13 Apr
On Monday, April 12th, 2021 Platinum Equity officially agreed to buy Club Car from Ingersoll Rand for $1.7 billion. Find out what this means for the luxury golf car brand, and discover who Platinum Equity is down below. Brief History of Club Car Established in 1958, Club Car started out manufacturing golf cars. At the time, this feat was unheard of. As a result, Club Car ended up having a strong monopoly in the market. To address this issue, EZ Go was created two decades later. From there, the aforementioned golf cart manufacturer bought the Club Car brand, and marketed the acquired business as a viable LSV competitor. Then in 1995, Ingersoll Rand purchased Club Car. The new owners leveraged the factories of the golf car manufacturer by combining them with the manufacturing process utilized by Bobcat. By doing so, the multifaceted company was able to start producing a wide variety of low speed vehicles, rather than just golf cars. Although this venture was successful, Ingersoll Rand has opted to sell the brand to Platinum Equity. According to Tom Gores, Platinum Equity CEO, "Club Car is an iconic golf brand that for more than 60 years has set the industry standard for quality and...