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

Acquisition to increase Club Car presence in Europe, diversify product portfolio in growing consumer and utility markets

Expanded portfolio of zero-emission vehicles to help meet increasing global demand for sustainable transportation options

AUGUSTA, Ga., April 9, 2022 /PRNewswire/ -- 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. Financial terms were not disclosed. The transaction is expected to close in the second quarter.

Garia, founded in 2005, is best known as an innovator of luxury golf and leisure cars that feature elevated performance and distinctive Scandanavian design. The company launched Garia Utility in 2015, a growing line of compact vehicles for utility applications, including: public sector (municipalities, hospitals, universities, parks), facility management (industrial sites, hotels, resorts), leisure and outdoor (zoos, amusement parks, forestry and agriculture), and last-mile delivery (mail, packages, food delivery).

The acquisition also includes Melex, which Garia acquired in November 2021 to accelerate its growth in the utility space. Melex is a manufacturer of lightweight utility vehicles based in Poland and offers an array of street and non-street legal products, including multi-passenger and compact cargo utility vehicles.

"We have great respect for Garia and Melex, which design and build some of the most impressive electric golf, leisure and compact utility vehicles in the world," said Mark Wagner, president of Club Car. "We are excited to welcome their teams to the Club Car family.

"Our product lines complement each other nicely with very little overlap," he added. "Which is great news for our dealers and customers in Europe and the United States who will have access to a wider range of zero-emission, on and off-road vehicles at a greater variety of price points."

Garia's golf and consumer cars are primarily luxury products geared toward the high end of their respective markets. Garia and Melex's utility products are mostly model types that Club Car doesn't currently manufacture.

"Club Car is the perfect partner and will immediately open new opportunities for growth across our entire product portfolio," said Garia CEO Jakob Holstein. "Club Car's extensive dealer network, combined with the operational benefits we can achieve with substantially increased scale, will help us take our brands to a new level."

Club Car is a portfolio company of Platinum Equity, which acquired the business in 2021.

"Around the world demand for sustainable transportation solutions continues to grow," said Platinum Equity Partner Jacob Kotzubei. "The addition of Garia and Melex's all-electric fleets will strenthen Club Car's ability to meet that demand globally, and in the European utility market in particular, where governments and businesses are modernizing and electrifying their vehicle fleets."

The Garia and Melex transaction is Club Car's first add-on acquisition under Platinum Equity's ownership.

"A big part of our ambition for Club Car is to expand its addressable market geographically and into new product categories," said Platinum Equity Managing Director Matthew Louie. "This acquisition is an important step in delivering on that strategy. We will continue seeking more opportunities to grow the business organically and through additional acquisitions."

Morgan Lewis, Bech-Bruun, and Sołtysiński Kawecki & Szlęzak are serving as legal counsel and Willkie Farr & Gallagher LLP is providing debt financing counsel to Club Car and Platinum Equity on the Garia acquisition. Goldman Sachs is leading the debt financing on the transaction.

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.

Garia was founded in 2005 by Anders Lynge with the vision of introducing a paradigm shift for golf and leisure vehicles by producing the world's first premium vehicles in their segments. In 2014, with almost ten years of experience in the luxury electric vehicle market, Garia embarked on an entirely new journey: the Garia Utility. A compact electric utility vehicle that combines reliability, ergonomics and zero emissions with comfort, functionality and thoughtful design. Made of high-quality European components, the Garia Utility is one of a kind. Garia is privately held by Lars Larsen Group and headquartered in Denmark with a subsidiary in the U.S. Learn more about the Garia Utility at gariautility.com.

Melex was founded in 1970 as a manufacturer of electric golf and lightweight utility vehicles in Mielec, Poland. Melex is a versatile manufacturer of electric vehicles and offers over 100 different models for almost any niche in the segment. From 250kg and up to 1,6 tons of cargo, or 2-8 passengers as service vehicles for factories, logistic centers, supermarkets, municipalities, tourism, airports etc., there is a Melex for any usage. Learn more about Melex at melex.com.pl

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $25 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 26 years Platinum Equity has completed more than 300 acquisitions.

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

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

SOURCE Platinum Equity