Cisneros Corporation, parent company of Italy-based wheel manufacturer Momo, has acquired US firm Weld Racing from investment group Granite Creek Capital Partners, L.L.C. for an undisclosed sum. Announcing the deal, Weld Racing states that together with the Momo Automotive Group, it will create a “global design, performance, and manufacturing powerhouse with a passion for motorsports and a drive for transformational innovation.”
Weld Racing will maintain its manufacturing facility in Kansas City, USA following the transaction and continue to be led by president and chief executive officer Norm Young. “We are thrilled with the partnership,” commented Young. “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.”
Henrique Cisneros, chairman of the 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 recognised 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.”
The acquisition brings the Momo, Weld Racing, Momo Heritage, ADV.1, Weld XT, Driven Motorsports, CCW Forged Performance, Reds, HiPer Technology and Tikore brands together under the one roof.