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McLarty’s MDH Acquisition Merges With Olive.com

2 min read

MDH Acquisition Corp., a special purpose acquisition company founded by Franklin McLarty and Beau Blair, will merge with Olive.com of Chicago and its affiliate PayLink Direct. 

The new combination will go public as Olive Ventures Holdings Inc. and trade on the New York Stock Exchange with the symbol OLV. McLarty will be chairman of the new company. Olive.com offers vehicle protection plans online, while PayLink is the company’s payment service. 

McLarty and Blair formed their $276 million SPAC and went public with it in February. A SPAC allows a private company to go public through a merger rather than go through the initial public offering process.

“Earlier this year, we set out to find a profitable company in the U.S. heartland that had unrecognized value, with room to grow, a world-class management team and leadership in a sector where MDH has deep expertise and relationships,” McLarty said. “We found each of these attributes in Olive.com. Rebecca and her team have brought a highly differentiated offering to market and have already achieved tremendous success. 

“Olive.com operates in the automotive industry, an industry where my family has over 100 years of proven leadership experience, and we look forward to leveraging our knowledge and business expertise to support Olive.com’s continued growth.”

Olive.com and PayLink were founded in 2006 by Rebecca Howard, and PayLink will become a division of Olive.com. Howard will be CEO of Olive Ventures Holdings.

“We are excited about the next phase of our growth journey and could not have found a better suited partner for this public company journey than the exceptional MDH team,” Howard said. “We will continue our relentless focus on reaching consumers on their terms, and on serving vehicle owners and our valued business to business clients across the U.S. and Canada with our industry leading sales, marketing and payment solutions.

“We are growing our business by putting the needs of consumers first and empowering them to find affordable, transparent and user-friendly solutions for vehicle protection plans.”

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