NEW YORK — 1847 Holdings LLC announced that it has acquired ICU Eyewear Holdings Inc., a designer of over-the-counter reading glasses, sunglasses, blue light blocking eyewear, sun readers and outdoor specialty sunglasses, for $4.5 million.
ICU, founded in 1956 and is headquartered in Hollister, CA, has 10 brands and a product offering of over 3,000 SKUs across the reading glass, sunglass, and health and personal care segments, according to a press release. Its customer base consists of national, regional and specialty retailers comprising over 7,500 locations.
ICU “is the only OTC eyewear supplier in the U.S. to have meaningful penetration in all significant retail channels including grocery, specialty, office supply, pharmacy, and outdoor sports stores,” according to the release.
1847 Holdings (NYSE American: EFSH) is a publicly traded diversified acquisition holding company. It was founded by Ellery W. Roberts, former partner of Parallel Investment Partners and Saunders Karp & Megrue and principal of Lazard Freres Strategic Realty Investors.
“Total consideration for the acquisition was $4.5 million, consisting of $4,000,000 in cash and unsecured subordinated promissory notes in the principal amount of $500,000,” according to the release.
