Club Car being sold for $1.68 billion; buyer expects no changes for workers
AUGUSTA, Ga. (WRDW/WAGT) - Club Car is being sold to Platinum Equity for $1.68 billion in cash.
The deal is expected to go through in the latter half of this year.
We asked what this means for employees and they tell us they quote “don’t anticipate any changes.”
Club Car is being sold by Ingersoll Rand, whose CEO Vicente Reynal said in a statement: “The Club Car divestiture achieves a premium valuation for the leader in the golf, commercial and consumer low-speed vehicle market.”
Ingersoll Rand said it selected Platinum Equity because of its financial, operational and marketing expertise as well as its focus and interest in the automotive industry and mobility trends.
“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,” said Tom Gores, chairman and chief executive officer of Platinum Equity.
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