DIAMOND BAR, Calif. (March 20, 2012) — The Specialty Equipment Market Association (SEMA) has agreed to buy Performance Racing Industry Inc. (PRI), producers of the monthly PRI motorsports business magazine and annual trade show.
Terms of the deal, expected to close in late March, were not disclosed.
“The Performance Racing Industry Trade Show and magazine are great complements to the SEMA mission: They help their customers' businesses to succeed,” 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.”
John Kilroy, a 20-year PRI veteran, will be vice president/general manager of PRI and assume day-to-day operations for the group, which will continue to operate at its Laguna Beach, Calif., quarters.
Steve Lewis, founder and current CEO of PRI, will step away from the company to pursue his lifelong passion for motorsports, which includes managing his Nine Racing midget team and supporting the racing career of his son Michael, the 2011 Formula 3 Italia Rookie of the Year, PRI said.
“Steve Lewis launched the PRI concept a quarter-of-a-century ago, as an organization totally dedicated solely to the racing industry,” Mr. Kilroy said. “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.”
Mr. Lewis said SEMA was the “obvious choice to carry on the legacy of the PRI brand. The Diamond Bar-based trade group 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 noted.
“I have no doubt that the PRI brand will continue to deliver value to the racing community, and I know John Kilroy and the current management group will keep the basic business themes that have been established….”
The monthly business magazine serves tens of thousands of racing entrepreneurs as their key source for industry trends, merchandising ideas, new products, business strategies, etc.
The 25th Annual Performance Racing Industry Trade Show will take place Nov. 29-Dec. 1 at the Orange County Convention Center in Orlando, Fla.