NEW YORK, June 08, 2020 (GLOBE NEWSWIRE) -- 1847 Holdings LLC (OTC: EFSH), a unique publicly traded holding company platform that acquires lower-middle market, American companies at attractive valuations, today announced it completed its acquisition of Asien’s Appliance (www.asiensappliance.com), a California-based appliance retailer that generated approximately $8.9 million (unaudited) and $13.3 million (unaudited) of revenues in 2018 and 2019, respectively.
“This is a great addition to our portfolio of operating subsidiaries,” commented Ellery W. Roberts, founder and CEO of 1847 Holdings. “Asien’s is well-known and highly respected brand and one of the oldest appliance stores in its market, providing a solid foundation as we leverage our team’s extensive experience with previous high-growth retail operations, such as Hatworld/Lids, Teavana and Regional Management Corporation to grow market share and build a more dominant presence in the surrounding area.”
“Asien’s is a proven leader in its market,” added Bob Patterson, CEO of Asien’s Appliance. “I am pleased to have the opportunity to lead this company and its experienced and capable team into its next stage of growth.”
The household appliance market in the US is forecasted to exceed $21 billion in 2020 and is expected to grow at a CAGR of 13.7%, reaching $40 billion in 2025, according to data from Statista.
About 1847 Holdings LLC
1847 Holdings LLC (OTC: EFSH) operates American companies it acquires at attractive valuations, leveraging its management team’s extensive experience gained at leading investment firms, such as Colony Capital, Lazard Freres and Saunders, Karp & Megrue, to grow operations and create value. 1847 Holdings seeks to generate returns for shareholders in the future through consistent, annual distributions of operating subsidiary income and capital appreciation resulting from the timely sale of operating subsidiaries.
Forward-Looking Statements
This press release may contain information about 1847 Holding's 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.
Contact:
Ellery W. Roberts, Founder & CEO
1847 Holdings LLC
Office: 212.417.9800
info@1847holdings.com
Dave Gentry, CEO
RedChip Companies
Office: 1.800.RED.CHIP (733.2447)
Cell: 407.491.4498
dave@redchip.com