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Holley has completed its business combination with Empower, a publicly traded SPAC, following stockholder approval on July 14, 2021. Holley's shares will start trading on the NYSE under the ticker 'HLLY' from July 19, 2021. The company's management team, including CEO Tom Tomlinson, will continue leading the firm, focusing on growth and strategic M&A. Holley has also acquired assets from AEM Performance Electronics, enhancing its market presence. The Board of Directors is now composed of experienced leaders to drive further growth and shareholder value.
Empower Ltd. (NYSE: EMPW) has received shareholder approval for its merger with Holley Intermediate Holdings Inc. This significant step in the merger process will culminate in the formation of Holley Inc. by July 16, 2021. Empower's CEO, Matthew Rubel, expressed optimism regarding the merger, highlighting the growth potential in the performance automotive aftermarket. Upon completion, Holley's stock will continue trading under the new ticker symbol HLLY on the NYSE.
Holley Intermediate Holdings and Empower will participate in a fireside chat on July 8 at 4pm ET to discuss their business merger. The session features Empower's CEO Matt Rubel, Holley’s CFO Dominic Bardos, and EVP Vinny Nimmagadda, moderated by IPO Edge's John Jannarone. Key topics include Holley's market position, growth opportunities in Performance EV, and digital marketing strategies. Empower is a SPAC listed on NYSE under EMPW, EMPW-UN, and EMPW-WT. Holley leads in high-performance automotive products, supported by a strong history of innovation.
Empower, Ltd. (NYSE: EMPW, EMPW-UN, EMPW-WT) announced that the SEC has declared effective its Registration Statement on Form S-4. This statement includes a definitive proxy statement/prospectus for an extraordinary shareholder meeting scheduled for July 14, 2021. At this meeting, shareholders will vote on the proposed business combination with Holley Intermediate Holdings, Inc. If approved, the business combination is expected to close shortly thereafter, and Empower will change its name to Holley, with stock trading under the new symbol HLLY.
Holley has announced the appointment of Vinod (Vinny) Nimmagadda as Executive Vice President of Corporate Development and New Ventures. With 8 years of M&A experience in the performance automotive aftermarket, Nimmagadda will report directly to CEO Tom Tomlinson and play a key role in driving Holley's inorganic growth. Previously a Vice President at Jefferies Group, he has significant experience in automotive M&A transactions. Nimmagadda is also an automotive enthusiast, which aligns with Holley's focus on expanding its community of automotive enthusiasts.
Holley reported a strong first quarter for 2021, with net sales surging 49.6% to $160.3 million, up from $107.2 million in 2020. Gross profit rose 51.6% to $65.7 million, reflecting improved margins and higher sales volume. However, the company faced a net loss of $2.1 million, compared to a $4.9 million profit last year, largely due to a $17 million earn-out accrual from acquisitions. Adjusted EBITDA increased by 77% to $43.7 million. For 2021, Holley expects net sales between $655 million and $670 million, boosted by recent acquisitions.
Holley has appointed Dominic Bardos as Chief Financial Officer, a seasoned executive with over 30 years of public company experience. Bardos, who previously served as VP of Finance for Tractor Supply Company and held various leadership roles at ServiceMaster, will play a vital role in Holley's growth as it transitions to a public company through a merger with Empower Ltd. (NYSE: EMPW). President Tom Tomlinson expressed confidence in Bardos's ability to deliver results and support Holley's success in the automotive enthusiast market.
Holley, a leader in the automotive aftermarket sector, has entered a merger agreement with Empower Ltd. (NYSE: EMPW), aiming for Holley to go public under the symbol 'HLLY'. The merger suggests a valuation of $1.55 billion and is expected to close in Q2 2021. Holley reported net sales of $583 million for FY 2020, representing over 25% growth, with strong EBITDA margins and cash flow. Proceeds from the merger will support debt reduction and growth initiatives. Both companies' boards have approved the deal, pending shareholder approval and regulatory conditions.
