Kansas City, MO – With more than 100 years of combined motorsports and performance automotive leadership, two of the industry’s most iconic companies, MOMO and WELD Racing, join together to create a global portfolio of storied high-performance brands and product lines under the leadership and guidance of the Cisneros Corporation.
Both MOMO and WELD were founded through on-track performance. As a result, the companies’ products have yielded proven advantages for racers, street, and off-road enthusiasts. The combination of MOMO Automotive Group and WELD Racing creates a global design, performance, and manufacturing powerhouse with a passion for motorsports and a drive for innovation.
MOMO USA, headquartered in Detroit, is the leader in European and road racing focused products including road wheels, steering wheels and safety products reaching over 60 countries. WELD, headquartered in Kansas City, Missouri, is known for its domination of the North American motorsports wheel markets. Both companies’ investments in technology and engineering provide customers with cutting edge designs and measurable performance advantages.
Norm Young, President and CEO of WELD Racing, will continue to lead the company following the acquisition. “We are thrilled by the partnership. Since its inception in 1964, MOMO has been an innovator in the performance industry, and a pioneer in the development and expansion of automotive accessories. The experience and resources that MOMO and Cisneros Corporation bring will be instrumental in continuing our global growth,” said Young.
Henrique Cisneros, Chairman of MOMO Automotive Group, echoed Norm Young’s comments. “WELD complements MOMO in terms of technology, products and solutions. Joining forces is a natural extension of the strategy we have been pursuing for several years. And as a top-tier manufacturer with extensive customer relationships, a strong brand, leading technology and a recognized portfolio of best-in-class products, WELD will immediately establish a strong foundation for MOMO to grow our wheel platform. This is an outstanding addition to the MOMO family and we are very excited to welcome them,” said Cisneros.
These two motorsports based companies combine to have one of largest portfolios of performance and motorsports brands, including: MOMO, WELD Racing, MOMO Heritage, ADV.1, WELD XT, Driven Motorsports, CCW Forged Performance, Reds, HiPer Technology and Tikore.
WELD was previously a portfolio company of Chicago-based investment group Granite Creek Capital Partners, L.L.C., which supported WELD’s decades-long commitment to dominate the highly competitive racing and maximum-performance wheel markets. Quarton International served as financial advisor to WELD and Granite Creek. MOMO and Cisneros Corporation were represented by Toro Advisors.
The transaction will not disrupt the operation of either the WELD or MOMO brands, and WELD will maintain its Midwestern manufacturing facility in Kansas City.
For more information about WELD, visit www.WELDwheels.com.
Additional information about MOMO USA can be found at www.MOMOusa.com.
ABOUT CISNEROS CORPORATION
Cisneros Corporation is a third-generation global family enterprise led by Eduardo, Andres and Henrique Cisneros. Conceived in 1929 by Diego Cisneros and championed by Ricardo Cisneros, the three brothers continue to grow and push new boundaries. With experience in numerous industries across media, telecom and consumer goods, Cisneros Corp is able to leverage its vast experience to find and create opportunities around the world.
MOMO was founded in 1964 by race car driver Gianpiero Moretti. In that year, Moretti commissioned a local craftsman to produce a custom steering wheel for his own racing car, providing superior grip and control. Since 2005, MOMO has been headquartered in Milan, Italy with a subsidiary in the US, MOMO USA. The MOMO brand continues to be inspired by simple yet strong values: product quality, superior craftsmanship, maximum safety standards and the highest performance levels.
WELD, based in Kansas City, Missouri, is the technology and manufacturing leader in the performance wheel market. Since 1967, WELD is a pioneer in wheel engineering and manufactures the highest quality forged race wheels for dirt, oval and drag racing, along with wheels for performance street cars and trucks. Each WELD wheel is precision engineered for maximum performance on the street, off-road and at the track. WELD brands include WELD Racing, CCW Forged Performance, WELD Racing XT, and HiPer Technology by WELD products.
ABOUT GRANITE CREEK
Chicago-based Granite Creek Capital Partners, L.L.C. is an active manager of lower-middle market debt and equity investments. Granite Creek invests in high-performing businesses to support entrepreneurs, the next phase of growth, or a transitional event that is driving the need for additional liquidity. The Granite Creek investment team brings operational and business development resources to its portfolio companies, which is often inaccessible to typical smaller business.
MEDIA & PR CONTACTS
Greg Emmerson, ID Agency
David Hakim, HP2 Communications (WELD Racing)
[email protected] (313-702-4364)