Ownership Change Will Keep McGunegill Engines in the Family
Father and Son Agree to Terms for Dewaine
McGunegill to Purchase Business
McGunegill Engine Performance (MEP) principals Mac McGunegill and Dewaine McGunegill announced today that they have agreed to terms for the latter to purchase the successful engine building business. The Muncie, Indiana Company has been a mainstay in racing across the country for decades and the parties are pleased that it will remain in the family for many more years to come.
McGunegill Engine Performance dates back to Mac’s first racing engine, a flat head Ford built in 1958. The history books also show that the MEP was the engine builder in 1973 for the first ever American Speed Association Championship. In recent years they led the racing industry in the development of the Sealed Engine package for super late model racing across the county. And earlier this year, they announced an exclusive arrangement with Ford to help bring their new engine package to Super Late Model pavement racing.
The father and son combo have discussed this type of ownership transfer in recent years but the real work to execute this transition has taken place over the last few months. The full transaction is expected to be completed by June 1, 2010.
“I’m thrilled that our family business will continue and stay in the family with Dewaine as the leader and owner of this company,” the elder McGunegill stated. “I’ve enjoyed my years in this industry, and have been so happy to have both my sons in the shop with me as we built this business. The business environment has changed over the years and I feel like Dewaine is prepared to take this company into the future. Now I’ll have the time to focus on family with some great times ahead with the grandkids.”
For the new owner of McGunegill Engine Performance, it will be time to put his new plans in place after a recent sabbatical from the family business. “This opportunity to continue this family business under my direction is something I have dreamed about for years,” the younger McGunegill commented. “Dad has been a great leader of this business and taught me so much…I am just thrilled to combine those lessons with the plans I have for the future. There is obviously a little anxiousness about being the new owner of the business and making all the decisions, but I am comforted to know Dad will still be around the shop some to draw on all his experience. I am ready to hit the ground running and put my stamp on a wonderful business Dad has built.”
One of the first moves in the new era will be bringing Jim Mougeotte on board as a limited partner in the venture. Mougeotte is the owner of Great Deals Magazine which many consider to be the top direct mail coupon advertiser in the Midwest and beyond. Besides the ownership interest, Mougeotte will also serve as a business adviser to the new company leader. “I am excited to have Jim as part of this venture,” McGunegill noted. “His experience in business as well as his experiences as a race promoter, sponsor and race team owner will be invaluable as we move this company into the future.”
Until the expected transition on June 1, Dewaine McGunegill can be contacted at 765-748-5888. The elder McGunegill can be reached at the shop at 765-282-1913.