years of industry experience, including previously serving as President and CEO of Dover Industrial Products, a former segment of Dover, and Director of Operations of Ingersoll-Rand. Ropp currently serves on the board of directors of Superwinch, a Kinderhook portfolio company manufacturing industry leading winches for off-road enthusiasts.
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