As rounds of golf increase in the United States, mechanical equipment maker Ingersoll Rand Inc. has agreed to sell golf carmaker Club Car to Platinum Equity, an investment company and holding company founded and operated by Detroit Pistons owner Tom Gores. The price: $ 1.7 billion, Platinum Equity said.
Founded in 1958 and based in Augusta, Georgia, Club Car is one of the world’s largest manufacturers of golf carts and other low-speed vehicles, particularly electric versions for a wide range of commercial and large applications. public. The company’s golf carts are available at many golf courses in the United States and around the world.
“Club Car is an iconic golf brand that for over 60 years has set the industry standard for quality and innovation,” said Gores, chief executive officer of Platinum Equity, in a statement. press announcing the sale. “We appreciate Ingersoll Rand’s confidence in our ability to build on this legacy and support the continued growth and expansion of Club Car as a stand-alone business.
Ingersoll Rand bought Club Car in 1995, and Reuters announced the deal is part of an effort to repay debt and streamline Ingersoll Rand, which merged its manufacturing operations with Gardner Denver Holdings last year.
The press release says Platinum Equity has 25 years of experience in acquiring and operating global businesses that have been phased out of large corporations. In recent years, the company has acquired businesses from Ball Corporation, Emerson Electric, Johnson & Johnson, Newell Brands, Office Depot, Pitney Bowes and Wyndham Worldwide Corporation, among others.
“Demand for electric vehicles across many product platforms and geographies is at an all time high,” Club Car President Mark Wagner said in a press release. Wagner will remain in his current role under the ownership of Platinum Equity. “Golf remains a very stable and healthy business as our consumer and commercial markets develop rapidly around the world. As our product line and geographic reach have grown, so has the complexity of our business. Platinum’s global experience and resources will be vital in helping us continue this growth and achieve our long-term ambitions.