Huge News For PBMG

[Angus]

From AGO:

This Press Release hit the wire at midnight last night, we are very excited to share with our forum family!

Vision Investments, LLC Announces the Acquisition of Palm Beach Motoring Group

LAS VEGAS, NV--(Marketwired - November 02, 2016) - Vision Investments, LLC, is pleased to announce the acquisition of Palm Beach Motoring Group. PBMG stocks thousands of car care products on site from more than 150 companies including its own brands: Pinnacle Natural Brilliance, Pinnacle Black Label Collection, Wolfgang Concours Series, Speed Master, The Belt, BLACKFIRE, McKee`s 37, McKee`s RV, and Marine 31. The company provides quality products for distributors, detailing professionals and auto enthusiasts. PBMG has a family of websites including Autogeek.com and Autopia-carcare.com that are high transaction ecommerce sites and leading sources of instructional detailing guides, forums and videos.

The new entity will operate under Palm Beach Motoring Group and is now a wholly owned subsidiary of Vision Investments. PBMG is a high growth company and has achieved great success in past years. Customers will continue to receive the same high quality products, excellent customer service and education which they have come to expect and value from PBMG.

Vision Investments owner Tony George first met PBMG owner Bob McKee at the SEMA Show in 2009. Their relationship has further strengthened through the years including Autogeek`s involvement with Ed Carpenter Racing during the 2016 season. "I`ve admired Bob`s ability to grow the business and build strong relationships throughout the industry. He`s built a quality organization made up of proud brand ambassadors." The timing of the acquisition was strategic for both parties; Mr. George was looking to grow his auto-related portfolio (Vision is the exclusive US importer of the German SONAX car care brand), and Mr. McKee was looking to transition out of a business owner role.

Mr. McKee will remain in the industry focusing on the continued development of the McKee`s 37 and McKee`s RV brands. Terry Angstadt has been appointed Managing Consultant of PBMG. "I`m looking forward to the further development of this group of brands and activities," said Mr. Angstadt. "There is a strong and experienced team in place including Meghan Poirier, Jason Sierra, Mike Phillips and Nick Rutter. There are exciting things going on at PBMG -- including the second season of their television series `Competition Ready.`" Mr. Angstadt`s background includes tenures at the Indianapolis Motor Speedway as Vice President of Marketing and at INDYCAR as President of its commercial division.


Please join us in welcoming Vision Investments to the Autogeek family!

[Ronkh]

Call Ray to match GEEK 25% off

But wait till I`m done please

[Angus]

Call Ray to match GEEK 25% off

But wait till I`m done please

Haha - what more do you need man!?!?

[Ronkh]

Ok, you can call now, me finished

[heisenberg]

Good for Bob. I`m sure he won`t miss the headaches of ownership but gets to reap the benefits of selling it. Super nice guy, definitely deserves that.

[Swanicyouth]

I hate change.




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[donbeezy]

that is surprising. i`m guessing autopia and autogeek will still operate the same?

[Ronkh]

that is surprising. i`m guessing autopia and autogeek will still operate the same?

Meghan said nothing changes

[Ronkh]

Haha - what more do you need man!?!?

Need ?!?!?!?!?!


ummm, errrrr........... Depends after Ray told me first $$$$ total.....

[boomdone]

Meghan said nothing changes

Nothing is for certain when someone else calls the shots. I do M&A work at my day job and I`ve seen it all. Typically someone buys a company because it thinks it can wring out more profits one way or another. How that manifests itself varies greatly. I don`t know anything about Vision Investments but I`m guessing they have something planned for this business. Apparently they have an `auto-related portfolio.` I`d be shocked if there are no changes, at least longer term.

[JSFM35X]

We should all get stick in the new company. We are the reason it was such a fast growing company that he sold it to a venture capital company. When those types buy a company they are going to try to get big. Watch for more acquisitions. Once that happens and they get significant market share by buying the competition. Watch the prices rise. Gulp.

[pgp]

i guess this is Indy car Tony George ? Owner of Indianapolis Motor Speedway

[Raymoche]

As long as ACC, Ray, and Paul are the same, I can care less lol.

[The Driver]

We should all get stick in the new company. We are the reason it was such a fast growing company that he sold it to a venture capital company. When those types buy a company they are going to try to get big. Watch for more acquisitions. Once that happens and they get significant market share by buying the competition. Watch the prices rise. Gulp.

Exactly, once I saw VC I cringed...

Not really too thrilled about this, a lot of companies that get acquired change internally and not always for the best.

[trashmanssd]

I don`t like change it scares me!