1847 Subsidiary, ICU Eyewear, Successfully Completes Refinancing and Upsizing of $15 Million Revolving Credit Facility

Published September 12, 2023

NEW YORK, NY / ACCESSWIRE / September 12, 2023 / 1847 Holdings LLC("1847" or the "Company") (NYSE American:EFSH), a unique holding company that combines the attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today announced that its subsidiaries, 1847 ICU Holdings Inc., its subsidiary, ICU Eyewear Holdings, Inc. and its operating subsidiary, ICU Eyewear, Inc., (collectively, "ICU"), have successfully replaced their revolving loan with a new lender, increasing the borrowing capacity from $5 million to $15 million and extending the maturity of the revolving loan to September 11, 2026.

Mr. Ellery W. Roberts, CEO of 1847, commented, "We are pleased with ICU's successful refinancing of its revolving loan. With this new revolving loan facility in place, ICU has strengthened its liquidity and increased its financial flexibility to enable it to grow its business without any equity dilution. We believe we are providing significant value to both our portfolio companies and our shareholders, through an accretive, private-equity-style holding company business model. ICU plans to expand its products to new customers with a goal of being in 15,000 retail locations by 2025. ICU's existing 50,000 square foot facility has the capacity to ship up to 15 million units per year across an array of product categories, with 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."

In February 2023, 1847 acquired ICU Eyewear Holdings, Inc., whose operating subsidiary, ICU Eyewear, Inc., is a designer and marketer of Over-the-Counter (OTC), non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers and outdoor specialty sunglasses. ICU Eyewear, Inc. 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 its various eyeglass and healthcare products. ICU's customer base consists of a broad range of national, regional and specialty retailers comprising over 7,500 retail locations. We believe 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.

Additional details on the refinancing of ICU's revolving credit facility will be available upon the filing of a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission and available on the Company's website once filed.

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 former 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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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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