Lars Larsen Group sells Garia to the world’s biggest golf and utility vehicles manufacturer
April 9, 2022
Since 2006, Garia has been owned by the Lars Larsen Group, but this is about to change.
The group has accepted an offer from the American company Club Car LLC, which is the leading manufacturer of golf and utility vehicles. ”Anyone who has followed the development of Garia knows that it has been a challenging journey. But after a rough start we have had double-digit growth rates since 2014 and today Garia is not only a profitable business but also Denmark’s biggest car manufacturer - ever. Therefore, it is also with a certain sadness that we are selling Garia now. But we need to act as good tradesmen and the offer from Club Car is the right thing for both the Lars Larsen Group and Garia at this time. Club Car provides Garia with the opportunity to take it to the next level and in the long-term perspective they are the right owners,” says Chairman of the Board at Lars Larsen Group, Jacob Brunsborg.
Global success
It has been the focus of the current management team at Garia to turn the company into a global success – which was also the aim of the acquisition of Polish competitor, Melex, in the fall of 2021.
”Today, Garia has manufacturing facilities in Viborg and Poland, where they manufacture for and ship to the entire world. The strategic acquisition of Melex provides great synergies in terms of own production of components and has contributed immensely to the fact that Garia is profitable today. This is also a big part of the reason why Club Car regards Garia as a sound investment for the future,” says CEO of Garia, Jakob V. Holstein.
Welcome to the family
Besides the synergies which Garia brings to the table, the Danish car manufacturer has a deep specialized knowledge that is highly valuable to the American buyers.
”Garia is especially strong in the European street-legal market, where we possess specialist knowledge about type approvals, and in the American high-end market for golf and leisure vehicles respectively, where we hold a unique position with custom-made products and a golf car developed in cooperation with Mercedes-Benz. Personally, I have invested a lot of my time in the development of Garia and our owners at the Lars Larsen Group have provided essential and persistent support all the way. Therefore, I am very pleased that the original idea and vision are now able to achieve an even wider reach through Club Car,” says Anders Lynge, Creative Director and founder of Garia.
According to the American buyers, that is exactly what is going to happen and they look forward to adding the Garia products to the portfolio.
“We have great respect for Garia and Melex, which design and build some of the most impressive electric golf, leisure and utility vehicles in the world and we are excited to welcome their teams to the Club Car family,” says Mark Wagner, president of Club Car.
The transaction is expected to be finalized during the second quarter.
Garia’s financial year runs from September to August and current accounting figures are therefore not available.
www.garia.com / www.gariautility.com / www.melex.com.pl
About Garia:
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 Golf & Leisure Vehicles at www.garia.com and Garia Utility at gariautility.com
About Melex:
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 www.melex.com.pl