NEW YORK—1847 Holdings (NYSE American:EFSH) announced yesterday that its wholly owned subsidiary has signed a definitive agreement to acquire 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. The acquisition will be funded without the issuance of any common stock or dilutive equity and is expected to be completed during the first quarter of 2023, subject to customary closing conditions, the announcement said.

1847 also stated that ICU had revenues in excess of $19 million and $1.7 million of adjusted EBITDA in 2021 and that it was on track to achieve $25.0 million in revenue and $2.0 million of adjusted EBITDA in 2022.
ICU was founded in 1956 and is headquartered in Hollister, Calif.  ICU has 10 brands and a comprehensive and innovative product offering. Its customer base consists of a broad range of national, regional and specialty retailers comprising over 7,500 retail locations across specialty, mass merchant, grocery, office supply and outdoor sports channels.
Ellery W. Roberts, CEO of 1847, commented, "ICU is an excellent addition to our portfolio of growing 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.
"ICU plans to expand its products to new customers with a goal of being in 15,000 retail locations by 2025. Its 50,000 square foot facility has the capacity to ship up to 15 million units per year across an array of product categories and room for additional staff and warehousing to support at least double the company's current revenue," Roberts said.
He added, "In 2020, ICU formed its ICU Personal Care brand to serve the needs of existing and new customers for Personal Protective Equipment (PPE) and related personal care categories. Through a related-party supply chain, ICU was able to deliver over $110 million of PPE and personal care sales to key customers.
"We plan to leverage ICU's established position within key retailers, as well as its robust supply chain and design capability to further grow the eyewear business. ICU is actively expanding into adjacent key categories of growth with the ICU brand and the private label brands of its partners."
"We look forward to working with ICU's strong and talented team that has driven profitability and built an operational infrastructure to support significant growth," Roberts said.
Total consideration for the acquisition is $4.5 million (subject to adjustment), consisting of $4 million in cash and unsecured subordinated promissory notes in the principal amount of $500,000. Additional details on the transaction will available in the the company's filing with the Securities and Exchange Commission. 
1847 Holdings LLC, a publicly traded, diversified acquisition holding company, founded by Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors.