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1847 Subsidiary, ICU Eyewear, Announces LOI for a $15.0 Million Revolving Credit Line Facility

NEW YORK, NY / ACCESSWIRE / April 25, 2023 / 1847 Holdings LLC ("1847" or the "Company") (NYSE American:EFSH), a unique holding company that combines the attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today announced that its subsidiary, ICU Eyewear Holdings Inc. ("ICU"), has entered into a letter of intent for a $15.0 million revolving credit line facility with an asset-based lender to fund ICU's growth. The establishment of the credit facility is subject to the completion of due diligence by the lender and the entry into a definitive credit agreement and related documents and the satisfaction of all conditions included in such documents.

Mr. Ellery W. Roberts, CEO of 1847, commented, "We are pleased to announce this proposed credit facility with an asset-based lender, which is expected to provide ICU with the capital it needs to grow its business without any equity dilution. This is yet another example of the significant value we bring to both our portfolio companies and our shareholders, through an accretive private equity style, holding company, business model. Through our support, ICU plans to expand its products to new customers with a goal of being in 15,000 retail locations by 2025. Its 50,000 square foot facility has the capacity to ship up to 15 million units per year across an array of product categories and room for additional staff and warehousing to support at least double the company's current revenue. We believe this is a highly scalable business, and look forward to further enhancing ICU's cash flow and profitability as we leverage our fixed costs."

1847 acquired ICU, a leading designer of Over-the-Counter (OTC), non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers and outdoor specialty sunglasses in February 2023. ICU was founded in 1956 and is headquartered in Hollister, California. ICU is a recognized leader in reading eyewear and sunglasses, as well as select health and personal care items. ICU has 10 brands and a comprehensive and innovative product offering of over 3,000 SKUs across the reading glass, sunglass, and health & personal care segments. ICU's customer base consists of a broad range of national, regional and specialty retailers comprising over 7,500 retail locations. ICU is the only OTC eyewear supplier in the U.S. to have meaningful penetration in all significant retail channels including grocery, specialty, office supply, pharmacy, and outdoor sports stores.

About 1847 Holdings LLC

1847 Holdings LLC (NYSE American: EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information,

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Forward-Looking Statements

This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.


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SOURCE: 1847 Holdings LLC

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