- Oops!Something went wrong.Please try again later.
NEW YORK, Jan. 28, 2021 (GLOBE NEWSWIRE) -- 1847 Holdings LLC (OTCQB: EFSH) ( “1847 Holdings”), a publicly traded, diversified acquisition holding company that leverages its management expertise to acquire lower-middle market businesses at attractive valuations in industries with unique characteristics and defensible market positions, today announced its Asien’s Appliance subsidiary generated $1.5 million in written sales in December 2020, up 15% over the prior year period.
Asien’s Appliance was acquired by 1847 Holdings in June 2020. Written sales in the second half of 2020 increased 8% year-over-year to $9.1 million.
“We are incredibly pleased with Asien’s growing written sales volume, which we find to be a reliable leading indicator of future sales. As supply chain interruptions related to COVID-19 continue to dissipate, we anticipate revenue growth will accelerate,” commented Ellery W. Roberts, CEO of 1847 Holdings. “The Asien’s team continues to strengthen its competitive advantage in the market through consistent and effective customer communications. We are also seeing premium brands as a key growth driver, with Miele alone providing a 30% increase in overall business last year. To capitalize on the strong demand, we completed a redesign and relaunch of our Miele Display Kitchen in December.”
Founded in 1899, Miele is the world's leading manufacturer of premium home appliances. The kitchen appliance market globally was valued at $150 billion in 2015, according to Global Markets Insight, and expected to jump to $250 billion by 2023, driven in part by rising demand for luxury appliances, according to Trend-Monitor.
“In addition to meeting growing demand for premium appliances, Asien’s is proud to work with local homeowners in Sonoma County that are rebuilding in the wake of a series of devastating wildfires over the last three years that have destroyed more than 7,000 homes,” added Mr. Roberts. “Delivering personal sales and exceptional service to customers has been a hallmark of Asien’s brand over the last 70 years and provides us with a competitive advantage over big box retailers. With the improved performance we have generated in the first six months of ownership, we are now exploring the potential addition of a second location. I look forward to sharing further updates with our shareholders on the ongoing success of Asien’s as we continue to grow the business in the quarters ahead.”
Asien’s Appliance has been in business since 1948 serving the North Bay area of Sonoma County, California. It provides a wide variety of appliance services, including sales, delivery/installation, in-home service and repair, extended warranties, and financing. Its main focus is delivering personal sales and exceptional service to its customers at competitive prices.
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 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 viewed 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.
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, considering 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.
Dave Gentry, CEO
Office: 1.800.RED.CHIP (733.2447)