• Loading stock data...
Thursday, March 28, 2024
2024 Best Venues nominations are open now through April 8! Submit Now

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

The NFLPA Report Card Is Doing Exactly What It Was Intended For

Robert Kraft hasn’t gone to school in nearly 60 years, but on Tuesday the Patriots’ owner found himself talking about his report card. 

How Lack of Planning by NCAA, Gonzaga Led to Racial Abuse of Utah Athletes

The NCAA gave Gonzaga a waiver to place teams in an extremist hotbed.

NCAA President Calls for Nationwide Ban on College Prop Bets

The NCAA president is reacting to the recent betting turmoil in sports.

It Remains Unclear Which Authorities Shohei Ohtani Has Reported Theft of Millions to, If Any

A federal investigation is ongoing, but it’s not clear what it covers.
podcast thumbnail mobile
Front Office Sports Today

MLB Opens Season With MLBPA, Ohtani, and Ownership Dramas

0:00
0:00

Featured Today

March 22, 2024, Brooklyn, NY, USA; Northwestern Wildcats guard Brooks Barnhizer (13) and Northwestern Wildcats guard Boo Buie (0) react in overtime against the Florida Atlantic Owls in the first round of the 2024 NCAA Tournament at the Barclays Center.

‘An Expensive Game’: March Madness and NIL Collectives Are Intertwined

At schools nationwide, collectives are fueling NCAA tournament runs and vice versa.
Iowa’s Caitlin Clark (22) waits to be announced in the starting lineup against West Virginia in a NCAA Tournament round of 32 game Monday, March 25, 2024 at Carver-Hawkeye Arena in Iowa City, Iowa.
March 26, 2024

The Women’s Trading Card Market Is Overlooked. Can Caitlin Clark Change That?

Traditionally, women’s sports cards have been a marginal part of collectibles.
The Sports Illustrated cover signed by Derek Jeter and Alex Rodriguez, February 27, 2019, at Don & Charlie's, 7501 E. Camelback Road, Scottsdale. Don Charlie S
March 24, 2024

Everything You Need to Know About the Ongoing ‘Sports Illustrated’ Saga

Understanding the strange state of affairs for the nearly 70-year-old publication.
March 23, 2024

The Good, the Bad, and the Ugly: Inside the Big East’s Bizarre Online Subculture

Peeling back the curtain on the ‘phenomenally weird’ Big East online ecosystem.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Live Nation
Multiple - USA Careers
Adidas
Multiple - USA Careers
Spotify
Multiple - USA Careers

A-Rod and Lore’s Timberwolves Ownership Plans Still on Track

The duo currently owns 40% of the NBA team and its WNBA counterpart.
March 4, 2024

Drake, LeBron James Make PGA Tour Investment

The rapper and NBA star will try to boost the PGA Tour, despite not having a strong association with golf.
Manchester United stadium Old Trafford as viewed from above.
March 19, 2024

Another Wall Street Giant Wants a Piece of Sports

The investment bank forms a new team devoted to sports deals.
Sponsored

How Daily Fantasy Sports Solved NBA Fantasy

The remarkable growth of the #1 Discord sports server in the world.
Commanders
February 28, 2024

FedEx Field No Longer, Commanders’ Stadium Will Get New Name

The Commanders must stay in Landover through 2027.
Josh Harris
February 28, 2024

Josh Harris, David Blitzer Set to Part Ways with Steelers Stake

Harris’s purchase of the Commanders prevents him from keeping the Steelers’ stake.
February 11, 2024

Tom Brady’s Post-Retirement Embrace of Las Vegas

With business all over town, one partner says, ’He’s going to be a great addition to the city.’
Jordan Spieth
February 1, 2024

Will PGA Tour-PIF Deal Get Done? Some Players Say: Don’t Bother

Spieth, Simpson among those to question need for Saudi pact after SSG investment.