Platinum Group Acquires Club Car Distributorship

EDEN PRAIRIE, Minn., March 23 /PRNewswire/ -- Platinum Group today announced that its private equity fund has acquired the assets of Tiziani Golf Car of Minnesota, LLC and the exclusive distribution rights that cover eastern Minnesota and western Wisconsin.

With the assets, Platinum Group formed a new company, Superior Golf Cars, which will sell, service and lease new and used Club Car brand golf cars to golf courses, country clubs and other markets, in addition to individual retail sales.  Based in Augusta, Ga., Club Car manufactures and markets the world's leading golf, transportation and utility vehicles for the golf, utility and transport, private owner and rough terrain markets. The company's vehicles are sold and serviced through a worldwide network of more than 600 dealers, distributors and branch offices.

Platinum Group Holdings II is a private equity fund that seeks majority positions in underperforming companies or those in critical transition in need of turnaround capital and management expertise.

"The economy has hit many industries very hard over the past year and the golf car industry is no exception," according to Dean Bachelor, chairman of Platinum Group.  "In the face of these difficult times, the Platinum Group Holdings II fund is providing the needed capital and management to ensure a viable and healthy future for the company."  The company is moving its operations from Shakopee to Eagan.

The newly hired president for Superior Golf Cars is Dan O'Brien, who has three years of experience managing Tiziani Golf Car of Minnesota and 12 years as former director of U.S. sales for Club Car.  Since 2007, he has been channel sales and dealer development manager for Toro's compact equipment business.  Glaydon Iverson, a partner of Platinum Group, will be the new company's CFO.

Platinum Group has invested in 17 companies over the past 15 years through its private equity funds, including majority ownership in N-Compass Technologies, LLC, Law Enforcement Targets, Inc. and G.C. Peterson Machinery Company.  The Eden Prairie-based firm also provides interim management and consulting services to both underperforming and growing private companies.  For more information, visit www.ThePlatinumGrp.com.

SOURCE Platinum Group