DETROIT (Jan. 24, 2017) — The owner of the iconic MOMO wheel brand has acquired Weld Racing L.L.C. in a move to create a global portfolio of "storied high-performance brands" and product lines.
Cisneros Corp., parent of MOMO Automotive Group, will guide the combined companies, which together create a "global design, performance and manufacturing powerhouse with a passion for motorsports and a drive for innovation," the companies said in a prepared statement.
Financial terms of the deal were not disclosed.
Coral Gables, Fla.-based Cisneros is taking over Weld from Granite Creek Capital Partners L.L.C., which helped engineer the purchase of Weld in 2008 from American Racing Equipment Inc.
Henrique Cisneros, chairman of MOMO Automotive since 2015, said, "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.