A California investors group is acquiring a storied American horseshoe company.

GBT Group is the new owner of Baltimore, Md.-based Victory Racing Plate Co. and is changing its leadership and base of operations.

“Victory began to outsource a portion of its production of aluminum and steel horseshoes to a factory in China in 2009,” according to a letter Victory sent to its partners. “In 2015, after a significant fire at the Baltimore factory, the company moved most of its production to the China factory, which is owned by GBT. They have consistently achieved good results and surpassed the quality of products that have been made at the Baltimore facility.”

Erikk Peterson of Nordic Forge in Guttenberg, Iowa, succeeds David McBride as president of Victory. Peterson continues to be affiliated with Nordic Forge. Mary Jo Koros remains as the Baltimore-based inside sales position and Mark Hickcox continues as the Arkansas-based sales manager.

Victory is ceasing production at its long-time Maryland facility due to high production costs and aging equipment. Its new headquarters will be in Los Angeles.

“Going forward, all shoes for this market will ship from the China factory to the Los Angeles warehouse,” the letter states. “This will improve production planning, as the transit time from China to L.A. will be much shorter than it had been to Baltimore.”

George Palmbaum and Leonard Liepman founded Victory in 1929, working with ALCOA engineers to develop aluminum for racing plates. They sold Victory in 1964 to George L. Ohrstrom and a group of investors.

The Ohrstrom family has led Victory through significant success during its 6 decades of ownership.

“When Seattle Slew won the 1977 Kentucky Derby, he became the 39th successive Derby winner to wear Victory plates,” Dale Austin wrote in the Baltimore Sun. “When he went on to capture the Preakness and Belmont Stakes, he represented the sixth Triple Crown winner in a row to wear Victory plates.”

During the family’s tenure, Victory “added the Elite Competition Shoe in 1988, purchased True Flite pads in 1995 from Ken Davis & Sons, and started the Hoof-Life brand in 2001 to develop alternative modern materials for horseshoeing.”