NEW YORK, NY / ACCESSWIRE / July 27, 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, announced today that its subsidiary, 1847 Asien Inc. ("1847 Asien"), which provides a wide variety of appliance services, has engaged Spartan Capital Securities LLC, a U.S. investment bank, to evaluate strategic options, including a potential sale, spin-off or other strategic transaction in order to capitalize on its internal growth and favorable outlook for the business.
1847 Asien's business has operated since 1948 serving the North Bay area of Sonoma County, California. The appliance services it provides include sales, delivery/installation, in-home service and repair, extended warranties, and financing. Its focus is delivering personal sales and exceptional service to its customers at competitive prices. Through decades of service, The business of 1847 Asien has established strong relationships with customers and contractors in the community and provides products and services to a diverse group of customers, including homeowners, builders, and designers.
Mr. Ellery W. Roberts, CEO of 1847 Holdings, commented, "We continue to generate strong growth, as evidenced by our recent revenue guidance of more than $90 million for 2023, which would represent over 80% growth compared to the prior year. Moreover, given the inherent scalability of our business model, we continue to improve the profitability of our portfolio companies and anticipate significant cash flow for 2023. Nevertheless, we believe there remains a disconnect between how the public markets are valuing 1847 Holdings, and the intrinsic value of our portfolio companies. For this reason, we are actively exploring strategic options for our portfolio companies to maximize returns for our shareholders. Towards this end, we look forward to partnering with Spartan Capital to explore strategic options for 1847 Asien, which continues to grow and perform well given their strong reputation and established customer base. In addition, we continue to explore strategic options for 1847 Cabinets, as previously announced. Overall, we are highly encouraged by the outlook for the business, and believe these steps will help to unlock value for our shareholders."
There can be no assurance that this process will result in 1847 Asien pursuing a sale, spin-off or other strategic outcome. Any such strategic outcome will depend on a variety of factors that we cannot currently anticipate. The Company has not set a timetable for completion of this process, and it does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.
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, visit www.1847holdings.com.
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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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