Boston Ventures Teams With Petty Enterprises

BOSTON, June 11, 2008 – Boston Ventures, a leading middle market private equity firm that invests in the entertainment, media, information and publishing, and communications sectors, announced today it has made a significant investment in Petty Enterprises and the Richard Petty Driving Experience. Together, Richard Petty and Boston Ventures are partnering to continue the growth of the most successful and recognized name in NASCAR racing history.

The iconic Richard Petty name is the most recognized brand in the automotive racing world and this marks the first time since Lee Petty formed the organization in 1948 that an outside firm has invested in the legendary race team. Petty Enterprises operates two outstanding properties: The Richard Petty Driving Experience, a unique program that offers fans the opportunity to get behind the wheel or to ride-along with a professional in a NASCAR style stock car at speeds up to 165 MPH; and two NASCAR race teams – the legendary #43 race car driven by former NASCAR champion Bobby Labonte, and the #45 race team that features driver Kyle Petty, grandson of company founder Lee Petty and the son of Richard Petty.

Boston Ventures will provide growth capital and management support to enhance all aspects of the company, including investing in the necessary resources and initiatives to improve the performance of the race team and to grow the Driving Experience in its core and ancillary businesses.

Richard Petty, a seven-time NASCAR champion known in the NASCAR world as “The King” and who has received the Medal of Freedom, will become Chairman Emeritus at the completion of the transaction. Commenting on the new partnership with Boston Ventures, he said, “My family has been involved in racing for nearly 60 years and we want future generations of racing fans to enjoy the sport as much as we do. One way I can help do that is to make sure our organization continues to be successful. With the help of my new team at Boston Ventures, we will build on four generations of family tradition and get back to Victory Lane on the racetrack.”

To lead the development and implementation of the company’s strategic growth plan, David F. Zucker has joined as CEO. Mr. Zucker has extensive experience with sports related entities and is a passionate NASCAR fan who helped develop motorsports strategy as Executive Vice President at ESPN. He is a seasoned executive who has served as CEO of public and private companies, most recently as President and CEO of Midway Games, Inc. Prior to that he was President and CEO of Playboy Enterprises. He also served for over a decade in senior executive capacities with The Walt Disney Company, including ESPN International which he led as Managing Director, and ESPN where he oversaw programming.

Barry Baker, a Boston Ventures Managing Director, will become Chairman of the company upon completion of the transaction which is expected to occur in the second quarter of 2008. He brings more than 30 years of industry and operating experience to the firm. Prior to joining Boston Ventures, Mr. Baker was President and Chief Operating Officer of USA Networks, Inc. “Richard Petty helped establish the modern NASCAR circuit and is very devoted to his family, racing, and to his business. We understand his desire to grow the franchise he and his family created so it can continue to be successful for many years to come and we will work with our new partners to achieve that goal.”

The Petty Enterprises transaction is another example of a long series of investments by Boston Ventures designed to support the growth of highly-recognized, family owned businesses. During its 25-year history, Boston Ventures has completed a number of transactions that required the ability to strike a delicate balance to transfer ownership of a family controlled entity and successfully position it for greater success. Over the years, Boston Ventures has helped transition such well-known brand name companies as Motown Record Company, Six Flags Entertainment Corporation, Billboard Magazine Group, National Enquirer, and Panavision to achieve superior levels of growth.

Andrew C. Davis, Managing Director of Boston Ventures, who will also serve on the Petty Enterprises Board of Directors, said, “This investment is consistent with Boston Ventures’ strategy of investing in highly recognizable media and entertainment franchises and partnering with families who are looking to transition their company to the next level. We look forward to working with the entire Petty team to help bring the #43 and #45 cars back to Victory Lane where they belong and to invest in and grow the Richard Petty Driving Experience which has tremendous potential.”

Mr. Zucker, said, “As a devoted NASCAR fan, an opportunity to help build a name brand organization like Petty Enterprises comes along only once in a great while. I am pleased to be entrusted with this outstanding company with such a rich history and I look forward to working with everyone to lead us to greater prosperity.”

About Boston Ventures
Boston Ventures is one of the oldest and most experienced media and communications focused private equity firms in North America. Since its founding in 1983, the firm has invested nearly $2.5 billion in over 70 companies, actively targeting investments in the media, information and publishing, entertainment, and communications industries. For more information, please visit www.bostonventures.com.