(Bloomberg) – Vehicle protection plan provider Olive.com and its subsidiary PayLink Direct have agreed to go public with a deal with a blank check company that will give the combined company a valuation of around $ 960 million including debt.
The transaction with MDH Acquisition Corp. values the combined business at 6.4 times estimated earnings for 2023 before interest, taxes, depreciation and amortization. The deal includes $ 291 million in proceeds from the Special Purpose Acquisition Company’s trust account, or SPAC, plus a $ 15 million private investment in public stocks, also known as PIPE.
The new company will be known as Olive Ventures Holdings Inc., or Olive.com, and will be listed on the New York Stock Exchange under the symbol OLV.
Were entering the market at a very differentiated position and were looking for a way to expand what we have built, said Rebecca Howard, Founder and CEO of Olive.com.
Chicago-based Olive.com sells extended vehicle warranties online to replace manufacturer warranties once they expire. It mainly concerns cars from 6 to 12 years old. Howard, who will be the CEO of the combined company, said no other company is currently offering these plans entirely digitally. PayLink Direct, launched in 2006, offers payment plans for home service contracts and vehicles.
My mission here is to focus on the consumer and to focus on providing the best automotive products to consumers who have automobiles, Howard said. And do away with those pesky and infuriating robodial calls to cell phones that are really of no use to the consumer.
The company’s primary marketing channel is online advertising and hockey sponsorships. It plans to offer other add-on programs such as maintenance, tires and wheels, gasoline and appearance programs, she said.
MDH raised $ 276 million, including so-called “greenshoe” stocks, in an initial offering in February.
Existing shareholders of PayLink Direct and Olive.com are renewing their entire stake and are expected to own approximately 74% of the new company.
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