Platinum Equity To Acquire Club Car From Ingersoll Rand For $1.7 Billion

April 14, 2021

Willkie acted as financing counsel to Platinum Equity in the transaction.

On April 12, Willkie client Platinum Equity announced it entered into a definitive agreement to acquire Club Car, a global leader in golf, consumer and utility vehicles, from Ingersoll Rand (NYSE:IR) in a transaction valued at approximately $1.7 billion.

Founded in 1958 and headquartered in Augusta, Georgia, Club Car is a global manufacturer of golf cars, utility, personal transportation and other low-speed vehicles, including all-electric models, and related aftermarket parts and services. The business has been owned by Ingersoll Rand since 1995.

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. With 25 years' experience acquiring and operating global businesses that have been part of large corporate entities, Platinum Equity acquires and operates companies in business markets including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.

Willkie partners Cristopher Greer, Joshua Deason and Jason Pearl and associate Michael Arena represented Platinum in securing the debt commitment to backstop the acquisition, and Willkie teams are working on the bank and high-yield bond financings to close concurrently with the acquisition.