Italy's MOMO buying Weld Racing

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.

"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," Mr. Cisneros said.

Weld Racing President and CEO Norm Young will continue to lead the company following the acquisition, the companies said.

Mr. Young called MOMO "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 Corp. bring will be instrumental in continuing our global growth."

Milan, Italy-based MOMO Automotive is active in alloy wheels, both road-going and racing, as well as in "tuning" accessories such as steering wheels, seats, racing suits, gloves, boots, etc.

The company was founded in 1964 by racer Gianpiero Moretti, who had commissioned a local craftsman to produce a custom steering wheel for his own racing car. It produces its wheels at plants worldwide.

Kansas City-based Weld Racing owns a growing range of aftermarket and racing wheels under the Weld, CCW and HiPer brands.

Weld has consolidated its manufacturing assets in Kansas City over the past few years, moving the operations of the CCW Forged Performance and HiPer Technology Inc. wheel businesses it had acquired in 2014 and 2015 respectively.

MOMO noted in its statement that both companies' investments in technology and engineering provide customers with "cutting-edge designs and measurable performance advantages."

MOMO is represented in North America by Detroit-based MOMO USA.

The combined companies 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.

Mr. Cisneros is described as a semi-professional racer who has competed in several U.S. motor racing championships. He's a member of the Cisneros family that owns Cisneros Group, a globally active conglomerate, as well as a director of that entity.

He also is president, chairman and director of the Motorsport Safety Foundation, a nonprofit dedicated to improving safety standards in motorsport.