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Club Car Completes Acquisition of Garia

Club Car Completes Acquisition of Garia

Home / News / Club Car Completes Acquisition Of Garia

Augusta, Ga (June 2, 2022) – Club Car, a leading manufacturer and global leader in golf, consumer, and utility vehicles, today announced that it has completed the acquisition of Garia A/S (“Garia”) a Denmark-based manufacturer of electric street legal low-speed vehicles for the utility, consumer and golf markets. The acquisition also includes Melex, which Garia acquired in 2021 to accelerate its growth in the utility space. Melex is a manufacturer of lightweight utility vehicles based in Poland. “We are incredibly excited that Garia and Melex have joined Club Car. Together, we share a passion for innovation, design, and commitment to our customers,” said Club Car president Mark Wagner. “We look forward to increasing the global reach of the combined brands. We see the acquisition as an opportunity to mature our go-to-market strategies and tap into new offerings—like street-legal utility and last-mile delivery. “With the most extensive line-up of low-speed electric vehicles in the industry, we anticipate a strong growth trajectory for years to come,” Wagner added. Both the Garia and Melex businesses will continue to be led by Jakob Holstein. Holstein, who will report to Wagner, said, “Club Car is known for their extensive dealer network. This, combined with their operational expertise and commitment to delivering high-quality products, will take our brands to a new level.” This acquisition is an important step in delivering on Club Car’s future growth. “We will continue seeking more opportunities to grow the business organically and through additional acquisitions," said Platinum Equity Partner Jacob Kotzubei and Platinum Equity Managing Director Matthew Louie in a joint statement. “We look forward to the combination of these businesses and the great potential this unlocks for us all.” About Club Car With over 60 years of experience of innovation and design in producing small-wheel vehicles, Club Car is a leading manufacturer of gas and electric golf, utility and personal transportation vehicles. Founded in 1958, the Club Car product portfolio has grown to include much more than golf cars, now encompassing vehicles for commercial and consumer markets, built with an uncompromised desire for superior performance. As an industry leader in electrification and sustainability, Club Car is proud to be on the forefront of environmentally responsible Zero Emission Vehicle (ZEV) technologies. For more information, visit www.clubcar.com. About Platinum Equity Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $36 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. The firm is currently investing from 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 in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 27 years Platinum Equity has completed more than 350 acquisitions.

Inspired by Voices Inside Pistons Organization, Tom Gores to Fund New Flagship Community Center in Rouge Park

Home / News / Inspired By Voices Inside Pistons Organization Tom Gores To Fund New Flagship Community Center In Rouge Park

$20 million commitment will fund new 25,000-square foot multi-use facility, renovate Brennan pool house, and deliver diverse range of services to Cody Rouge neighborhood Gores, Pistons organization and Detroit Parks & Rec to engage residents in planning, design and programming Project originated through discussions with Pistons players, coaches and executives on how to expand and accelerate social justice impact DETROIT (June 1, 2022) – Tom Gores, chairman and CEO of Platinum Equity and owner of the Detroit Pistons, announced plans today to build a new $20 million community center in Rouge Park on the City of Detroit’s west side. The announcement comes as the first in a series of initiatives Mr. Gores envisions for the Tom Gores Family Foundation. Mr. Gores said he will work with the city’s Parks & Recreation Department and residents to develop a new 25,000 square foot multi-use facility adjacent to Brennan Pool. The plan will also renovate the existing pool and locker room facilities and bring a diverse range of year-round programming to the neighborhood. The project is anticipated to be completed by the end of 2024. “The facility itself will be the best of its kind and provide residents with a safe space to learn, play and grow,” said Mr. Gores. “But more than just a building, we will create a hub that brings together people from the neighborhood and throughout the city who want to make a difference in this community.” Today’s announcement is the first output from an initiative Mr. Gores launched last summer with the Pistons organization to accelerate the impact of its work in the social justice arena. “Before the season began, we sat down with employees across the organization, including our players and both business and basketball operations staff, to discuss meaningful areas where we can help effect social change,” Mr. Gores said. An internal team of executives from the club’s community relations, legal and operations departments worked with the players over several months to identify several key areas of focus, which include: education, mentorship, vocational services, life skills, financial literacy, emotional intelligence for youth, and food insecurity. “It was an exciting opportunity to bring our thoughts to the table and not hold back,” said veteran Pistons forward Jerami Grant. “We have a lot of life experience dealing with issues of social justice and we have a lot of ideas about how to drive change.” That process, which included field trips to visit different facilities and community organizations in Detroit, led to the community center as a way to address multiple priorities. “We solicited ideas from everyone in the organization: players, coaches, executives, salespeople, support staff. That makes this a powerful effort,” said Pistons Head Coach Dwane Casey. “This is incredibly important for our community and Tom has made it an integral area of focus, putting money, resources and infrastructure behind the initiative to make a lasting difference.” Pistons center Isaiah Stewart said community centers played an important role when he was young. “For me growing up, community centers provided a safe space because after school I always had something to do,” said Mr. Stewart. “That led me to boxing, soccer, and eventually getting into basketball, but I was always busy. They can also give adults who have to work peace of mind knowing their kids are in a safe environment, learning or getting better or just having fun.” City officials said the Cody-Rouge community suffers from a lack of indoor recreation facilities and is the only current district in the city without an indoor community center. The new facility will serve a population that includes more 24,000 residents within a 1.5-mile radius. “When you look at a map of community center locations throughout the city of Detroit, we have known for a long time that there was a big hole in the Cody-Rouge neighborhood,” said Detroit Mayor Mike Duggan.  “Now, thanks to Tom Gores and the Detroit Pistons, that hole is being filled and the residents of Cody-Rouge will have a new first-class indoor facility providing a wide-range of activity and engagement space.  The new facility and Brennan Pool enhancements will make this community center one of the finest in Detroit and the region.” City officials and Pistons representatives will host community meetings with District 7 residents to solicit neighborhood feedback on amenities and programming they would like to see incorporated into the new center. Mr. Gores said that in addition to funding construction, his organization will leverage its relationships and intellectual capital to maximize impact. “We will bring the full weight of our resources – our business and basketball operations teams, players, corporate and community partners, and anyone else who wants to join the cause. We are more impactful when we work together,” Mr. Gores added. A second phase of the plan will create an enclosed structure around one of the two Olympic-size pools located at the Brennan site, creating year-round access to swimming lessons and water safety classes. The city said this currently unmet need is critical for Detroiters of all ages. Completion for this second phase of the project has not been set. The Rouge Park project represents the latest in a series of recreation and community spaces Mr. Gores has funded in districts throughout the city. In 2019, the Pistons organization rebuilt the outdoor basketball courts in Rouge Park as part of a six-year commitment to rehabilitate 60 courts by 2024. By the end of this summer, 52 courts in 37 parks will have been completed. Mr. Gores helped fund renovations and ongoing programming at the SAY Detroit Play Center at Lipke Park on the city’s east side.

Platinum Equity CEO Tom Gores among featured speakers at annual conference featuring Michigan business leaders, government officials

Home / News / Platinum Equity Ceo Tom Gores Among Featured Speakers At Annual Conference Featuring Michigan Business Leaders Government Officials

The last few years have been eventful for Platinum Equity CEO and Detroit Pistons owner Tom Gores. The private equity firm he founded in 1995 is coming off a banner year of deal activity in 2021. On the court, the Detroit Pistons just completed their fifth season playing at Little Caesars Arena in downtown Detroit, nearly six years after Gores decided to move the franchise from northern Detroit suburbs.  In 2019, in partnership with Henry Ford Health, the Pistons opened a state-of-the-art performance center and world headquarters. Gores and the Pistons have strengthened philanthropic relationships and have been at the forefront of social justice efforts in Detroit. Gores’ dual roles as the CEO and founder of a successful private equity firm and a professional sports team owner in these polarizing times will be noted when he will be a featured speaker at the 2022 Mackinac Policy Conference on Thursday. The theme of the conference is the changing role of business in polarizing times. The civic engagement was noted by Michigan Governor Gretchen Whitmer at a Pistons game late in the season. “From (owner) Tom Gores' leadership to what the organization has done in the community for individuals and using platforms is impressive,” Whitmer told the Detroit News. “It would be great if more would replicate it, to be honest.” Whitmer, U.S. Secretary of Transportation Pete Buttigieg, Detroit Mayor Mike Duggan, Pulitzer Prize-winning author John Meacham, Los Angeles Clippers owner Steve Ballmer, Miami Dolphins owner Stephen Ross and many elected officials are among the notable names attending. The franchise’s current regional standing is what Gores envisioned when he convinced Arn Tellem, a long-time player agent, to come to Detroit in 2015 to execute the franchise’s civic engagement. That’s one of the many reasons that the Detroit Regional Chamber selected Tellem to chair the event, which begins Tuesday on Mackinac Island. “Since coming to Michigan, Arn Tellem has been a visible leader in the Detroit community and an important voice pushing our region to expand economic and educational opportunities equitably,” Chamber president and chief executive officer Sandy K. Baruah said when Tellem’s appointment was announced last year. Tellem believes such gatherings are useful for fostering collaborative dialogue in challenging times. Tellem readily admits he couldn’t locate Mackinac Island on a map when he first joined the Pistons, but this type of civic engagement was always an ownership priority. “It was the chance to make an impact,” Tellem said recently. “I was intrigued by the basketball part, but that was a much broader role in being civic leaders. That's what tipped me to taking the job, because (Tom Gores) had a much bigger idea of what the Pistons could do for this community.”