1847 Holdings Reveals Plan To Purchase Las Vegas Manufacturing Giant Boasting $28.6 Million In Revenue For $16.75 Million In Q3 2024

1847 Holdings LLC EFSH announced the execution of a non-binding Letter of Intent to acquire a large, established millwork, cabinetry and door manufacturer based in Las Vegas, NV.

The Las Vegas-based target generated approximately $28.6 million in revenues (unaudited), approximately $4.5 million in net income (unaudited) and approximately $5.2 million in adjusted EBITDA (unaudited) in 2023 and currently has almost a year’s worth of contracted backlog booked for 2024. The purchase price for this transaction is $16.75 million and is expected to be completed during the third quarter of 2024, subject to the negotiation and entry into a definitive purchase agreement and the satisfaction or waiver of customary closing conditions. The proposed acquisition carries a purchase price of 3.2x 2023 EBITDA, and the Company expects to finance the entire transaction using debt.

“This is a very attractive acquisition for our Company,” commented Ellery Roberts, CEO of 1847 Holdings. “We have strong industry insights into the western US market for construction and the end market demand for cabinets, doors and millwork in particular. We intend to keep this transaction separate from our existing cabinet operations under the Signature Home Craft (SHC) brand. We see these as two separate paths for independent value creation, with SHC focused on residential, and the new target focused on commercial, mixed-use, and high density residential.”

“We negotiated compelling transaction terms, and we believe we can successfully complete this transaction without a need to raise any additional equity at this time. We see this as a uniquely accretive opportunity that we believe will drive shareholder value,” concluded Mr. Roberts.

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