1847 Subsidiaries, ICU Eyewear and Wolo Manufacturing, to Develop Safety Glasses for Automotive Market
1847 Holdings (NYSE American:EFSH) announced a strategic collaboration between its subsidiaries, ICU Eyewear and Wolo Manufacturing, to develop safety glasses for the automotive market. ICU, known for OTC eyewear, and Wolo, a manufacturer of vehicle safety products, aim to address the increasing demand for safety eyewear in automotive settings. The global safety eyewear market was valued at $3.74 billion in 2021 and is expected to grow at a CAGR of 4.4% through 2030. The partnership is expected to leverage ICU's extensive retail presence and Wolo's industry expertise, with plans to launch the new product line in Q3 2023. However, the company highlighted a going concern issue in its 2022 financial statements, requiring public disclosure as per NYSE regulations.
- Strategic collaboration between ICU Eyewear and Wolo Manufacturing to develop safety eyewear.
- Projected growth of the global safety eyewear market at 4.4% CAGR through 2030.
- ICU's extensive retailer network of over 7,500 locations enhances market reach.
- Audit report for fiscal year 2022 indicates a 'going concern' issue.
NEW YORK, NY / ACCESSWIRE / April 24, 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, today announced that its subsidiaries, ICU Eyewear Holdings Inc. ("ICU") and Wolo Manufacturing Corp. ("Wolo"), have entered into a strategic collaboration to develop safety glasses for the automotive market.
ICU is a leading designer of over-the-counter (OTC), non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers and outdoor specialty sunglasses. Wolo is a leading manufacturer and distributor of vehicle horns and safety products (electric, air, truck, marine, motorcycle and industrial equipment), and offers vehicle emergency and safety warning lights for cars, trucks, industrial equipment and emergency vehicles.
According to Grand View Research, the global safety eyewear market size was valued at
Dan Brown, Chief Executive Officer of Wolo, commented, "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."
Kirk Hobbs, Chief Executive Officer of ICU Eyewear, stated "We are very excited to partner with Wolo, which has a loyal customer base that includes national retailers and major wholesalers in North America. Demand for safety eyewear has increased as people are becoming more aware of the importance of protecting their eyes from hazards in the workplace, as well as during recreational activities. Importantly, mechanics and workshop technicians in the auto body industry are frequently exposed to a range of hazards scenarios that could be dangerous when not wearing the correct safety equipment. Developing these safety glasses for the automotive market represents a new product category for us and we expect to launch in the third quarter of 2023."
Mr. Ellery W. Roberts, CEO of 1847, commented, "This collaboration between Wolo and ICU speaks to the incredible synergies between the 1847 family of companies. By leveraging our platform, we are able to expand our product offering within key markets. We believe our private equity approach, including the resources and expertise we can bring to our portfolio companies, has positioned us for long-term success in terms of revenue, profitability and cash flow."
The Company also advises that its audited consolidated financial statements for the fiscal year ended December 31, 2022, included in the Company's Annual Form on 10K, contained an audit report from its independent registered public accounting firm with a going concern. The Company is required to make public disclosure about this pursuant to NYSE American Company Guide Sections 401(h) and 610(b)). It does not represent any change or amendment to any of the Company's filings for the fiscal year ended December 31, 2022.
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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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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