Holley, a manufacturer of high-performance automotive aftermarket products, is set to go public via the special purpose acquisition company Empower Ltd EMPW in a $1.55-billion deal.
Tom Tomlinson, president and CEO of Holley, and Matthew Rubel, CEO of Empower, appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Thursday.
Holley's SPAC Merger: Holley chose to go public via the SPAC route because it was an efficient way to enter the public market, Tomlinson said.
Holley is the leader in a $34-billion marketplace and has a great management team, the SPAC CEO said.
Rubel said the company is an "innovation and acquisition machine."
Holley is a "real company with real consumers making really cool products," the company's CEO said, adding that it continues to grow.
The company showed significant growth during the COVID-19 pandemic, he said.
Empower's Tomlinson said there is an opportunity to accelerate growth through acquisitions.
Holley looks at potential acquisition targets through the eyes of its customers, Tomlinson said, adding that the company aims to acquire companies that can offer new opportunities to its consumers.
Holley designs, engineers and manufactures products for enthusiasts who love their cars and trucks, Tomlinson said.
Rubel said the company is focused on innovation as it continues to design and develop products that consumers want.
Holley's direct-to-consumer sales channel is its fastest-growing and highest-margin method of delivering product, he said, adding that the company has numerous reseller partners that are growing with Holley.
The SPAC deal is expected to close in mid-June. Pending the approval of shareholders, Holley will be listed on the New York Stock Exchange under the ticker symbol “HLLY.”
EMPW Price Action: Empower was down 0.3% at $9.90 at last check Thursday.
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