The following is an excerpt of a news release distributed by Platinum Equity Monday from Los Angeles, California.
This is the 3rd private equity takeover of headquartered Augusta companies in the last 90 days to include TaxSlayer and Recteq Grills.
Platinum Equity announced today it has entered into a definitive agreement to acquire Club Car from Ingersoll Rand (NYSE:IR) in a transaction valued at approximately $1.7 billion. The acquisition, subject to standard closing conditions, is expected to be completed by the third quarter of 2021.
Founded in 1958 and headquartered in Augusta, Georgia, Club Car is a global manufacturer of golf cars, utility, personal transportation, and other low-speed vehicles, including all-electric models, and related aftermarket parts and services. The business has been owned by Ingersoll Rand since 1995.
“Club Car is an iconic golf brand that for more than 60 years has set the industry standard for quality and innovation,” said Platinum Equity Chairman and CEO Tom Gores. “We appreciate Ingersoll Rand’s confidence in our ability to build on that legacy and support Club Car’s continued growth and expansion as a standalone company.”
Ingersoll Rand selected Platinum Equity due to the firm’s deep operational expertise and successful track record with carve-out transactions.
“We are grateful for the dedication and commitment Club Car employees have had over the years to make their business a success,” said Ingersoll Rand CEO Vicente Reynal. “We believe Platinum is well equipped to ensure a seamless transition and is the right partner to help Club Car achieve its next phase of growth and evolution.”
In addition to its leadership in fleet golf cars, today Club Car manufactures a growing line of products for consumers and for commercial customers, including hotels and resorts, college campuses, airlines, theme parks, and rental companies.
“Demand for electric vehicles across many product platforms and geographies is at an all-time high,” said Club Car President Mark Wagner, who will continue to lead the company under Platinum Equity’s ownership. “Golf remains a very stable, healthy business while our consumer and commercial markets are rapidly growing around the world. As our product line and geographic reach have expanded, so has the complexity of our business. Platinum’s experience and global resources will be vital to helping us continue that growth and to achieve our long-term ambitions.”