Holley announces the closing of its merger with Empower
BOWLING GREEN, Ky .– (COMMERCIAL THREAD) – Holley Inc. (“Holley” or the “Company”), the largest and fastest growing platform in the aftermarket category of passionate branded performance automotive, announced today hui closing its previously announced business combination with Empower Ltd. (“Empower”), a publicly traded special purpose acquisition company formed by MidOcean Partners. The business combination was approved by Empower shareholders on July 14, 2021. Holley is a holding company of Sentinel Capital Partners, which will continue to hold a significant interest in the Company. As of July 19, 2021, Holley’s shares will trade on the New York Stock Exchange under the symbol “HLLY”.
Holley’s President and CEO Tom Tomlinson and the current management team will continue to lead the company. Matthew Rubel, CEO and Executive Chairman of the Board of Directors of Empower, will serve as Chairman of the Board of Directors of Holley.
Holley plans to continue investing in the Company’s growth initiatives by accelerating its penetration across all categories and platforms; support the strategic activity of mergers and acquisitions; and further expand its unique event-based experiential and digital marketing efforts.
Tom Tomlinson, CEO of Holley, said: “This is an exciting day for our company and marks a milestone in our history. We are enthusiasts and we built this business for our passionate customers. As we look to the future, we will remain relentlessly focused on our community of performance car enthusiasts, innovative and exciting new products, and accretive mergers and acquisitions. ”
“We are delighted to complete the business combination with Holley and officially list the company on the New York Stock Exchange,” said Matthew Rubel, Chairman of the Board of Holley. “Together with our respective strengths, we look forward to the growth opportunities ahead, further strengthening the business for future success, gaining additional market share and continuing to grow as a leader in the performance automotive industry. enthusiastic. ”
Since the announcement of the planned business combination, Holley has acquired substantially all of the assets of Advanced Engine Management, Inc. (dba AEM Performance Electronics), a leading developer and supplier of electronic control and monitoring systems for performance automotive applications. Additionally, Holley has appointed two key executives with the goal of further driving long-term growth, CFO Dominic Bardos and Executive Vice President of Corporate Development and New Ventures Vinny Nimmagadda and continues to deliver strong financial performance, recently reporting first quarter 2021 results which have seen robust organic and acquired growth.
Following the closing of the business combination, Holley’s board of directors now consists of seven directors who bring decades of in-depth industry experience and leadership roles in scaling up multi-billion dollar companies at different stages. The newly appointed board of directors will be a valuable asset to the company as it seeks to drive growth and maximize shareholder value. The board of directors includes:
Matthew Rubel, CEO and Executive Chairman of the Board of Empower Ltd.
Tom Tomlinson, President and CEO of Holley
Gina Bianchini, Founder and CEO of Mighty Network
Owen M. Basham, Director of Sentinel Capital Partners
James D. Coady, Partner of Sentinel Capital Partners
Michelle Gloeckler, Former Executive Vice President, Chief Merchant and President of International for Academy Sports + Outdoors
Ginger Jones, Former Vice President, CFO of Cooper Tire & Rubber Company
Holley is a leading designer, distributor and manufacturer of high performance products for car and truck enthusiasts. Holley offers the largest portfolio of iconic brands that bring innovation and inspiration to a large and diverse community of millions of car enthusiasts passionate about the performance and customization of their classic and modern cars. Holley turned the performance category upside down by prioritizing the enthusiastic consumer, developing innovative new products, and implementing a robust M&A process that added significant scale and diversity to its platform. For more information on Holley, visit www.holley.com.
About Empower Ltd.
Empower was a blank check company formed by MidOcean Partners the business purpose of which was to effect a merger, capital stock exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more companies. Empower’s management team was led by Mr. Rubel, its CEO and executive chairman of its board of directors, and Mr. Clempson, chairman of Empower. Empower raised $ 250,000,000 when it went public in October 2020 and was listed on the New York Stock Exchange under the ticker symbols “EMPW”, “EMPW-UN” and “EMPW-WT”.
About Sentinel Capital Partners
Sentinel specializes in buying and creating smaller mid-size businesses in the United States and Canada in partnership with management. Sentinel targets business services, consumers, healthcare services and industrial companies. Sentinel invests in management buybacks, recapitalizations, business divestitures, going-private transactions and equity-structured investments of established companies with EBITDA of up to $ 80 million. Sentinel also invests in specific situations, including balance sheet restructurings and operational adjustments. For more information on Sentinel, visit www.sentinelpartners.com.
Certain statements contained in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and within the meaning of section 27a of the Securities Act of 1995. 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or the future financial or operational performance of Holley. For example, projections of future sales and other measures are forward-looking statements. In some cases, you may identify forward-looking statements by words such as “may”, “should”, “expect”, “intend”, “will”, “would”, “continue”, “will” “,” Will probably result “,” estimate “,” anticipate “,” believe “,” foresee “,” plan “,” strategy “,” future “,” opportunity “,” plan “or the negative aspects of these terms or variations of them or similar terminology. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based on estimates and assumptions which, while believed to be reasonable by Holley and its management, are inherently uncertain factors which may cause actual results to differ materially from current expectations, including, but not limited to. y limit: 1) the outcome of any legal proceedings that may be brought against Holley or others as a result of the closing of the business combination; 2) the ability to meet NYSE listing standards after the completion of the business combination; (3) the risk that the business combination will disrupt Holley’s current plans and operations as a result of the completion of the business combination; 4) the ability to recognize the anticipated benefits of the business combination, which may be affected, among other things, by the combined business’s ability to grow and manage its growth profitably, to maintain customer relationships and suppliers and retain its management and key employees; 5) costs associated with business combinations; 6) changes in applicable laws or regulations; 7) the possibility that Holley will be affected by other economic, business and / or competitive factors; and 8) the other risks and uncertainties set out in the section entitled “Risk Factors” and “Forward-Looking Statements”; Market, Ranking and Other Industry Data ”in Empower’s registration statement on Form S-4 filed with the United States Securities and Exchange Commission (“ SEC ”), and other Empower documents filed , or Holley, to be filed with the SEC. Although Holley believes that the expectations reflected in the forward-looking statements are reasonable, nothing in this press release should be taken as a representation by anyone that the forward-looking statements set forth herein will materialize or that any of the expected results of such forward-looking statements will be made. There may be additional risks that Holley is not currently aware of or currently believes to be immaterial, which could also cause actual results to differ from those contained in forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Holley does not undertake any obligation to update these forward-looking statements, except as otherwise required by law.