• Loading stock data...
Wednesday, October 22, 2025

Club Car Golf Carts Acquired for $1.7B

three_golf_carts
Club Car/Design: Alex Brooks

Platinum Equity will acquire Club Car, Ingersoll Rand’s golf cart business, for $1.7 billion.

The pumps and compressor manufacturer acquired its golf cart division in 1995 but is going through a series of divestitures to pay off debt and narrow its portfolio. Earlier this month, it sold a majority stake in its high-pressure solutions business for $300 million. 

Platinum Equity, run by Detroit Pistons’ owner Tom Gores, is taking just a small risk in the buyout, as golf saw a 6% decline in revenue last year, per IBISWorld. Club Car’s president doesn’t see it as negative.

“Demand for electric vehicles across many product platforms and geographies is at an all-time high,” said president Mark Wagner. “Golf remains a very stable, healthy business, while our consumer and commercial markets are rapidly growing around the world.”

Wagner will continue to lead the company following the merger.

Platinum Equity has acquired businesses from Johnson & Johnson, Office Depot, Wyndham Worldwide Corporation, and others in recent years.

“Platinum’s experience and global resources will be vital to helping us continue that growth and to achieving our long-term ambitions,” said Wagner.

The firm has more than $25 billion of assets under management and expects to close the Club Car deal by Q3 2021.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Sponsored

How HOKA is Reimagining the NIL Relationship

Fans can now follow their favorite golfers and experience every marquee moment at the Ryder Cup — thanks to innovation from T-Mobile.
Tiger Woods of Jupiter Links GC sits during a break in their TGL golf match against Atlanta Drive GC at SoFi Center on March 4, 2025, in Palm Beach Gardens, Florida.

Latest Tiger Woods Surgery Bad News for TGL, PGA Tour Champions

Woods is recovering from his seventh back surgery in 11 years.
Jul 17, 2025; Portrush, IRL; Jason Day hits a shot on the 18th hole during the first round of The 153rd Open Championship golf tournament at Royal Portrush.

Flashy Golf Apparel Brand Malbon Notches $28 Million Raise

Jason Day famously wore the brand at the last two Masters Tournaments.

Featured Today

Christie's

Lou Gehrig’s $4M Jersey and the Exploding Sports Memorabilia Market

An ultra-rare sports collection is about to hit the auction block.
@chef__tezz/Instagram
October 19, 2025

Inside the NFL’s Private Chef Network

Private chefs are the unsung architects of player performance.
October 18, 2025

How Vanderbilt Went From SEC Doormat to Dark Horse CFP Candidate

After beating LSU, Clark Lea said: “Internally, we expect to win.”
May 27, 2025; Indianapolis, Indiana, USA; Indiana Pacers guard T.J. McConnell (9) shoots a three point basket over New York Knicks guard Josh Hart (3) during the third quarter of game four of the eastern conference finals for the 2025 NBA Playoffs at Gainbridge Fieldhouse
October 18, 2025

NBA Stars Swap Wine With League Friends and Foes

A wine-exchange tradition emerged from the bubble season’s close quarters.
Louisville’s Miller Moss and several of his teammates stopped by Olympus Gaming Lounge to play EA Sports College Football 26 with fans for a meet and greet. July 11, 2025

Saudis, Silver Lake, Jared Kushner Take EA Private in $55B Deal

Electronic Arts makes “Madden,” “EA Sports College Football,” and more.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.
June 25, 2025

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
July 6, 2025

American Celebs Want to Be Sports Owners. Soccer Is Where They Start

As U.S. team prices climb, investors set their sights abroad.
Sponsored

Michelle Wie West: Women’s Sports Doesn’t Need Charity

The LPGA legend on redefining women’s sports and the future of golf.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.