Ingersoll Rand to sell Club Car to Platinum Equity in $1.68bn deal

The company, which makes pumps and compressors, said on Monday that the transaction is expected to complete by the third quarter.

Chief executive officer Vicente Reynal said: "Today’s announcement to divest Club Car demonstrates swift progression on our transformation journey.

"The Club Car divestiture achieves a premium valuation for the leader in the golf, commercial and consumer low-speed vehicle market. We are excited about future opportunities to create long-term value for stockholders with the cash from the transaction, including significant organic and inorganic investment into our core business segments as we advance our growth strategies and expand our addressable market."

Ingersoll said it had selected Platinum Equity because of its "financial, operational and marketing expertise" and 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," it said.