NEW YORK —1847 Holdings LLC, a holding company specializing in identifying middle market businesses, reported that in the first quarter ended March 31, 2024, total revenue was $14.9 million in the first quarter of 2024 compared to $13.0 million in Q1 2023, a 15.0% year-over-year increase. Gross profit was $5.6 million in Q1 compared to $4.9 million in Q1 2023, a 13.3% year-over-year increase.

The holding firm, which controls businesses in the eyewear, automotive construction and other industries, did not divulge financial details for its cabinet brands, but did outline recent activities in this category, including the proposed sale within three months of its 1847 Cabinets business 

"I am pleased to report we achieved a 15.0% year-over-year increase in revenue and a 13.3% year-over-year increase in gross profit," said Ellery W. Roberts, CEO. 

Roberts continued, "We're maintaining a strong acquisition pipeline, focusing on companies offering value and positive cash flow, while minimizing dilution for shareholders. Recently, we announced a non-binding LOI to acquire a prominent millwork, cabinetry, and door manufacturer headquartered in Las Vegas. This target boasts revenues of $28.6 million, with a purchase price of $16.75 million which represents approximately 3.2x 2023 EBITDA. This acquisition presents an attractive opportunity for 1847, with favorable negotiated terms and the potential to complete the transaction without equity-based funding at this time."

"Additionally, we executed a non-binding LOI to sell all of the assets of 1847 Cabinets Inc. Under the terms of the LOI, the buyer has proposed an enterprise value of $27.6 million for the acquisition of all of the assets of 1847 Cabinets, including $11.5 million in earn-out payments over a three-year period, representing a 5.91x multiple of 2023 EBITDA of approximately $4.7 million. We are advancing this transaction and anticipate closing within 90 days. Proceeds from the sale will be utilized to repay senior secured debt and other liabilities, allocate funds for working capital and future acquisitions, and potentially initiate a share repurchase program. This strategic move validates our ability to purchase, operate, and enhance asset value, thereby strengthening our financial position and enabling strategic resource reallocation to capitalize on emerging opportunities within our portfolio and beyond."