NEW YORK—1847 Holdings (NYSE American:EFSH) announced yesterday that it has completed the acquisition of ICU Eyewear Holdings Inc., a leading designer of over-the-counter (OTC), non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers and outdoor specialty sunglasses. VMAIL first reported on the acquisition in December 2022. ICU was advised on the transaction by Threadstone LP. Total consideration for the acquisition was $4.5 million, consisting of $4.0 million in cash and unsecured subordinated promissory notes in the principal amount of $500,000.

Additional details on the transaction are available in the company's Form 8-K, which will be filed with the Securities and Exchange Commission and available on the company's website. 

ICU was founded in 1956 and is headquartered in Hollister, Calif. ICU has 10 brands and a comprehensive and innovative product offering of over 3,000 SKUs across the reading glass, sunglass, and health and personal care segments. ICU's customer base consists of a broad range of national, regional and specialty retailers comprising over 7,500 retail locations.

Ellery W. Roberts, CEO of 1847, commented, "We are pleased to close this transaction which is another example of our successful acquisition strategy, targeting accretive and cash flow positive companies. ICU has developed a highly profitable and sustainable business model, with solid financials, positive EBITDA and gross margin of approximately 40 percent.

"Our ability to acquire these businesses at attractive multiples, with minimum dilution to shareholders, has enabled us to offer shareholders a meaningful cash dividend. We look forward to working closely with ICU's management team to achieve meaningful top and bottom-line growth," Roberts said.