Private equity firm Platinum Equity has hired advisers to explore a sale of Club Car that could value the golf cart maker at more than $2 billion, including debt.
Platinum Equity is in the early stages of working with investment bank Goldman Sachs on the sale, which is expected to attract interest from buyout firms, the sources said.
Club Car generates 12-month earnings before interest, taxes, depreciation and amortization (EBITDA) of more than $200 million, the sources added, requesting anonymity because the matter is confidential.
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Platinum Equity acquired Club Car from industrial components maker Ingersoll-Rand (IR.N) in 2021 for about $1.7 billion. One of its competitors, E-Z-GO, is owned by Textron (TXT.N) maker of the Cessna business jet.
Source: Reuters
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