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Ingersoll Rand to Sell Club Car to Platinum Equity

April 13, 2021/in News, Press Release/by Sarah Gwynn

Ingersoll Rand to Sell Club Car to Platinum Equity : Ingersoll Rand Inc. a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to sell its Specialty Vehicle Technologies Segment (“Club Car”) to the global private equity firm Platinum Equity. The all-cash transaction is valued at $1.68 billion, which is […]

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

April 13, 2021/in News, Press Release/by Mike Isherwood

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines : EMY Plant Hire, a new start-up rental business based in Wrexham in North Wales in the UK, has purchased over 20 new machines of all types from the full-liner range offered by Bobcat. The new Bobcat mini-excavators, compact loaders, telehandlers and attachments available to […]

Ingersoll Rand to Sell Club Car to Platinum Equity

April 13, 2021/in News, Press Release/by Sarah Gwynn

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

April 13, 2021/in News, Press Release/by Mike Isherwood

Full Sized Blog Element (Big Preview Pic)

Ingersoll Rand to Sell Club Car to Platinum Equity

April 13, 2021/in News, Press Release/by Sarah Gwynn

Ingersoll Rand to Sell Club Car to Platinum Equity : Ingersoll Rand Inc. a global provider of mission-critical flow creation and industrial solutions, has entered into an agreement to sell its Specialty Vehicle Technologies Segment (“Club Car”) to the global private equity firm Platinum Equity. The all-cash transaction is valued at $1.68 billion, which is approximately 12.1x 2020 Specialty Vehicle Technologies Segment Adjusted EBITDA, and is expected to be completed by the third quarter of 2021, subject to customary closing conditions.

“Today’s announcement to divest Club Car demonstrates swift progression on our transformation journey,” said Vicente Reynal, chief executive officer of Ingersoll Rand. “The Club Car divestiture achieves a premium valuation for the leader in the golf, commercial and consumer low-speed vehicle market. We are excited about future opportunities to create long-term value for stockholders with the cash from the transaction, including significant organic and inorganic investment into our core business segments as we advance our growth strategies and expand our addressable market. We continue to leverage IRX to drive results and execute strategy, including portfolio optimization, and will continue to devote our energy to driving innovation across our businesses with a portfolio focused on core, sustainability-oriented, mission-critical flow creation technologies and industrial solutions supported by long term growth trends.”

Ingersoll Rand to Sell Club Car to Platinum Equity

Ingersoll Rand selected Platinum Equity because of their financial, operational and marketing expertise as well as their focus and interest in the automotive industry and mobility trends. Platinum is an ideal fit for Club Car and will serve as a strong partner in driving long-term, sustainable growth for the business.

“Club Car has a long history of leadership in golf, utility and consumer low-speed vehicles, and we look forward to nurturing their core business and supporting the diverse needs of the company’s customers,” said Tom Gores, chairman and chief executive officer of Platinum Equity. “We are excited to partner with the Club Car team and support the business as it executes on its strategy of operational excellence and ongoing, profitable commercial growth.”

Goldman Sachs is serving as exclusive financial advisor to Ingersoll Rand and Simpson Thacher & Bartlett LLP is serving as legal counsel. Credit Suisse and J.P. Morgan Securities LLC are serving as financial advisors to Platinum Equity on the acquisition of Club Car and Morgan Lewis is serving as Platinum Equity’s legal counsel. BofA Securities will lead the debt financing for Platinum Equity and Club Car. Willkie Farr is providing financing counsel to Platinum Equity on the transaction.

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North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

April 13, 2021/in News, Press Release/by Mike Isherwood

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines : EMY Plant Hire, a new start-up rental business based in Wrexham in North Wales in the UK, has purchased over 20 new machines of all types from the full-liner range offered by Bobcat. The new Bobcat mini-excavators, compact loaders, telehandlers and attachments available to rent from EMY Plant Hire were supplied by Norwest Plant Ltd, the local Authorised Bobcat Dealer.

EMY Plant Hire was founded by Joint Directors, Emily Roberts and Andrew Dickens, concentrating first on the local area, including North Wales, Cheshire, Staffordshire and Shropshire, before looking to eventually operate nationwide.

(l to r) Sam Lockert, Hire Manager at EMY Plant Hire with Joint Directors, Emily Roberts and Andrew Dickens

As well as general plant and other products for users in diverse markets such as construction, landscaping, utilities and agriculture, EMY Plant Hire has been formed to also offer the more unusual and specialist products for its wide customer base. To illustrate this, the company is one of the first rental businesses in the UK to offer the articulated version of the Bobcat E85 8.5 tonne mini-excavator.

Emily Roberts commented: “At EMY Plant Hire, we are fully committed to offering a first class rental service for our customers, but we would also like to offer more unusual and innovative products for hire. We are one of the first rental companies to offer the articulated boom version of the E85, which is an unusual feature in the UK market, where the preference is for straight boom models. The articulated boom allows users to bring the arm on the E85 closer and to reach a lot higher, potentially providing them with a larger working range.

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

“We are also targeting specialist areas such as the tree surgery and forestry markets. By offering both the conventional and the leading edge, we have much to offer not only our own customer base but also by cross-hire through other rental and contractor companies. We have already laid the ground for these relationships and feel very positive about the local market and beyond.”

As well as the E85, Norwest Plant has delivered a further 13 Bobcat mini-excavators including four E10z 1 tonne, two E17z 1.7 tonne and eight more models above 2 tonne, including E20z, E26 and E45 models. With the machines from Norwest Plant, EMY Plant Hire is also offering Bobcat S100 and S450 skid-steer loaders and a Bobcat T450 compact track loader. Alongside these are TL30.70 7 m and T40.180SLP 18 m telehandlers from Bobcat and seven different Bobcat attachments including pallet forks, an auger and buckets.

Garry Wheawall of Norwest Plant, based in Wigan in Lancashire, said: “We are very impressed with the innovation being shown by EMY Plant Hire. Even during the last 12 months of the pandemic, rental companies have continued to operate and in some places have been flat out. I think this is a good time for EMY to enter the market, offering a broader set of products and solutions for customers.”

Authorised Bobcat Dealer for North Wales and North-West England

As well as the Bobcat range of mini-excavators, skid-steer and compact track loaders, compact wheel loaders, telehandlers, light compaction and attachments, Norwest Plant offers a full selection of genuine Bobcat accessories and parts to support both new and existing Bobcat customers in its area. Customers also benefit from the company’s on-site service network, covering everything from emergency repairs to routine maintenance.

Norwest Plant is part of the Construction Equipment Division of Northern Ireland-based Ballyvesey Holdings Ltd, a privately-owned group with a wide range of trading subsidiaries. As the Authorised Bobcat Dealer for North-West England and North Wales, Norwest Plant covers Greater Manchester, Lancashire, Merseyside (including the Wirral), Cheshire, Anglesey, North Gwynedd, Conwy, Denbighshire, Flintshire and Wrexham.

For more information about Bobcat and Bobcat products, visit www.bobcat.com

For the latest industry news visit turfmatters.co.uk/news

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Follow us on Twitter and Instagram for fun, fresh and engaging content.

You can also find us on Facebook for more of your must-see news, features, videos and pictures from Turf Matters.

Half Sized Blog Element (Single Author Style)

Half Sized Blog Element (Multi Author Style)

Ingersoll Rand to Sell Club Car to Platinum Equity

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

Ingersoll Rand to Sell Club Car to Platinum Equity

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

Full Sized Blog Element (Big Preview Pic)

Ingersoll Rand to Sell Club Car to Platinum Equity

North Wales Rental Start-Up Buys Over 20 New Bobcat Machines

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