Speed Raceway, a Horsham company that runs two indoor go-kart racing facilities in the Philadelphia area, has been sold to Irvine, California-based K1 Speed, writes Jeff Blumenthal for Philadelphia Business Journal.

The go-kart facilities, one in Horsham and one in Cinnaminson, New Jersey, feature Italian-made go-karts that can reach up to 50 miles per hour. The Speed Raceway locations will be rebranded under the K1 name.

Speed Raceway was sold by owner Cabot Asplundh, whose grandfather Carl Asplundh Jr. started the company in 2012 with family members, and Travis Thompson, the former CEO of HV Bancorp. Cabot Asplundh has been the sole owner of the company since 2021.

“We only wanted to sell the business to a company that was going to carry on the traditions that we had,” Asplundh said.

“And K1 definitely completely fit that criteria. K1 Speed has been a pioneer in the go-karting business for the last 20 years now, and they’re really the first ones to bring this business model into the U.S.”

Read more about the Asplundh family in Philadelphia Business Journal.

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