NEW YORK, March 31, 2021 (GLOBE NEWSWIRE) -- 1847 Holdings LLC (OTCQB: EFSH) (the “Company”), a publicly traded holding company platform that combines the attractive attributes of private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, is pleased to announce the completion of its acquisition of Wolo Manufacturing Corp. and Wolo Industrial Horn & Signal, Inc. (together, “Wolo”). Founded in 1965, Wolo designs and manufactures horn 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.
“Wolo has built a strong business with a diversified, repeat customer base that includes national retailers and major wholesalers,” stated Ellery W. Roberts, the CEO of 1847 Holdings. “We believe there are many expansion opportunities for Wolo, both domestic and international. With no debt, 20% operating margins, and an experienced team in place, we believe Wolo is in a great position to capitalize on these opportunities and is already underway on several key initiatives, including growing sales to the marine market, expanding its warning light and motorcycle horn programs, and broadening penetration into big box retailers. I look forward to working closely with the former owner, Stanley Solow, to ensure a seamless transition and appreciate his willingness to continue to assist the team as we seek to accelerate growth in the quarters ahead.”
Mr. Roberts continued, “Given the completion of the Wolo acquisition and the additional cash flow that will be added to our consolidated business, we believe it is time to implement the payment of cash dividends. We expect our board to consider the payment of cash dividends in the range of $0.02 to $0.05 per share annually beginning sometime during the second half of this year.”
Wolo has been granted 46 patents from the U.S., China, Taiwan, and the EU, with three pending and one in China approved but not issued. About half of the patents granted to Wolo are utility patents, protecting methods of functionality; the other half are design patents. Wolo’s utility patents are a difficult barrier for competitors to overcome and help Wolo to maintain high margins on its products.
The auto parts manufacturing industry is forecasted to grow to more than $73 billion by 2023, according to IBISWorld.
About 1847 Holdings LLC
1847 Holdings LLC (OTCQB: 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 seeks to consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploys resources to strengthen the infrastructure and systems 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.
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.
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