NEW YORK, Sept. 15, 2020 (GLOBE NEWSWIRE) -- 1847 Holdings LLC (OTCQB: EFSH), a publicly traded holding company platform that combines the attractive attributes of private, lower-middle market businesses with the liquidity and transparency of a publicly traded company, today announced it completed an early payoff of the financing related to its acquisition of Asien’s Appliance.
“Having completed the first 90-days from acquisition, we realized our financial performance and progress on our plan provided this opportunity,” stated Bob Patterson, CEO of Asien’s Appliance. “We are moving confidently forward knowing the fundamentals of the business are solid and believe we are well positioned for strong performance in the quarters ahead.”
The $685,000 loan, secured by future receipts, was provided by TVT Capital LLC. The payoff was achieved on the 105th day from funding (May 29 to September 10).
The household appliance market in the US is forecasted to exceed $21 billion in 2020 and is expected to grow at a CAGR of 13.7%, reaching $40 billion in 2025, according to data from Statista.
Ellery W. Roberts, the CEO of the Company, stated, “I am thrilled with the performance so far of Asien’s Appliance and its management team and I believe that the early payoff of the acquisition financing brings us one step closer to our goal of paying regular cash dividends to our shareholders in the future.”
About 1847 Holdings LLC
1847 Holdings LLC (OTCQB: EFSH) is a publicly traded partnership that combines the most attractive attributes of owning private, lower-middle market businesses with the liquidity and transparency of a publicly traded company. 1847 Holdings seeks to generate returns for shareholders in the future through consistent, annual distributions of operating subsidiary income and capital appreciation resulting from the timely sale of operating subsidiaries.
