Ingersoll Rand to sell Club Car business for $1.68bn
- The deal for Club Car, which Ingersoll Rand acquired in 1995, is the latest in a series of divestitures that chief executive officer Vicente Reynal has embarked on to streamline the company's portfolio following the merger of its industrial business with Gardner Denver Holdings Inc.
- "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.
Ingersoll Rand Inc said on Monday it will sell its golf cart business to private equity firm Platinum Equity LLC for $1.68 billion, as the industrial solutions provider looks to pay off its debt.
The deal for Club Car, which Ingersoll Rand acquired in 1995, is the latest in a series of divestitures that chief executive officer Vicente Reynal has embarked on to streamline the company's portfolio following the merger of its industrial business with Gardner Denver Holdings Inc.
Reuters exclusively reported on the Club Car deal, which is expected to be completed by third quarter of 2021, on Sunday.
The deal would be a bet by Platinum Equity on a potential rebound in golf as a recreational sport in the aftermath of the COVID-19 pandemic.
Founded in 1958 and headquartered in Georgia, Club Car is a global manufacturer of golf cars, utility, personal transportation and other low-speed vehicles, including all-electric models.
"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.
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