INTERVIEW: Benzinga Sits Down With Diversified Holding Company 1847’s (NYSE: EFSH) CEO To Discuss The Company’s Wins, Its Strategies For Success And More
- None.
- None.
NEW YORK, NY / ACCESSWIRE / March 20, 2024 / When it comes to successfully spinning off companies, Ellery Roberts knows a thing or two about that. As the Chief Executive of 1847 Holdings LLC. (AMEX:EFSH), the diversified acquisition holding company, he is tasked with finding small businesses to acquire, grow and then either spin off or fold into the portfolio of companies it owns.
That strategy seems to already be paying off in the few years since 1847 opened its doors. "We took 1847 Goedeker's public in July 2020 after purchasing it in April 2019 for
Expertise Pays Off
Robert credits the public holding company's success with 1847 Goedeker's to the company's expertise in identifying small businesses to acquire on the cheap. It targets small businesses with about
"We hit the nail on the head with 1847 Goedeker's" which is an online purveyor of appliances, furniture and home goods direct to consumers, says Roberts. "There was a huge push into direct-to-consumer and then COVID hit and direct-to-consumer valuations exploded. We owned an asset in the direct-to-consumer space and took advantage of the capital market valuations."
Another Exit Coming?
1847 is hoping to replicate that success with some of the other companies it has in its portfolio. 1847 Cabinets Inc., a designer, manufacturer and installer of cabinets, doors and millwork for residential construction is a prime example. 1847 recently engaged Spartan Capital Securities, LLC., a U.S. investment bank, to explore a potential spin-off of 1847 Cabinets into a separate publicly traded company, or a different potential strategic transaction to capitalize on 1847 Cabinet's internal growth and favorable outlook for the business. "Based on 1847 Cabinets' strong track record, we believe this would be the ideal time to pursue a spin-off or other strategic transaction, similar to our prior IPO and spin-off of 1847 Goedeker's," Roberts said. "Spartan Capital brings a strong track record working with middle-market businesses, and we are highly confident in the prospects for this transaction given their solid track record."
1847 Cabinet includes Kyle's, a Boise, Idaho, kitchen and bathroom cabinetry company, High Mountain - the Reno, Nevada, carpentry products and services company - and Innovative Cabinets, also based in Reno, which specializes in custom cabinetry and countertops.
Double Digit Growth
For Q3 2023, 1847 Cabinets posted
With a focus on consumer-facing small businesses and a long track record in nurturing and growing enterprises, Roberts and 1847 Holdings believe it's well-positioned to successfully spin off the companies it acquires now and in the future, unlocking value for shareholders.
Featured photo by R ARCHITECTURE on Unsplash.
Contact:
Ellery Roberts
eroberts@1847holdings.com
SOURCE: 1847 Holdings LLC
View the original press release on accesswire.com
FAQ
What is the name of the seasoned expert in spinning off companies mentioned in the press release?