{"id":124001,"date":"2022-04-11T16:04:38","date_gmt":"2022-04-11T14:04:38","guid":{"rendered":"https:\/\/www.mygolfway.com\/?p=124001"},"modified":"2022-04-11T16:04:38","modified_gmt":"2022-04-11T14:04:38","slug":"club-car-acquisition-of-the-danish-electric-vehicle-manufacturer-garia-from-lars-larsen-group","status":"publish","type":"post","link":"https:\/\/mygolfway.com\/en\/club-car-acquisition-of-the-danish-electric-vehicle-manufacturer-garia-from-lars-larsen-group\/","title":{"rendered":"Club Car \u2013 Acquisition of the danish electric vehicle manufacturer Garia from Lars Larsen Group"},"content":{"rendered":"<p><a href=\"https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-123996\" src=\"https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-1.jpg\" alt=\"\" width=\"640\" height=\"480\" srcset=\"https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-1.jpg 640w, https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-1-300x225.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p><b><span lang=\"EN-US\">April 11, 2022 &#8211; Club Car<\/span><\/b><span lang=\"EN-US\"> today announced the signing of a definitive agreement to acquire <b>Garia A\/S<\/b>, a Denmark-based manufacturer of electric low-speed vehicles for the utility, consumer and golf markets, from <b>Lars Larsen Group<\/b>. Financial terms were not disclosed. The transaction is expected to close in the second quarter.<\/span><\/p>\n<p><b><span lang=\"EN-US\">Garia<\/span><\/b><span lang=\"EN-US\">, founded in 2005, is best known as an innovator of luxury golf and leisure cars that feature elevated performance and distinctive Scandinavian design. The company launched <b>Garia Utility<\/b> 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).<\/span><\/p>\n<p><span lang=\"EN-US\">The acquisition also includes <b>Melex<\/b>, 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.<\/span><\/p>\n<blockquote><p><i><span lang=\"EN-US\">\u201cWe 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,\u201d<\/span><\/i><span lang=\"EN-US\"> said <b>Mark Wagner<\/b>, president of Club Car. \u201cWe are excited to welcome their teams to the Club Car family.<span class=\"apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<p><i><span lang=\"EN-US\">\u201cOur product lines complement each other nicely with very little overlap,\u201d<\/span><\/i><span lang=\"EN-US\"> he added. <i>\u201cWhich 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.\u201d<\/i><\/span><\/p><\/blockquote>\n<p><span lang=\"EN-US\">Garia\u2019s golf and consumer cars are primarily luxury products geared toward the high end of their respective markets. Garia and Melex\u2019s utility products are mostly model types that <b>Club Car<\/b> doesn\u2019t currently manufacture.<\/span><\/p>\n<p><a href=\"https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-123995\" src=\"https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-2.jpg\" alt=\"\" width=\"640\" height=\"480\" srcset=\"https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-2.jpg 640w, https:\/\/hundreds-wordpress-uploads.s3.amazonaws.com\/mygolfway\/uploads\/2022\/04\/Club-Car-Garia-2-300x225.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<blockquote><p><i><span lang=\"EN-US\">\u201cClub Car is the perfect partner and will immediately open new opportunities for growth across our entire product portfolio,\u201d<\/span><\/i><span lang=\"EN-US\"> said Garia CEO <b>Jakob Holstein<\/b>. <i>\u201cClub Car\u2019s 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.\u201d<\/i><\/span><\/p><\/blockquote>\n<p><b><span lang=\"EN-US\">Club Car<\/span><\/b><span lang=\"EN-US\"> is a portfolio company of <b>Platinum Equity<\/b>, which acquired the business in 2021.<\/span><\/p>\n<blockquote><p><i><span lang=\"EN-US\">\u201cAround the world demand for sustainable transportation solutions continues to grow,\u201d<\/span><\/i><span lang=\"EN-US\"> said Platinum Equity Partner <b>Jacob Kotzubei<\/b>. <i>\u201cThe addition of Garia and Melex\u2019s all-electric fleets will strengthen Club Car\u2019s 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.\u201d<\/i><\/span><\/p><\/blockquote>\n<p><span lang=\"EN-US\">The Garia and Melex transaction is Club Car\u2019s first add-on acquisition under Platinum Equity\u2019s ownership.<span class=\"apple-converted-space\">\u00a0<\/span><\/span><\/p>\n<blockquote><p><i><span lang=\"EN-US\">\u201cA big part of our ambition for Club Car is to expand its addressable market geographically and into new product categories,\u201d<\/span><\/i><span lang=\"EN-US\"> said Platinum Equity Managing Director <b>Matthew Louie<\/b>. \u201c<i>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.\u201d<\/i><\/span><span style=\"color: #2b2b2b; font-size: 16px;\">\u00a0<\/span><\/p><\/blockquote>\n<blockquote><p><span lang=\"EN-US\">Morgan Lewis, Bech-Bruun, and So\u0142tysi\u0144ski Kawecki &amp; Szl\u0119zak are serving as legal counsel and Willkie Farr &amp; 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.<\/span><\/p><\/blockquote>\n\n","protected":false},"excerpt":{"rendered":"<p>April 11, 2022 &#8211; Club Car today announced the signing of a definitive agreement to acquire Garia A\/S, 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, [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":123997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[145],"tags":[],"class_list":["post-124001","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-golf-companies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Club Car \u2013 Acquisition of the danish electric vehicle manufacturer Garia from Lars Larsen Group - MyGolfWay<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mygolfway.com\/en\/club-car-acquisition-of-the-danish-electric-vehicle-manufacturer-garia-from-lars-larsen-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Club Car \u2013 Acquisition of the danish electric vehicle manufacturer Garia from Lars Larsen Group - MyGolfWay\" \/>\n<meta property=\"og:description\" content=\"April 11, 2022 &#8211; Club Car today announced the signing of a definitive agreement to acquire Garia A\/S, a Denmark-based manufacturer of electric low-speed vehicles for the utility, consumer and golf markets, from Lars Larsen Group. 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