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.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
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
Can’t stop reading? Read more
Ares lands $9.8bn for flagship opportunistic credit strategy
Ares lands $9.8bn for flagship opportunistic credit strategy Ares has raised more than $9.8bn for...
CVC DIF appoints Enrico Del Prete to scale $25bn value-add platform
CVC DIF appoints Enrico Del Prete to scale $25bn value-add platform CVC DIF has appointed Enrico...
2PointZero targets Whoop in $10.1bn funding round alongside Gulf investors
2PointZero targets Whoop in $10.1bn funding round alongside Gulf investors 2PointZero has agreed...