AGL 22.90 Decreased By ▼ -1.83 (-7.4%)
AIRLINK 103.99 Decreased By ▼ -7.11 (-6.4%)
BOP 5.36 Decreased By ▼ -0.18 (-3.25%)
CNERGY 3.86 Decreased By ▼ -0.04 (-1.03%)
DCL 8.02 Decreased By ▼ -0.43 (-5.09%)
DFML 39.10 Decreased By ▼ -3.15 (-7.46%)
DGKC 86.95 Decreased By ▼ -2.65 (-2.96%)
FCCL 22.70 Decreased By ▼ -0.20 (-0.87%)
FFBL 40.59 Decreased By ▼ -1.39 (-3.31%)
FFL 8.89 Decreased By ▼ -0.15 (-1.66%)
HUBC 153.50 Decreased By ▼ -8.70 (-5.36%)
HUMNL 10.65 Decreased By ▼ -0.70 (-6.17%)
KEL 4.55 Decreased By ▼ -0.23 (-4.81%)
KOSM 3.90 Decreased By ▼ -0.16 (-3.94%)
MLCF 37.50 Decreased By ▼ -1.45 (-3.72%)
NBP 49.00 Decreased By ▼ -1.60 (-3.16%)
OGDC 134.15 Decreased By ▼ -2.96 (-2.16%)
PAEL 26.15 Decreased By ▼ -2.40 (-8.41%)
PIBTL 6.07 Decreased By ▼ -0.18 (-2.88%)
PPL 116.79 Decreased By ▼ -6.01 (-4.89%)
PRL 23.55 Decreased By ▼ -0.75 (-3.09%)
PTC 12.90 Decreased By ▼ -0.84 (-6.11%)
SEARL 57.25 Decreased By ▼ -2.80 (-4.66%)
TELE 7.45 Decreased By ▼ -0.31 (-3.99%)
TOMCL 35.74 Decreased By ▼ -3.66 (-9.29%)
TPLP 8.50 Decreased By ▼ -0.26 (-2.97%)
TREET 15.68 Decreased By ▼ -0.52 (-3.21%)
TRG 56.40 Decreased By ▼ -3.60 (-6%)
UNITY 33.40 Decreased By ▼ -1.00 (-2.91%)
WTL 1.18 Decreased By ▼ -0.04 (-3.28%)
BR100 8,433 Decreased By -274.3 (-3.15%)
BR30 26,639 Decreased By -1159 (-4.17%)
KSE100 80,118 Decreased By -1722 (-2.1%)
KSE30 25,681 Decreased By -584.1 (-2.22%)
Business & Finance

Auto parts maker Holley to merge with blank-check firm in $1.55bn deal

  • PE firm MidOcean Partners, which formed the blank-check, has also agreed to invest $50 million in the deal through its MidOcean Fund V.
  • The transaction is expected to close in the second quarter of 2021. Following that, Holley will be listed on the New York Stock Exchange under the symbol "HLLY".
Published March 12, 2021

Private equity firm Sentinel Capital Partners-owned Holley is merging with a blank-check company in a deal that values the auto parts maker at $1.55 billion, the companies said on Friday.

The deal with Empower Ltd includes a private investment of $240 million from investors led by Wells Capital Management Inc, an investment adviser tied to Wells Fargo , and investment manager Wasatch Global Investors.

PE firm MidOcean Partners, which formed the blank-check, has also agreed to invest $50 million in the deal through its MidOcean Fund V.

Bowling Green, Kentucky-based Holley makes auto parts including engine valve covers, convertible tops and doors.

In 2018, Holley was bought by Sentinel and merged with Driven Performance Brands, a portfolio company that designs automotive performance products.

The transaction is expected to close in the second quarter of 2021. Following that, Holley will be listed on the New York Stock Exchange under the symbol "HLLY".

The combined company will have a net debt of around $485 million, the companies said.

Blank-check companies, or special purpose acquisition companies (SPACs), are shell firms which list on exchanges to raise capital to combine with a private company, taking it public.

Comments

Comments are closed.