Ingersoll Rand has completed the sale of its Specialty Vehicle Technologies Segment (“Club Car”) to Platinum Equity, a global private-equity firm. The all-cash transaction is valued at $1.68 billion.
Originally founded in 1958 in Houston, Texas, Club Car was moved to Augusta, Georgia, in 1962 and began production. In 1979, the business was acquired by “The Original 8,” a group of former EZGO executives. Ingersoll Rand then acquired Club Car in 1995.
“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,” says Tom Gores, chairman and CEO 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.”
The Club Car website lists 10 Carryall UTV models (electric, gas, diesel) as well as other commercial utility vehicles, multi-passenger shuttle vehicles, street-legal low-speed vehicles, and golf carts. Club Car’s corporate headquarters and manufacturing facilities are in Evans, Georgia.