Ingersoll Rand Completes Sale of Club Car to Platinum Equity
DAVIDSON, NC – (BUSINESS WIRE) – Ingersoll Rand Inc. (NYSE: IR), a global provider of critical flow creation and industrial solutions, has completed the sale of its Specialty Vehicle Technologies (“Club Car”) segment to the global private equity firm Platinum Equity. Ingersoll Rand Execution Excellence (IRX), implemented throughout the divestiture process, enabled the company to exceed its commitment to complete the sale by the third quarter of 2021.
The all-cash transaction, valued at $ 1.68 billion (approximately 12.1x Adjusted EBITDA of the Specialty Vehicle Technology segment for 2020), significantly reduces Ingersoll Rand’s net leverage to
The Specialty Vehicle Technologies segment is not included in the company’s 2021 directions which were reviewed during Call for first quarter results April 29, 2021.
The results of the Specialty Vehicle Technologies segment will be presented in discontinued operations for the second quarter of 2021 and comparable prior periods will be recast on a consistent basis.
About Ingersoll Rand Inc.
Ingersoll Rand Inc. (NYSE: IR), driven by an entrepreneurial spirit and an ownership mindset, is dedicated to helping improve the lives of our employees, customers and communities. Customers rely on us for our technology-driven excellence in creating critical workflows and industrial solutions across more than 40 respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop lifelong customers through their daily commitment to expertise, productivity and efficiency. For more information visit www.IRCO.com.
About platinum stocks
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $ 25 billion in assets under management and a portfolio of approximately 40 operating companies that serve clients around the world. The company currently invests with Platinum Equity Capital Partners V, a $ 10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $ 1.5 billion buyout fund focused on investment opportunities on the lower middle market. Platinum Equity specializes in mergers, acquisitions and transactions – a brand strategy it calls M&A & O® – acquiring and operating companies in a wide range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, services related to metals, media and entertainment, technology, telecommunications and other industries. Over the past 25 years, Platinum Equity has made over 300 acquisitions.
This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. including, but not limited to, statements relating to the sale by Ingersoll Rand of the Club Car segment and the expected benefits of the transaction. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which could cause actual results to differ materially from these current expectations. These risks and uncertainties include, but are not limited to: Ingersoll Rand’s ability to fully realize the expected benefits of the transaction; the negative effects of the announcement or completion of the transaction on the market price of Ingersoll Rand common shares; significant transaction costs and / or unknown liabilities; general economic and commercial conditions that may have an impact on companies in the context of the transaction; unforeseen expenses such as litigation or court settlement costs; changes in capital market conditions; and the impact of the transaction on the company’s employees, customers and suppliers. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those indicated or anticipated by these forward-looking statements. The inclusion of such statements should not be taken as a representation that these plans, estimates or expectations will be realized. Additional factors that could cause Ingersoll Rand’s results to differ materially from those described in forward-looking statements can be found in the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed. with the Securities and Exchange Commission (“SEC”), as these factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at www.sec.gov. The preceding list of important factors is not exclusive.
Forward-looking statements speak only as of the date of this press release. Ingersoll Rand makes no commitment to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements.