Platinum Equity Buys Custom Wheel Maker

Beverly Hills-based investment firm Platinum Equity has bought custom wheel maker American Racing Equipment Inc. from Noranda Aluminum Inc. for an undisclosed amount, the companies are expected to announce today.

Rancho Dominguez-based American Racing Equipment employs 1,400 people across North America. Founded in 1956 by Romeo Palamides, an early drag racing innovator, the company helped spark the custom wheels craze in the early 1960s with the introduction of its five-spoke Torq Thrust wheel.

-- Josh Friedman