NEW YORK, NY / ACCESSWIRE / March 7, 2024 / 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 provided an update on its Wolo Manufacturing Corp. ("Wolo") subsidiary. The Company reports that Wolo revenue increased 40% in January and February of 2024, compared to the same period last year.
Ellery W. Roberts, CEO of 1847, remarked, "The strategic initiatives we set in motion in the fourth quarter of 2023 are now bearing fruit, evident in Wolo's record year-over-year revenue growth in early 2024. This surge underscores the resounding demand for Wolo's products and the efficacy of our market penetration strategies. Moreover, our recent procurement of a new credit facility for Wolo in late January 2024 further bolsters our ability to accelerate Wolo's growth. This success reaffirms the value that 1847 delivers to our subsidiaries, both financially and operationally."
Daniel J. Brown, President & CEO of Wolo, added, "Alongside our remarkable revenue and unit volume growth, we are committed to fostering innovation and are introducing new products to capitalize on our expanding brand recognition and loyal customer base. Our steadfast focus remains on sustaining this momentum and achieving even greater success in the months and years ahead. We extend our sincere gratitude for the unwavering support of 1847 and remain dedicated to driving significant returns for the entire organization and its shareholders."
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.
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