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Ingersoll Rand Completes Sale of Club Car to Platinum Equity

Published: 2021-06-01 20:30:00 ET
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DAVIDSON, N.C.--(BUSINESS WIRE)-- Ingersoll Rand Inc. (NYSE:IR), a global provider of mission-critical flow creation and industrial solutions, completed the sale of its Specialty Vehicle Technologies Segment (“Club Car”) to the global private equity firm Platinum Equity. Ingersoll Rand Execution Excellence (IRX), implemented throughout the divestiture process, enabled the company to over deliver on its commitment to complete the sale by the third quarter of 2021.

The all-cash transaction, valued at $1.68 billion (approximately 12.1x 2020 Specialty Vehicle Technologies Segment Adjusted EBITDA), materially reduces Ingersoll Rand’s net leverage to