Ingersoll Rand completed the sale of Club Car, its specialty vehicle technologies segment, to private equity firm Platinum Equity.
Ingersoll Rand Execution Excellence (IRX), which was implemented throughout the divestiture process, enabled the company to surpass its commitment to complete the sale by Q3/21.
The all-cash transaction, valued at $1.68 billion (approximately 12.1x Club Car’s 2020 EBITDA), materially reduces Ingersoll Rand’s net leverage to under 1x and provides capital flexibility. The company will use the capital to create value for stockholders, including organic and inorganic investment into technologies and industrial solutions supported by long-term growth trends.
Ingersoll Rand will report results from Club Car in discontinued operations for Q2/21 and comparable prior periods will be recast on a consistent basis.
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