Grove Racing

What Grove Racing does

Grove Racing is a privately held Australian professional motorsport team, founded in May 2011 by Stephen Grove and operated under the trading name Penrite Racing, that competes in the Repco Supercars Championship — the premier touring car series in Australia and New Zealand. Owned by the Grove family through Grove Group and led by Executive Chairman Stephen Grove and CEO Brenton Grove, the team fields two Gen3-specification Ford Mustang GTs driven by Matt Payne (Car #19) and Kai Allen (Car #26). Operating from a Melbourne-area workshop with a lean headcount of 16 employees, the team serves approximately 30+ commercial partners across naming rights, Premier, Major, and General sponsorship tiers, led by naming rights partner Penrite Oil.

The core product is the motorsport competition platform itself: a high-visibility brand-association and corporate entertainment asset sold to corporate sponsors. Underlying technology consists of Ford's homologated Gen3 Supercars specification — a cost-capped, hybrid-powertrain package — supplemented by proprietary race engineering led by former Ferrari F1 engineer Riccardo Corte (Car #26 Race Engineer), with engineering support from Autodesk CAD and Acronis data infrastructure. The team competes in approximately 13 championship rounds annually across Australia and New Zealand, including marquee events such as the Bathurst 1000 (won in 2025 by Payne and Garth Tander).

Revenue is generated through three primary streams: (i) sponsorship and naming rights fees spanning automotive, industrial, and consumer-facing partners; (ii) premium trackside corporate hospitality packages organized through Octane Events (contact: Soundos Hanna); and (iii) direct-to-consumer merchandise sales through an online storefront at shop.penrite-racing.com.au. Adjacent activities include the Grove Junior Team driver development program, a structured talent pipeline for emerging Australian and New Zealand drivers, and a community partnership with the Melbourne Indigenous Transition School. Pricing is not publicly disclosed across any channel.

Name

Grove Racing

Legal name

Grove Racing Pty Ltd

Website

https://penrite-racing.com.au

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Grove Racing is a privately held Australian motorsport team operating as "Penrite Racing" in the Repco Supercars Championship, fielding two Gen3-spec Ford Mustang GTs and serving 30+ commercial partners through sponsorship, corporate hospitality, and merchandise.

Ownership category

akta.pro rank

Product category

Professional Motorsport Racing

SIC

Services-Racing, Including Track Operation (7948)

akta.pro primary industry

Motorsports Teams (F1, NASCAR, IndyCar, Rally, MotoGP, etc.) (MPAKABAB)

akta.pro secondary industry

Motorsports Teams & Entrants (Factory & Independent) (MPAKAGAB)

Keywords

• Professional motorsport racing
• Supercars championship team
• Corporate hospitality events
• Team merchandise sales
• Driver development program

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Sponsorship Revenue: Primary revenue stream from naming rights and sponsorship partnerships with companies including Penrite Oil (naming rights), Ford Racing, and approximately 30+ additional commercial partners spanning automotive, industrial, and consumer sectors.
2. Corporate Hospitality: Premium trackside hospitality suite offerings providing guests with pit garage tours, driver meet-and-greets, live team radio access, and exclusive interactions with team personnel at Supercars events.
3. Merchandise Sales: Online shop offering team merchandise including apparel, accessories, and collectibles to fans and supporters.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Grove Racing Pty Ltd, commercially branded as Penrite Racing, operates a two-car professional motorsport team competing in the Repco Supercars Championship with Ford Mustang GT race cars driven by Matt Payne and Kai Allen. Beyond racing, the business delivers premium trackside corporate hospitality at Supercars events, sells team-branded merchandise online, and runs the Grove Junior Team driver development program for emerging Australian and New Zealand motorsport talent.

Product overview

Penrite Racing is the racing team operated by Grove Racing Pty Ltd competing in the Repco Supercars Championship. The team fields two Ford Mustang GT Supercars driven by Matt Payne (Car #19) and Kai Allen (Car #26). Beyond the core racing operations, the company offers corporate hospitality experiences at Supercar events and operates the Grove Junior Team driver development program. The team was founded by Stephen Grove in May 2011 and is now in its third year of ownership under Stephen and son Brenton Grove, partnered with naming rights sponsor Penrite Oil.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 2025 Bathurst 1000 Victory with Matt Payne and Garth Tander
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

33 partnerships are on record, tiered core, major, general and strategic.

• Penrite OilcoreGTM or Marketing PartnerNaming rights sponsor - Australian-owned lubricant company established 1926. Penrite holds naming rights to the racing team (Penrite Racing). Multi-year extended partnership covering Supercars Championship participation. Provides premium vehicle and industrial lubricants, coolants, and gear oils.
• SteadfastcoreGTM or Marketing PartnerPremier Partner - insurance group underwriting brokerage businesses across Australia.
• Grove GroupcoreStrategic or Co-development PartnerParent company - privately owned Australian company founded by Stephen Grove. Grove family owns and operates the racing team. Provides overall business infrastructure and ownership.
• Ford RacingcoreTechnology or IntegrationVehicle manufacturer partner providing Ford Mustang GT specification vehicles for Supercars Championship competition. Technical relationship for vehicle supply and homologation.
• Apex SteelmajorGTM or Marketing PartnerMajor Partner - Australian steel company. Partnership renewed for 2026 season. Provides industrial/manufacturing sector sponsorship connection.
• GatesmajorTechnology or IntegrationAutomotive parts partner providing belt systems and related components. Partnership extended into 2026.
• BowensmajorGTM or Marketing PartnerMajor Partner - Australian tool and equipment supplier. New partnership announced for 2025 season.
• AutodeskmajorTechnology or IntegrationDesign and engineering software partner. Partnership renewed for 2025. Provides CAD/design tools for vehicle development.
• Air TouchgeneralGTM or Marketing PartnerAir conditioning and refrigeration company. Partnership for 2026 season.
• MideageneralGTM or Marketing PartnerConsumer appliances partner - air conditioning and home appliances manufacturer.
• ACLmajorTechnology or IntegrationPerformance automotive parts supplier. Partnership driving peak performance extended for 2026.
• Haymes PaintmajorTechnology or IntegrationOfficial paint supplier - Australian paint manufacturer. Partnership including livery design support.
• Snap-On Tools AustraliageneralTechnology or IntegrationProfessional tool supplier providing workshop equipment and tools.
• AcronisgeneralTechnology or IntegrationCyber protection and backup solutions partner for data management.
• LEADER ComputersgeneralTechnology or IntegrationTechnology partner for computing solutions. New partner for Australian Grand Prix 2025.
• Octane EventsgeneralImplementation/ SI/ Consulting PartnerCorporate hospitality and event management partner organizing trackside hospitality experiences.
• Melbourne Indigenous Transition School (MITS)strategicStrategic or Co-development PartnerPartnership supporting Indigenous education. Team created Indigenous liveries and donated $44,000 at Darwin Indigenous Round, equivalent to funding five Indigenous students for one year at MITS.
• Garth TandercoreOthersCo-driver for endurance rounds. Won 2025 Bathurst 1000 with Matt Payne. Multi-year deal.
• Dale WoodmajorOthersCo-driver for endurance rounds. Returns to team for 2025 season.
• WillimentgeneralGTM or Marketing PartnerTravel and transport partner, particularly for New Zealand events. Partnership announced 2024.
• New BalancegeneralGTM or Marketing PartnerAthletic footwear and apparel partner.
• Coffee SupremegeneralGTM or Marketing PartnerCoffee supplier partner for hospitality and events.
• UNOXgeneralTechnology or IntegrationCommercial kitchen equipment supplier for team hospitality facilities.
• MechanixgeneralGTM or Marketing PartnerPerformance gloves and hand protection partner.
• FloorwaygeneralGTM or Marketing PartnerFlooring solutions partner.
• Air LiquidegeneralTechnology or IntegrationIndustrial gases supplier.
• Air & AlliedgeneralGTM or Marketing PartnerAircraft and aviation services partner.
• AltegrageneralGTM or Marketing PartnerBusiness services partner.
• Authentic CollectablesgeneralGTM or Marketing PartnerCollectible merchandise partner.
• Dasher & FishergeneralGTM or Marketing PartnerTasmanian gin partner.
• Nu-PuregeneralGTM or Marketing PartnerBottled water supplier.
• Pacific EarsgeneralGTM or Marketing PartnerHearing protection partner.
• Velocity Truck CentresgeneralGTM or Marketing PartnerCommercial truck services partner.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Team Penske: Largest professional motorsport team operator in North America (NASCAR, IndyCar); serves as a broader incumbent benchmark for motorsports team scale, sponsorship portfolio depth, and corporate hospitality commercialization models.

Direct peers

• Walkinshaw Andretti United: Two-car Supercars Championship team fielding Ford Mustang GT entries; competes head-to-head with Penrite Racing on track and shares the same Ford Performance factory relationship, making it a close operational peer.
• Triple Eight Race Engineering: Australia's most successful Supercars Championship team and Penrite Racing's primary on-track rival, running multi-car Chevrolet Camaro programs in the same Repco Supercars Championship with similar sponsorship and hospitality revenue models.
• Blanchard Racing Team: Newer entrant in the Supercars Championship fielding Ford Mustang GTs; competes in the same championship rounds and pursues a similar naming-rights-plus-partners commercial model.
• Brad Jones Racing: Family-owned multi-car Supercars Championship team; highly comparable on ownership structure, private funding, corporate hospitality offerings, and championship positioning to Penrite Racing.
• Erebus Motorsport: Privately-owned Supercars Championship team running Chevrolet entries; comparable as a privately-held, sponsorship-driven racing operation competing in the same series with similar revenue mix.
• Tickford Racing: Independent Supercars team operating Ford Mustang GT entries in the Repco championship, competing for similar sponsorships, corporate hospitality clients, and championship points.
• Dick Johnson Racing: Iconic Australian motorsport team competing in the Supercars Championship with Ford Mustang GT entries, directly comparable in vehicle platform, sponsorship profile (including naming-rights partners), and championship ambitions.

Emerging players

• PremiAir Racing: Recent Supercars Championship entrant building out a multi-car program; comparable as an emerging independent team pursuing sponsorship revenue and on-track competitiveness within the same series.

Others

• Kelly Grove Racing (rebranded history): Adjacent motorsport team operator in ANZ with deep family-ownership heritage and series-aligned commercial activities; relevant for understanding the regional motorsport competitive ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/c/PenriteRacing
• LinkedInlinkedin.com/company/grove-racing

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grove Racing