Performance Motor Sports (PMI) is a textbook example of the ability of a platform company to grow quickly as part of Dover. Since the acquisition of Wiseco Piston in 1998, the management of PMI has acquired five complementary companies and in the process has tripled annual sales.

The Platform

Wiseco Piston was founded in 1941 in a garage in Mentor, Ohio, when Clyde Wiseman decided to build pistons to make his boat go faster. Clyde had no idea what was to unfold in the future—he only wanted to win the next race.
  Over the years following this humble start, Wiseco developed an extensive product line of performance forged pistons for motorcycles, snowmobiles, ATV’s (all-terrain vehicles), personal watercraft, outboard marine engines and cars. The Wiseco name became synonymous with performance.
  In 1980, Clyde Wiseman’s three daughters assumed ownership of Wiseco and, along with their husbands, continued to manage the business. During 1997, the family collectively decided that the time was right to seek an appropriate buyer who would be prepared to move the company to the next level. Additionally, some of the owners were approaching retirement and wished to monetize the equity they had built.
  At this time, Wiseco had the #1 position in the USA for high performance pistons in the powersports market (i.e., motorcycles, snowmobiles, ATV’s and personal watercraft) and a smaller position in the performance automotive market. Historically Wiseco had concentrated on the domestic market and, as a consequence, international business was not as well developed.
  The company had been run very much as a family concern and the owners wanted to ensure that the new owners would maintain the same family spirit and values. It was evident from the initial discussions that Dover was the preferred acquirer. Wiseco was acquired as a new stand-alone company by Dover in early 1998.

The Development of PMI

The former owners did not rest long on their laurels and acquired Prox Inter BV, based in Amsterdam, within six months of joining Dover. Prox is a supplier of cast pistons, rod kits, bearings and clutch plates into the powersports aftermarket. The owner of Prox wanted to pursue other business interests and Wiseco management saw an opportunity to expand activities in both the USA and international markets with the acquisition of the business.

"Dover’s commitment to growth and willingness to allow us to run our own business has allowed us to build a group including some of the premier names in the motorsports industry."

Jim Johnson, President, Performance Motorsports, Inc.

  At the beginning of 1999, Jim Johnson joined Wiseco from within the Dover organization as part of the orderly management transition plan agreed when Wiseco became part of Dover. Jim became Wiseco’s President and Bob Anderson, Clyde Wiseman’s son-in-law and one of the former owners, assumed the role of Chairman. Following the six month transition plan, Bob retired entrusting the business to Jim and the remaining management team.
  One of the first moves of the new team was to pursue JE Pistons based in Huntington Beach, California. JE had the #1 position in the USA for high performance pistons in the automotive aftermarket and Jim and his team became aware that Wayne Brooks was contemplating the sale of the business. Wayne Brooks had acquired JE Pistons in 1978 and was now approaching retirement. 
  He had spoken with a number of potential financial buyers but felt his business would be more suited to an industry buyer. Wayne could see potential benefits in becoming part of Dover since this would unite the market leaders in the powersports and automotive market under one umbrella. He also saw opportunities for future technology sharing and product development.
  Performance Motor-sports was formed in June 1999 with the merger of Wiseco and JE Pistons. Wiseco and JE continued to operate independently in their respective markets but supported each other’s development through sharing of best practices.

"Dover has afforded us the opportunity to expand our R&D efforts and to invest in state-of-the-art equipment to stay at the forefront of the high-performance automotive piston market."

Eric Nessa, VP & General Manager, JE Pistons

  With Wiseco and JE being the strongest players in the forged piston market, Jim and his management team set out to identify a manufacturer of cast pistons for the emerging PMI group of companies. Vertex Pistons, based in Reggio Emilia, Italy was identified as the preferred company but Vertex was part of an Italian lawn and gardening equipment group of companies. After a year of discussions, the owners decided to separate the business and Vertex became part of PMI in September 2000. Led by a young and aggressive management team, Vertex is a manufacturer of cast aluminum pistons for two-cycle OEM and aftermarket applications. Vertex serves both the domestic Italian and export markets and gave PMI its first manufacturing facility in Europe.
  Having a full range of piston capabilities, PMI turned its attention to developing a performance system for its customers. This strategy really started to take shape with the acquisition of Carrillo Industries in July 2001. Carrillo, based in San Clemente, California is the premier brand of steel connecting rods for the automotive and motorcycle performance market. In October 2001 PMI acquired Perfect Bore Ltd, a UK-based manufacturer of thin-walled coated cylinder liners and specialty pistons for the highest echelons of racing. Carrillo and Perfect Bore continue to be led by their pre-acquisition management teams who are excited by the possibilities for sharing technology across the group. With the extensive skill base across the six companies that now comprise PMI, the opportunity exists to jointly develop a highly engineered power cell including cylinder liner, piston and connecting rod.
  While each company within PMI will continue to operate autonomously, they are bound by a common strategy and an intense focus on serving customer needs in the performance aftermarket. The PMI story is not unique within Dover, but is an excellent example of how a focused management group with a clear strategy has been able to build a platform comprised of complementary business units providing system solutions to a growing customer base.

"Perfect Bore has been very successful at the highest levels of motorsport. The financial backing of Dover and the synergistic opportunities with my PMI colleagues will allow us to exceed even our wildest growth projections."

Martin Case, Managing Director, Perfect Bore