1847 Holdings (EFSH) advanced early on Wednesday after announcing a definitive agreement to acquire a cabinetry and residential door manufacturer operating in Las Vegas, Nevada, for about $18.8 million.
The middle-markets private equity firm did not provide the name of the acquired millwork and cabinetry firm.
The buyers said the target company generated a $10.4 million profit on around $33.1 million in revenue during the 12 months ended Sept. 30, adding the deal is expected to produce "significant" cash flow and eliminate the need for 1847 to raise capital for the foreseeable future.
1847 shares were up more than 8% in recent mid-morning trade.
Price: 0.26, Change: +0.02, Percent Change: +8.07
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