Ingersoll Rand To Sell Club Car Business To Platinum Equity In All-cash Deal Valued At $1.68 Bln

(RTTNews) - Ingersoll Rand Inc. (IR), a global provider of mission-critical flow creation and industrial solutions, announced Monday it has entered into an agreement to sell its Specialty Vehicle Technologies Segment (Club Car) to private equity firm Platinum Equity in a all-cash transaction valued at $1.68 billion.

Ingersoll Rand selected Platinum Equity because of their financial, operational and marketing expertise as well as their focus and interest in the automotive industry and mobility trends. Platinum is an ideal fit for Club Car and will serve as a strong partner in driving long-term, sustainable growth for the business.

The transaction is expected to be completed by the third quarter of 2021, subject to customary closing conditions.