Pratt & Miller, the operation behind Corvette Racing, has been sold to Oshkosh Corporation in a $115 million deal.
Oshkosh, a publicly-traded company specializing in “mission-critical vehicles and essential equipment” announced the acquisition on Tuesday, which includes all assets of the engineering firm, including motorsports and U.S. defense projects.
In a statement from Oshkosh, Pratt & Miller will maintain its name, team members, facilities and branding elements.
Sportscar365 understands that this includes all of its motorsports programs, including Corvette Racing, which will see its operations unchanged.
Founded by Gary Pratt and Jim Miller in 1989, the New Hudson, Mich.-based company is renowned for its engineering capabilities, including recent advancements in artificial intelligence, robotics, autonomous and connected systems and electrification for the automotive and military sectors.
“We look forward to welcoming the Pratt Miller team to Oshkosh Corporation,” said John Pfeifer, Oshkosh Corporation President and Chief Operating Officer.
“We believe combining Pratt Miller’s engineering expertise with Oshkosh’s innovation and operational strengths will enable us to better serve customers and position our Company for growth.”
Gary Pratt has been a mainstay within the race operation since the foundation of Corvette Racing in 1998.
“Pratt Miller’s motorsports heritage has created a culture of speed and agility that has defined our success,” said Matt Carroll, Pratt Miller Chief Executive Officer.
“Oshkosh is an ideal partner for us to apply that mindset to some of the most significant challenges facing customers today.
“Together, we expect to grow our decade-long partnership and expand our pipeline of new business opportunities. We look forward to learning from one another and continuing to innovate to bring market-leading products to our customers.”
The transaction is expected to close in the first quarter of 2021 and is subject to customary closing conditions.