CLUB CAR TO ACQUIRE DANISH ELECTRIC VEHICLE MANUFACTURER GARIA FROM LARS LARSEN GROUP

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Acquisition to enhance Club Car or truck presence in Europe, diversify product or service portfolio in rising shopper and utility marketplaces

Expanded portfolio of zero-emission automobiles to support meet growing worldwide need for sustainable transportation selections

AUGUSTA, Ga., April 9, 2022 /PRNewswire/ — Club Motor vehicle now introduced the signing of a definitive arrangement to obtain Garia A/S (“Garia”), a Denmark-based mostly manufacturer of electric powered minimal-velocity automobiles for the utility, shopper and golf marketplaces, from Lars Larsen Team. Monetary conditions ended up not disclosed. The transaction is envisioned to close in the second quarter.

Garia, launched in 2005, is greatest regarded as an innovator of luxurious golf and leisure cars and trucks that element elevated effectiveness and distinct Scandanavian design. The corporation released Garia Utility in 2015, a escalating line of compact autos for utility apps, like: general public sector (municipalities, hospitals, universities, parks), facility management (industrial internet sites, motels, resorts), leisure and out of doors (zoos, amusement parks, forestry and agriculture), and previous-mile delivery (mail, offers, food stuff supply).

The acquisition also consists of Melex, which Garia obtained in November 2021 to accelerate its expansion in the utility house. Melex is a company of light-weight utility automobiles based mostly in Poland and provides an array of avenue and non-road authorized merchandise, which includes multi-passenger and compact cargo utility automobiles.

“We have terrific regard for Garia and Melex, which layout and build some of the most remarkable electric powered golfing, leisure and compact utility cars in the entire world,” claimed Mark Wagner, president of Club Motor vehicle. “We are psyched to welcome their teams to the Club Auto family.

“Our solution lines enhance each individual other properly with quite little overlap,” he added. “Which is fantastic information for our sellers and clients in Europe and the United States who will have obtain to a broader selection of zero-emission, on and off-highway cars at a better selection of cost points.”

Garia’s golf and purchaser automobiles are generally luxury solutions geared towards the large conclusion of their respective marketplaces. Garia and Melex’s utility products and solutions are typically model sorts that Club Motor vehicle does not now manufacture.

“Club Automobile is the fantastic lover and will immediately open new possibilities for advancement throughout our overall product or service portfolio,” reported Garia CEO Jakob Holstein. “Club Car’s in depth vendor network, combined with the operational advantages we can achieve with significantly elevated scale, will aid us take our brands to a new level.”

Club Car or truck is a portfolio corporation of Platinum Equity, which obtained the organization in 2021.

“Around the planet demand for sustainable transportation alternatives proceeds to mature,” explained Platinum Fairness Associate Jacob Kotzubei. “The addition of Garia and Melex’s all-electric powered fleets will strenthen Club Car’s skill to meet that demand from customers globally, and in the European utility current market in certain, exactly where governments and companies are modernizing and electrifying their vehicle fleets.”

The Garia and Melex transaction is Club Car’s first increase-on acquisition less than Platinum Equity’s possession.

“A massive portion of our ambition for Club Auto is to grow its addressable market geographically and into new product or service types,” claimed Platinum Fairness Handling Director Matthew Louie. “This acquisition is an vital phase in providing on that strategy. We will continue on looking for a lot more options to expand the organization organically and by added acquisitions.”

Morgan Lewis, Bech-Bruun, and Sołtysiński Kawecki & Szlęzak are serving as authorized counsel and Willkie Farr & Gallagher LLP is delivering credit card debt funding counsel to Club Vehicle and Platinum Fairness on the Garia acquisition. Goldman Sachs is main the debt financing on the transaction.

About Club Automobile

With over 60 several years of knowledge of innovation and style in creating tiny-wheel motor vehicles, Club Car or truck is a major manufacturer of fuel and electric golfing, utility and private transportation motor vehicles. Launched in 1958, the Club Car product portfolio has grown to consist of significantly far more than golfing vehicles, now encompassing autos for commercial and shopper marketplaces, developed with an uncompromised drive for superior performance. As an business chief in electrification and sustainability, Club Vehicle is happy to be on the forefront of environmentally dependable Zero Emission Auto (ZEV) technologies. For much more data, pay a visit to www.clubcar.com.

About Garia

Garia was established in 2005 by Anders Lynge with the eyesight of introducing a paradigm shift for golfing and leisure motor vehicles by generating the world’s first high quality autos in their segments. In 2014, with nearly ten many years of encounter in the luxury electrical motor vehicle current market, Garia embarked on an entirely new journey: the Garia Utility. A compact electric powered utility vehicle that combines dependability, ergonomics and zero emissions with convenience, operation and considerate design. Produced of large-good quality European components, the Garia Utility is one of a sort. Garia is privately held by Lars Larsen Team and headquartered in Denmark with a subsidiary in the U.S. Study extra about the Garia Utility at gariautility.com.

About Melex

Melex was started in 1970 as a company of electric powered golfing and lightweight utility automobiles in Mielec, Poland. Melex is a flexible producer of electric powered automobiles and features about 100 distinctive products for pretty much any specialized niche in the phase. From 250kg and up to 1,6 tons of cargo, or 2-8 passengers as company autos for factories, logistic centers, supermarkets, municipalities, tourism, airports etc., there is a Melex for any usage. Master much more about Melex at melex.com.pl

About Platinum Fairness

Launched in 1995 by Tom Gores, Platinum Equity is a world wide financial commitment firm with additional than $25 billion of property less than administration and a portfolio of approximately 50 functioning businesses that provide prospects around the earth. The business is currently investing from Platinum Equity Cash Companions V, a $10 billion world buyout fund, and Platinum Equity Little Cap Fund, a $1.5 billion buyout fund focused on financial commitment opportunities in the lessen center sector. Platinum Fairness specializes in mergers, acquisitions and functions – a trademarked approach it calls M&A&O® – obtaining and working firms in a wide variety of small business marketplaces, together with producing, distribution, transportation and logistics, devices rental, metals expert services, media and entertainment, know-how, telecommunications and other industries. About the earlier 26 many years Platinum Fairness has done more than 300 acquisitions.

Media Contacts:

Dan Whelan, Platinum Fairness
(310) 282-9202
[email protected]

Tammy Cillo, Club Motor vehicle
(908) 256-4586
[email protected]

 

Platinum Equity portfolio company Club Car today announced the signing of a definitive agreement to acquire Garia A/S (“Garia”), a Denmark-based manufacturer of electric low-speed vehicles for the utility, consumer and golf markets, from Lars Larsen Group.

Platinum Equity portfolio company Club Car today announced the signing of a definitive agreement to acquire Garia A/S (“Garia”), a Denmark-based manufacturer of electric low-speed vehicles for the utility, consumer and golf markets, from Lars Larsen Group.

Platinum Equity Logo (PRNewsfoto/Platinum Equity)

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