Holley’s brands cover electronic fuel injection (Holley EFI), electronic tuning (APR, DiabloSport, Edge and Superchips), electronic ignition (MSD and ACCEL), carburetion (Holley), exhaust (Flowmaster and Hooker), safety (Simpson and Stilo) and other product categories. Founded in 1903, Holley is a leading designer, marketer, and manufacturer of high performance automotive aftermarket products, featuring the largest portfolio of iconic brands serving car and truck enthusiasts. Holley is controlled by Sentinel Capital Partners, L.L.C., a leading midmarket private equity firm, who will remain Holley’s largest shareholder upon closing. It is anticipated that the combined company will have approximately $485 million of net debt on its consolidated balance sheet. The company expects to use the proceeds from the transaction to invest in Holley’s growth initiatives, substantially reduce existing debt, support marketing efforts, and provide additional working capital. The transaction was financed through $250 million of cash held in Empower’s trust account, a $50 million forward purchase agreement from MidOcean Fund V, and a $240 million PIPE, which includes investments by Wells Capital Management, Inc. The transaction values Holley at an enterprise value of approximately $1.55 billion. (NYSE: EMPW), a publicly-traded special purpose acquisition company, announced they have entered into a definitive merger agreement that will result in Holley becoming a publicly listed company on the NYSE under the new ticker symbol “HLLY”. On March 12, Holley, a large and fast-growing performance automotive aftermarket platform and Empower Ltd. The combination of talented personnel at Superchips and the resources of Holley Performance Group ensure that exciting aftermarket products will launch from Superchips for many years to come.Willkie represented Holley in the transaction, which values Holley at an enterprise value of approximately $1.55 billion. The deep line of Holley brands marries tremendous technology with cutting-edge resources and industry roots. Most recently, Superchips, along with the other MSD Performance Group brands, was acquired by the Holley Performance Group. Now, Superchips sells tens of thousands of hand-held programmers per year from its headquarters and proudly manufactures every single product in the U.S.A In 2005, Superchips was acquired by MSD Performance. While Superchips originally focused on serving the British racing community with high-end solutions, the Company eventually began to provide power to enthusiasts throughout the world. Founded in England in 1983, Superchips was one of the first companies to specialize in tuning vehicles with computer controlled fuel-injection systems. Superchips of Sanford, Florida is the industry leader in automotive tuning for late model cars and trucks.
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