HomeNewsBriefs General NewsClub Car Being Sold for $1.68 Billion to Global M&A Firm

Club Car Being Sold for $1.68 Billion to Global M&A Firm

Author

Date

The Augusta Press previously reported that Ingersoll Rand, the holding company for Club Car, Inc. planned to divest their interest in the company back in February. The estimated value at the time was $1.5 billion. A sale now seems imminent.

Ingersoll Rand announced this morning that it has entered into an agreement to sell Club Car for $1.68 billion. The sale is expected to be competed in the third quarter of 2021.

“Today’s announcement to divest Club Car demonstrates swift progression on our transformation journey,” said Vicente Reynal, chief executive officer of Ingersoll Rand. “The Club Car divestiture achieves a premium valuation for the leader in the golf, commercial and consumer low-speed vehicle market. We are excited about future opportunities to create long-term value for stockholders with the cash from the transaction, including significant organic and inorganic investment into our core business segments as we advance our growth strategies and expand our addressable market. We continue to leverage IRX to drive results and execute strategy, including portfolio optimization, and will continue to devote our energy to driving innovation across our businesses with a portfolio focused on core, sustainability-oriented, mission-critical flow creation technologies and industrial solutions supported by long term growth trends.”

The purchaser, Platinum Equity, was founded by Tom Gores in 1995. The company owns 40 operating companies worldwide worth over $25 billion. Platinum Equity has completed over 300 acquisitions the last 25 years.

The change of ownership is not expected to have any immediate effects on the some 800 local employees.

Joe Edge is the real estate columnist and Publisher for The Augusta Press. Reach him at [email protected]

2 COMMENTS

Recent posts

Recent comments

Robert Schloesser on Saga with Gold Cross EMS continues
Thomas Yarbrough on Garnett Johnson: In his own words
Tedd Antonacci on OPINION: Letter to the editor
Charmain Brackett on Reoccurring Members
Charmain Brackett on Short Getaways: Edisto Beach
Russell Smeak on Short Getaways: Edisto Beach
Trudy Edwards on Short Getaways: Edisto Beach
Gay Wright on Reoccurring Members
Russell Smeak on Short Getaways: Edisto Beach
Charmain Brackett on Short Getaways: Edisto Beach
Charmain Brackett on Short Getaways: Edisto Beach
Russell Smeak on Short Getaways: Edisto Beach
Thomas Plowden on Short Getaways: Edisto Beach
Charmain Brackett on Man struck by train Thursday
Thomas Yarbrough on Man struck by train Thursday
Tedd Antonacci on Man struck by train Thursday
Dennis Perry on FAITH: Our Only Hope
Robert Turbyfill on Column: Serene18 – take two
Leonard Zimmerman Jr on In The Kitchen With Vera: Oh Honey
Tedd Antonacci on Bomb threat suspect in custody
Frank Bush on FAITH: A Great Lady
Judy Wheeler on FAITH: A Great Lady
Robert Green on Kemp signs tax cut bill
Dan Barnett on FAITH: The Turtle
William Speer on Whither Ukraine?
Sherri Jones Rivers on FAITH: The Turtle
Judy Wheeler on FAITH: The Turtle
Doug Herman on Whither Ukraine?
Phillip Williams on Column: Electing judges
John Mulherin on Column: Electing judges
Sarah Scott on Column: Electing judges
Thomas Yarbrough on XPR Augusta Concerts Canceled
Bill Lesshafft on XPR Augusta Concerts Canceled
Amanda Main on FAITH: The Covid Effect
Tedd Antonacci on XPR Augusta Concerts Canceled
Rev. Bill Harrell on FAITH: The Covid Effect
Jackie VOSS on FAITH: The Covid Effect
Penny Danner on FAITH: The Covid Effect
Rabbi David Sirull on FAITH: The Covid Effect
Elizabeth Ristroph on Michael Meyers: The Law Allows It
Phillip Williams on Michael Meyers: The Law Allows It
Debbie Reddin Van Tuyll on For America, a free press is not optional
Debbie Reddin Van Tuyll on For America, a free press is not optional