With a unique and strategic approach, 1847 Holdings (NYSE: EFSH) is a holding company aiming to bring value to investors…
Quietly trading 1847 Holdings (NYSE: EFSH) seeks to combine the most attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company.
Revenues are skyrocketing and the company has now entered profitability territory in Q1 2023!
1847 Holdings (NYSE: EFSH) is an acquisition holding company focused on acquiring and managing a group of small businesses, which the company characterizes as those with an enterprise value of less than $50 million, in various industries headquartered in North America.
To date, EFSH has completed seven acquisitions, sold one, and spun off one of the acquired companies.
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"I'm pleased to report revenues increased by 27.6% to $15.4 million and we achieved net income of $1.0 million for the first quarter of 2023. At the same time, our gross profit increased 35.0% over the same period last year. These results are further validation of the strength of our platform and our ability to acquire undervalued, cash flow positive, lower-middle market businesses at attractive valuations with minimum dilution to shareholders. Importantly, we are reaffirming our prior guidance of revenue in excess of $90 million in 2023.”
CEO Ellery W. Roberts
What makes EFSH a holding company to watch closely in a tech-driven world?
- It invests in companies whose business models enable them to drive their own growth.
- It intends to deliver a 10% or higher annual dividend on the company’s book value of equity while retaining enough earnings to fuel internal and external growth.
“It's not always easy to do what's unpopular, but that's where you generate above-average returns. Buy businesses that look mundane to narrow-minded investors and hang on until their real value is recognized.”
1847 (“channeling” legendary American investor John Neff)
Greetings Investors,
JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corporation (NYSE:BAC), and Berkshire Hathaway Inc. (NYSE:BRK-A) are some of the major giants that act as holding companies.
But when people think of companies leading the business world, all the same big multinational, multibillion-dollar companies like the above come to mind….
But the truth is…. small businesses are the backbone of the American economy.
Small businesses account for about 44 percent of total U.S. economic activity, and create more than 66 percent of all new jobs, according to the U.S. Small Business Administration.
And that sector is the bread and butter for 1847 Holdings (NYSE: EFSH)!
The company’s mission is not just about empowering those companies to grow and become market leaders, but also about helping the communities they serve. When communities thrive, the businesses that serve them grow and thrive, as well.
The TOP Reasons to Have EFSH on Your Radar:
HIGHLIGHTS:
- Recently closed a public offering of securities for gross proceeds of approximately $1.869 million, prior to deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which could include working capital to support the growth of the Company's subsidiaries.
- A robust network. The company has a national network of personal relationships with intermediaries, seasoned operating executives, entrepreneurs, and managers.
- A robust acquisition pipeline. The company is currently engaged in negotiations with multiple prospective transactions in various stages.
- The company acquired ICU Eyewear Holdings, Inc. ("ICU") in the first quarter of 2023 and secured a large purchase order for personal care products with a major supermarket chain. ICU saw revenues of $19M+ in 2021. Additionally, EFSH announced a strategic collaboration to develop safety glasses for the automotive market.
- Revenues are skyrocketing. Total revenue was $15.4M for Q1 2023 compared to $12.1M in Q1 2022, a 27.6% increase year-over-year.
- Impressive guidance. The company has reaffirmed guidance of revenue of more than $90 million in 2023.
- A strategic delay in the dividend of common shares. This has allowed the company to invest in its subsidiaries, enabling them to meet the surging demand. This may propel both the growth and cash flow of EFSH's subsidiaries.
- Differentiated acquisition capabilities in the small business market. The company concentrates its efforts on mature companies that have sustainable value propositions, which can be supported by its resources and institutional expertise.
- Tremendous small business market experience. Since 2000, EFSH management has collectively been present with several thousand investment opportunities and actively worked with 30 small businesses on all facets of strategy, development, and operations.
- Consistently working with a strong network of seasoned operating partners, and former executives. These partners and former executives have extensive experience building, managing, and optimizing successful small businesses across a range of industries.
- Disciplined deal sourcing. The company leverages relationships with over 3,000 qualified deal sources through regular calling, mail, email campaigns, industry events, etc.
- A highly scalable business model. This model is anticipated to generate substantial returns value for shareholders in 2023 and beyond.
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Company Overview:
1847 Holdings LLC (NYSE: EFSH) is a publicly traded diversified acquisition holding company that focuses on superior risk-adjusted returns through majority ownership of lower middle market operating subsidiaries.
The company is creating a curated portfolio of small businesses that operate in industries with long-term macroeconomic growth opportunities, have positive, stable earnings and cash flows, face minimal threats of technological or competitive obsolescence and have strong management teams in place.
Highlights:
- Large & Growing Target Market
- Repeatable Process
- Proven Track Record
- Diligent Portfolio Management
- Thorough & Aggressive Acquisition Strategy
An Experienced CEO:
The company was founded by CEO Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors.
Ellery W. Roberts leading the reins has helped elevate EFSH to an NYSE listing and his expertise could soon lead the company to much greater heights!
- Mr. Roberts has 20+ years of private equity investing experience; directly involved in $3+ billion transactions.
- He formed RW Capital Partners LLC, an investment manager approved by the Investment Committee of the U.S. Small Business Administration in 2010 to raise and manage a Small Business Investment Company.
- He previously was a Managing Director of Parallel Investment Partners LP, responsible for ~$400 million in invested capital across two funds.
- He served as a Principal at Lazard Freres & Co. working in their Real Estate Principal Investment Area, where he was a senior team member involved in the investment of over $2.4 billion of capital.
- Mr. Roberts worked at Colony Capital, Inc., a $625 million private equity fund.
- He has experience as an Investment Banker in the Corporate Finance division of Smith Barne.
Vernice L. Howard - Chief Financial Officer
Ms. Howard has served as Chief Financial Officer since September 2021. She has over 30 years of experience in the fields of finance and accounting. Prior to joining us, she worked for Independent Electrical Contractors, Inc. and its affiliates for over eleven years as Chief Financial Officer, where she was responsible for providing leadership to the organization in the areas of finance, human resources and general facilities administration, in addition to setting policies, procedures, strategies, practices and overseeing the organization’s assets. The foundation of Ms. Howard’s accounting and finance experience began with public accounting for several years gaining experience in tax and auditing in the entertainment and nonprofit sectors as Chief Financial Officer for The Cronkite Ward Company, a television production company, and Director of Finance for Community Action Group (CAG), a nonprofit organization. Before her work with Independent Electrical Contractors, Inc., Ms. Howard’s professional background established an emphasis in forensic accounting. Ms. Howard is a Founding Member of Chief, which is a DC based vetted network of C-level or rising VP’s supporting and connecting exceptional women. Ms. Howard holds a Master of Business Administration in Finance from Trinity Washington University Graduate School of Business Management and Bachelor of Science in Accounting from Duquesne University.
Glyn C. Milburn - Vice President of Operations
Mr. Milburn joined 1847 in February 2023 after serving as a member of the company’s board of directors since August 2022. Mr. Milburn brings diverse operational and strategic expertise across multiple sectors, including commercial finance, labor negotiations, and operations management.
Before joining 1847, Mr. Milburn served as a Director at Ygrene Energy Fund, a consumer finance company based in California. Mr. Milburn also served as Partner at Jimmy Blackman & Associates, a full-service government and public affairs firm, where he was responsible for business strategy, client management, communications, and campaign management for a client portfolio comprised of large public safety labor unions, banking/finance companies, and hotel operators across the state of California. Mr. Milburn has also served as a special assistant in the City of Los Angeles, where he held two positions, one in the office of Los Angeles Mayor Eric Garcetti’s Office of Economic Development and another in the office of Los Angeles City Council. Previously, Mr. Milburn served as Executive Vice President of Texas AF2 Holdings, managing a portfolio of sports franchises handling their operations, compliance, and strategic planning.
Mr. Milburn co-founded Provident Investment Advisors LLC, a special investment vehicle for energy, technology, and healthcare ventures, where he served as a managing member. Mr. Milburn also serves on the board of directors ofPolished.comInc. Mr. Milburn holds a B.A. degree in Public Policy from Stanford University and an M.B.A. from the Kelley School of Business at Indiana University.
Investment Thesis:
The problem. 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 (NYSE: EFSH) 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.
The end result? 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 EFSH's ability to pay regular and special dividends to shareholders.
Acquisition Approach:
EFSH's mission is to generate superior risk-adjusted returns through the majority ownership of a curated portfolio of lower-middle market companies that are led by strong managers.
Ultimately, the company seeks to derive value creation through prudently distributing annual income while growing its operating subsidiaries – versus financial engineering fostered by extreme leverage.
The company seeks to own companies with founder-operators and management teams at the critical inflection point in their growth cycle. By focusing on acquiring companies with an underlying blueprint for growth, 1847 Holdings selects companies that present the greatest opportunities for long-term value creation underpinned by a defensible value proposition and perpetual reason to exist.
Company Characteristics:
- Businesses headquartered in North America
- Revenues of at least $5 million
- Historical revenue growth rate of at least 5%
- Current year EBITDA of at least $1.5 million
Transaction Types:
- Majority Recapitalizations: Providing owner-operators with significant liquidity while enabling them to retain significant minority ownership and operating control of their business.
- Buyouts: Acquisitions of lower middle-market companies or divisions of larger companies that will benefit from an energized financial partner.
Acquisition Size & Structure:
- Total enterprise value range of $5 – $50 million
- Control, Majority Investments ONLY
- Flexible structures and securities to fit the needs of the company and its owners
Acquisition of Recognized Leader in Reading Eyewear and Sunglasses:
1847 Holdings (NYSE: EFSH) has 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.
Acquisition Highlights:
- Revenue in excess of $19M and $1.7M of adjusted EBTIDA in 2021.
- ICU has developed a highly profitable and sustainable business model, with solid financials, positive EBITDA, and a gross margin of approximately 40%.
- 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.
- The company’s eyewear line has earned the title of #1 provider of OTC eyewear at Target.
High Mountain: Specializes in all aspects of finished carpentry products and services, including doors, door frames, baseboards, crown molding, cabinetry, bathroom sinks and cabinets, bookcases, built-in closets, fireplace mantles, etc., working primarily with large homebuilders of single-family homes and commercial and multifamily developers.
Innovative Cabinets & Design: Specializes in custom cabinetry and countertops for a client base consisting of single-family homeowners, builders of multi-family homes, as well as commercial clients.
Kyle's Custom Wood Shop, Inc.: Headquartered in Boise, ID, the company believes strong housing demand in the region is driven by out-of-state immigration into Idaho. Current operations are focused primarily in the Boise area, providing opportunities to capitalize on high-growth adjacent regions. In addition to regional expansion, EFSH plans to expand capacity by increasing the network of builders, participating in new bids, and investing in facilities and labor resources. Product line expansion and broadening sales channels to include multifamily housing remodels, and DIY segments could further accelerate growth.
Financial Highlights:
- Revenues from the construction segment (incl. Kyle’s) increased by $21,830,922, or 523.6%, to $26,000,227 for the nine months ended September 30, 2022 from $4,169,305 for the nine months ended September 30, 2021.
- Cost of sales for the construction segment increased by $13,555,821, or 594.6%, to $15,835,830 for the nine months ended September 30, 2022 from $2,280,009 for the nine months ended September 30, 2021.
- Gross profit was $10,164,397 and $1,889,296 for the nine months ended September 30, 2022 and 2021, respectively.
WOLO Manufacturing Corp.: A leader in horn technology (electric, air, truck marine, electronic specialty, air & backup alarms) and vehicle emergency warning lights offering the highest quality and the largest selection for cars, trucks, and industrial equipment. Wolo has supplied innovative automotive products: horns, emergency warning lights, security, and lighting, to the automotive aftermarket for more than 45 years.
The company sells its products to big-box national retail chains, through specialty and industrial distributors, as well as online/mail order retailers and OEMs. With a stellar reputation for innovative design, its current product line consists of over 455 products, including 54 patented products, as well as over 90 exclusive trademarks.
Financial Highlights:
- Revenues from the automotive supplies segment increased by $833,742, or 20.9% to $5,114,755 for the nine months ended September 30th, 2022 from $4,231.013 for the nine months ended September 30th, 2021.
- Cost of sales for the automotive supplies segment increased by $369,368, or 13.9%, to $3,028,040 for the nine months ended September 30th, 2022 from $2,658.672 for the nine months ended September 30, 2021.
- Gross profit was $2,086,715 and $1,572,341 for the nine months ended September 30, 2022 and 2021, respectively.
Asien's Appliance: Headquartered in Santa Rosa, CA, Asien's is well-known, highly respected, and one of the oldest appliance retailers in the San Francisco Bay Area. Asien will provide a solid foundation as EFSH leverages its team's extensive experience with previous high-growth retail operations such as Hatworld/Lids, Teavana, and Regional Management Corporation.
Highlights:
- Operates one of the area’s oldest appliance stores and is well-known and highly respected throughout the North Bay area.
- Strong, established relationships with customers and contractors in the community.
- Provides products and services to a diverse group of customers, including homeowners, buildings, and designers.
- As a member of BrandSource, a buying group that offers vendor programs, factory direct deals, marketing support, opportunity buys, close-outs, consumer rebates, finance offers, and similar benefits, Asien Appliances offers a full line of top brands from U.S. and international manufacturers.
A Strategic Collaboration:
ICU Eyewear Holdings Inc. and Wolo Manufacturing Corp. have entered into a strategic collaboration to develop safety glasses for the automotive market.
According to Grand View Research, the global safety eyewear market size was valued at $3.74 billion in 2021 and is expected to record a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030. North America accounted for the largest revenue share, 31.4%, of the global safety eyewear market in 2021.
"Our goal is to provide our customers with innovative products that protect them and keep them safe. ICU is a recognized leader in reading eyewear and sunglasses, as well as select health and personal care items such as personal protective equipment, making them the perfect partner for us. Additionally, ICU's customer base consists of a broad range of national, regional, and specialty retailers comprising over 7,500 retail locations. We look forward to working closely with ICU to develop a state-of-the-art safety eyewear brand for the automotive market."
Dan Brown, Chief Executive Officer of Wolo
Developing these safety glasses for the automotive market represents a new product category for ICU and the company expects to launch in the third quarter of 2023..
Long-term goals:
- Making and growing regular distributions to its common shareholders
- Increase common shareholder value
- Continue to identify, perform due diligence on, negotiate, and consummate platform acquisitions of small businesses in attractive industries.
- Plan to limit the use of third-party acquisition leverage so its debt will not exceed the market value of the assets acquired and that its debt to EBITDA ratio will not exceed 1.25x to 1 for its operating subsidiaries.
- By limiting the leverage in this manner, it will avoid the imposition on stringent lender controls on its operations that would otherwise hamper growth and otherwise harm its business even during times when there are positive cash flows.
A Proven Track Record:
Former subsidiary Goedeker’s performance after IPO’ing prove EFSH's ability to unlock and create value.
Goedeker Inc. is an industry-leading e-commerce destination for appliances, furniture, and home goods.
In Summary…
With a repeatable process that allows 1847 Holdings (NYSE: EFSH) the opportunity to sell subsidiaries at a profit, this holding company may soon be capturing major Wall Street attention as it sells at mere pennies a share.
The company has proven its strategy is successful with the case of Goedekers, a company it acquired for $6.2M which later on went to have an enterprise value at IPO of $58.5M!!
Led by a seasoned management team and a CEO who has directly been involved in $3B+ transactions, EFSH is showing the lucrative opportunity there is to cater to a niche category.
Small businesses are the backbone of the economy. According to the Small Business Administration, small companies generate 1.5 million jobs a year and account for 64% of new jobs in America. Small businesses also contribute 44% of the U.S. economic activity, so as the number of new businesses grows so does their economic contribution!
Little-known NYSE company 1847 Holdings (NYSE: EFSH) is creating value for its portfolio companies through an accretive, private equity style, holding company, business model.
With a mission to generate very attractive risk-adjusted returns for investors, EFSH should be at the top of your radar!
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