On June 1, Ingersoll Rand Inc. announced it had completed the sale of Club Car, its Specialty Vehicle Technologies Segment, to the global private equity firm Platinum Equity, according to a news release.
The all-cash transaction is valued at $1.68 billion.
MORE: Club Car Being Sold for $1.68 Billion to Global M&A Firm
“We remain extremely optimistic about Club Car’s future, and we’ll continue to work with them in any way they can to ensure their growth and success in Columbia County,” said Robbie Bennett, director of the Columbia County Development Authority.
MORE: How the Union Vote at an Amazon Warehouse in Alabama Will Affect Columbia County
According to IR’s website, “Platinum Equity was founded in 1995 by Tom Gores. Platinum Equity is a global investment firm with more than $25 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market.”
Tyler Strong is the Business Editor for The Augusta Press. Reach him at tyler@theaugustapress.com.
