Billionaire entrepreneur Portelli turns his love of cars into an investment in Out There Group

While financial details of the investment have not been disclosed, Portelli’s interest in the company has been described as “significant” by  Out There Group co-owner Andy Lopez.

Out There Group manages a host of motorsports events including Summernats, RockyNats, MotorEx, Red CentreNATS, Dust Hustle and Australia’s premier drag racing series the National Drag Racing Championship (NDRC).

It also publishes Australian motoring magazine and digital content house Street Machine which it acquired from Wheels Media late last year.

“Over the last 15 years, we have built a fantastic suite of motorsport festivals and recently we have extended our reach within the car community with the NDRC and the acquisition of Street Machine,” says Lopez, adding that all of the group’s flagship brands “continue to flourish”.

“Today, I’m really proud to announce that Adrian Portelli is investing in our business as a shareholder across everything we do and everything we want to do in the future.

“Whilst the current owners of Out There Group retain the majority share, Adrian’s holding and role is significant.”

Lopez says he and Portelli have been in discussions about an investment in the company for several months and that the end result is about a “shared passion and vision”.

“I say this genuinely; I could not think of a better bloke to work with. With Adrian, we have new creativity and energy from a true entrepreneur and, best of all, he’s a great guy and genuine car nut. There’s no-one else out there who loves what we do and the community we serve more than Adrian.

“There’s been so many things we’ve wanted to do over the years that we haven’t been able to do on our own. With a guy like Adrian and his business smarts, passion and creativity, we’re heading for the next level.”

Portelli, who came to public prominence in 2022 and 2023 as a bidder at the auction of homes in The Block television series, has an estimated wealth of just over $1 billion. He gained the nickname “the Lambo guy” during this period for his love of fast cars.

While he made his fortune at a relatively young age, Portelli has shown a flair for entrepreneurship with the establishment in 2018 of LMCT+ - a membership-based platform that has more than 600 partners offering members exclusive deals. LMCT, which stands for “licensed motor car trader”, has about 500,000 members in Australia.

Portelli describes his investment in Out There Group as an “exciting chapter”.

“Everyone who knows me understands just how much I love the car community and now I’m joining a crew that are doing awesome things for that community,” he says.

“I’m not here to change anything and that’s a really important statement for me to make. I’m here because I love what these guys do and how they do it.

“I want to help grow the current business and to future proof our scene. The thing that also excites me is the chance to create new festival experiences and concepts in the future.”

Portelli notes that Out There Group’s history in the live music industry, where it provides the infrastructure to stage events of all sizes, is particularly important given the parlous state of Australia’s live music scene which has claimed major events such as Splendour in the Grass and Bluesfest Byron Bay.

“I’ve seen music festivals owned by international companies close down when it gets hard – that is never happening with us,” says Portelli.

“I’ve told Andy I’m here for the good times and I will be his rock if we ever get to hard times.”

The new partners are currently working on growth opportunities for Out There Group, which includes international expansion.

“Some of our immediate plans are to take Summernats to the US and to keep growing Street Machine into an international digital content and print magazine powerhouse,” says Lopez.

“We also want to take drag racing in this country to a new level.”