Ingersoll Rand announces agreement to sell Club Car to Platinum Equity
April 12, 2021
DAVIDSON, N.C.--(BUSINESS WIRE)-- Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to sell its Specialty Vehicle Technologies Segment (“Club Car”) to the global private equity firm Platinum Equity. The all-cash transaction is valued at $1.68 billion, which is approximately 12.1x 2020 Specialty Vehicle Technologies Segment Adjusted EBITDA, and is expected to be completed by the third quarter of 2021, subject to customary closing conditions.
Ingersoll Rand selected Platinum Equity because of their financial, operational and marketing expertise as well as their focus and interest in the automotive industry and mobility trends. Platinum is an ideal fit for Club Car and will serve as a strong partner in driving long-term, sustainable growth for the business.
“Club Car has a long history of leadership in golf, utility and consumer low-speed vehicles, and we look forward to nurturing their core business and supporting the diverse needs of the company’s customers,” said Tom Gores, chairman and chief executive officer of Platinum Equity. “We are excited to partner with the Club Car team and support the business as it executes on its strategy of operational excellence and ongoing, profitable commercial growth.”
About Club Car
Club Car has been one of the most respected names in the golf industry for more than half a century. The Club Car product portfolio has grown to include much more than golf cars, now encompassing golf and commercial utility vehicles, multi-passenger shuttle vehicles, rough-terrain and off-road utility vehicles and street legal low-speed vehicles for commercial and consumer markets.