Velocity Capital Management, a private equity firm focused on the sports, media and entertainment sectors, has bought Parella Motorsports Holdings, an owner and operator of grassroots motorsports live events racing classifications across the U.S. and Canada.
The company owns a portfolio of intellectual property including the Sportscar Vintage Racing Association, a global racing organization, and the Trans Am Series presented by Pirelli, a road racing series in the U.S. Additionally, Parella operates Formula Regional Americas and Formula 4 in the U.S.
“The Parella investment is a perfect complement to our existing portfolio as we have already begun cross-pollinating the company with our portfolio companies and leveraging our own direct operating experience to further commercialize the business and improve the monetization of the Company’s intellectual property,” said Arne Rees, Velocity co-founder, partner, and board chairman.