Holley Announces Appointment of Brian Appelgate as Interim Chief Operating Officer
14 November 2022 - 10:05PM
Business Wire
Holley Inc. (NYSE: HLLY), the leading platform serving
performance automotive enthusiasts, today announced the appointment
of Brian Appelgate, an industry veteran and operating leader with
decades of experience leading teams in the performance automotive
aftermarket, to Interim Chief Operating Officer (COO). Mr.
Appelgate, who has advised Holley since 2018 as Head of Mergers and
Acquisitions, will further align Holley’s operations in support of
the Company’s highest priorities and largest near-term
opportunities.
“Over the last two quarters, supply chain constraints have
prevented us from building and shipping our products in the volumes
needed to satisfy the demand we’ve seen from our enthusiast
consumers and resellers. Supply chain driven production
inefficiencies along with inflationary pressures on many of our
costs are further depressing our margins. Brian is a performance
aftermarket industry veteran with a wealth of operating experience.
He is a known quantity to our team and we are excited to partner
with Brian to drive near-term improvement in our operating
performance,” said Tom Tomlinson, Holley’s President and Chief
Executive Officer.
As a performance automotive industry veteran, Mr. Appelgate has
extensive experience in branded enthusiast consumer products,
manufacturing, and distribution in private, private equity, and
public market environments. He has served on multiple boards in the
industry and is a former chairman of the Specialty Equipment
Marketing Association (SEMA). Mr. Appelgate has advised Holley as
Head of M&A since 2018 and prior to advising Holley, was
President & Chief Executive Officer of Driven Performance
Brands.
“Over the last four years my involvement with Holley as Head of
M&A has allowed me to develop a thorough understanding of the
business and become well acquainted with its people. I’m excited to
have the opportunity to further partner with the Holley team and
look forward to driving near-term improvements in operating
performance,” said Mr. Appelgate.
As Interim COO, Mr. Appelgate will be focused on driving
near-term improvement in end-to-end Supply Chain, Manufacturing,
and Engineering functional areas.
About Holley
Holley is a leading designer, marketer, and manufacturer of
high-performance products for car and truck enthusiasts. Holley
offers the largest portfolio of iconic brands that deliver
innovation and inspiration to a large and diverse community of
millions of avid automotive enthusiasts who are passionate about
the performance and personalization of their classic and modern
cars. Holley has disrupted the performance category by putting the
enthusiast consumer first, developing innovative new products, and
building a robust M&A process that has added meaningful scale
and diversity to its platform. For more information on Holley,
visit https://www.holley.com.
Forward-Looking
Statements
Certain statements 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. Forward-looking statements generally
relate to future events or Holley’s future financial or operating
performance. For example, projections of future revenue and
adjusted EBITDA and other metrics are forward-looking statements.
In some cases, you can identify forward-looking statements by
terminology such as “may,” “should,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” “or” or the
negatives of these terms or variations of them or similar
terminology. Such forward-looking statements are subject to risks,
uncertainties, and other factors which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon estimates and assumptions that, while considered
reasonable by Holley and its management, are inherently uncertain.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: 1) the
ability to recognize the anticipated benefits of the business
combination with Empower LTD, which may be affected by, among other
things, competition, the ability of the combined company to grow
and manage growth profitably, maintain relationships with customers
and suppliers and retain its management and key employees; 2) costs
related to the business combination and Holley becoming a public
company; 3) disruptions to Holley's operations, including as a
result of cybersecurity incidents; 4) changes in applicable laws or
regulations; 5) the outcome of any legal proceedings that may be
instituted against Holley; 6) general economic and political
conditions, including political tensions and war (such as the
ongoing conflict in Ukraine); 7) the possibility that Holley may be
adversely affected by other economic, business and/or competitive
factors; 8) Holley’s estimates of its financial performance; 9) the
impact of the novel coronavirus disease pandemic and its effect on
business and financial conditions; 10) our ability to anticipate
and manage through disruptions and higher costs in manufacturing,
supply chain, logistical operations, and shortages of certain
company products in distribution channels; and 11) other risks and
uncertainties set forth in the section entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the
Annual Report on Form 10-K for the year ended December 31, 2021
filed with the U.S. Securities and Exchange Commission (“SEC”) on
March 15, 2022, and that are otherwise described or updated from
time to time in Holley’s filings with the SEC. Although Holley
believes the expectations reflected in the forward-looking
statements are reasonable, nothing in this press release should be
regarded as a representation by any person that the forward-looking
statements or projections set forth herein will be achieved or that
any of the contemplated results of such forward looking statements
or projections will be achieved. There may be additional risks that
Holley presently does not know or that Holley currently believes
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. You should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. Holley undertakes any duty to
update these forward-looking statements, except as otherwise
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20221114005792/en/
Investor Relations: Ross Collins or Stephen Poe Alpha IR
Group 312-445-2870 HLLY@alpha-ir.com
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