PRI Announces Transition and Sale to SEMA
Performance Racing Industry (PRI), producers of the motorsports magazine and trade show, finalized plans to be purchased by the Specialty Equipment Market Association (SEMA). The transaction is set to close in late March 2012.
With 20-plus years of publishing and management experience at PRI, John Kilroy will serve as vice president/general manager of PRI and assume day-to-day operations for the group. All the operations, employees and offices will remain intact at PRI's current location in Laguna Beach, Calif.
"Steve Lewis launched the PRI concept a quarter-of-a-century ago, as an organization totally dedicated solely to the racing industry," said Kilroy. "It was Steve's dream that PRI continue to serve the racing community, and to 'nest' PRI with an organization that clearly understands PRI's heritage and the role we play in how the racing industry conducts business. We are pleased to have found that strategic partner in SEMA."
Lewis, founder and current CEO of PRI, will now be able to dedicate his time and energy to pursue his lifelong passion for motorsports, which includes management of his Nine Racing midget team and supporting the racing career of his son Michael, 2011 Formula 3 Italia Rookie of the Year.
"We carefully considered all our options, and SEMA was the obvious choice to carry on the legacy of the PRI brand," said Lewis. "SEMA is financially sound and has an experienced management team. They bring a long-term outlook to the table, as well as exceptional insight into the trade show business overall," he said.
Many current and past SEMA Board of Directors have been involved with PRI through the years and bring a keen understanding of how the two organizations complement each other.
"We're very excited about the continuation of the great business offerings for the performance and racing community from this acquisition," said Scooter Brothers, SEMA Chairman of the Board. "The transition will preserve and protect that voice, and the show's unique character and authenticity. We look forward to the PRI team carrying on the legacy and traditions of Steve Lewis.
SEMA President Chris Kersting said, "SEMA looks forward to providing the PRI team the resources and support to continue delivering great value to the racing and performance segment."
Founded in 1963, the SEMA trade association provides services and resources to businesses in the automotive specialty equipment industry. Members include manufacturers, distributors, retailers and marketers of products that enhance the styling and functionality of cars, trucks and SUVs.
The 25th Annual Performance Racing Industry Trade Show takes place November 29 - December 1, 2012, in the North/South Building of the Orange County Convention Center in Orlando, Florida.
For more information, visit www.performanceracing.com