EFSH Profile

June 9, 2024

1847 Reports 15.0% Increase in Revenue to $14.9 Million for the First Quarter of 2024

1847 Executes Letter of Intent to Sell 1847 Cabinets Inc. for $27.6 Million

Check Out the Investor Presentation HERE

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Hello Everyone,

We have another profile that we need to get on your radar heading into this week.

Pull up EFSH Immediately and start your research.

Capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business.

Given this dynamic, 1847 Holdings (NYSE: EFSH) can consistently acquire businesses it views as “solid” for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations.

The end result? These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to EFSH’s ability to pay regular and special dividends to shareholders.

1847 seeks to invest in companies whose business models enable them to drive their own growth. We anticipate this will permit us to invest successfully, and develop deep expertise, in nine primary industries. Our experience and sector focus compounds our ability to evaluate and execute investment opportunities quickly, and add significant value post-closing.

1847 Holdings LLC (NYSE American:EFSH), was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and former Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings’ investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as “solid” for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings’ ability to pay regular and special dividends to shareholder

EFSH Competitive Advantages

▪ Robust Network
▪ National network of personal relationships with intermediaries, seasoned operating executives, entrepreneurs and managers

▪ Disciplined Deal Sourcing
▪ Leverages relationships with more than 3,000 qualified deal sources through regular calling, mail and email campaigns, industry events, etc.

▪ Differentiated Acquisition Capabilities in the Small Business Market
▪ Concentrated efforts on mature companies with sustainable value propositions, which can be supported by its resources and institutional expertise

▪ Value Proposition for Business Owners
▪ Employ a creative, flexible approach by tailoring each acquisition structure tommeet liquidity needs and qualitative objectives of the target

▪ Operating Partner
▪ Consistently work with a strong network of seasoned operating partners, former executives with extensive experience building, managing, and optimizing successful small business across a range of industries

▪ Small Business Market Experience
▪ Since 2000, the management team has collectively been presented with several thousand investment opportunities and actively worked with 30 small businesses on all facets of strategy, development and operations

1847 Reports 15.0% Increase in Revenue to $14.9 Million for the First Quarter of 2024

Gross profit increases 13.3% in Q1 2024 vs Q1 2023

NEW YORK, NY / ACCESSWIRE / May 16, 2024 / 1847 Holdings LLC(“1847” or the “Company”) (NYSE American:EFSH), a holding company specializing in identifying over-looked, deep value investment opportunities in middle market businesses, today provided a business update and reported financial results for the first quarter ended March 31, 2024.

Q1 2024 Key Highlights

Total Revenue was $14.9M in Q1 2024 compared to $13.0M in Q1 2023, a 15.0% year-over-year increase

Gross profit was $5.6M in Q1 2024 compared to $4.9M in Q1 2023, a 13.3% year-over-year increase

Executed Letter of Intent to Sell 1847 Cabinets Inc. for $27.6 Million

Executed non-binding LOI to acquire a large, established millwork, cabinetry and door manufacturer based in Las Vegas, NV with revenues of $28.6 million, with a purchase price of $16.75 million which represents approximately 3.2x 2023 EBITDA

Announced ICU Eyewear subsidiary diversified manufacturing to reduce production costs and fortify supply chain

Announced ICU Eyewear subsidiary’s strategic expansion of partnerships, adding 300 new locations with leading US retailer

Completed refinancing and upsizing of $15 million revolving credit facility for ICU Eyewear subsidiary

Expanded Wolo Manufacturing Corp subsidiary into India through supply chain diversification program

Restructured promissory notes to non-dilutive debt instruments

Divested Asien’s Appliance business, significantly enhancing balance sheet

Mr. Ellery W. Roberts, CEO of 1847 Holdings, commented, “I am pleased to report we achieved a 15.0% year-over-year increase in revenue and a 13.3% year-over-year increase in gross profit. Additionally, revenues from the automotive supply segment increased by 41.1% to $1.8 million. This growth can be attributed to strategic initiatives begun in Q4 2023, coupled with a new credit facility established in late January 2024, further empowering the acceleration of this business segment’s expansion. This achievement reaffirms the substantial value that 1847 delivers to our subsidiaries, both financially and operationally. During the quarter, we successfully divested of our Asien’s Appliance, significantly enhancing our balance sheet. This resulted in a $1.1 million gain for Q1 2024. By strategically divesting of Asien’s, we anticipate a reduction in 1847 Holdings’ expenses by approximately $10.9 millionannually, which should positively impact margins across our primary business lines. The divestiture of Asien’s enables us to streamline operations, optimize resource allocation, and position 1847 Holdings for sustained growth and profitability. This underscores our commitment to delivering shareholder value, as we continue to pursue opportunities for growth and enhanced profitability, in alignment with our long-term strategic goals.”

Mr. Ellery continued, “We’re maintaining a strong acquisition pipeline, focusing on companies offering value and positive cash flow, while minimizing dilution for shareholders. Recently, we announced a non-binding LOI to acquire a prominent millwork, cabinetry, and door manufacturer headquartered in Las Vegas, NV. This target boasts revenues of $28.6 million, with a purchase price of $16.75 million which represents approximately 3.2x 2023 EBITDA. This acquisition presents an attractive opportunity for 1847, with favorable negotiated terms and the potential to complete the transaction without equity-based funding at this time.”

“Additionally, we executed a non-binding LOI to sell all of the assets of 1847 Cabinets Inc.Under the terms of the LOI, the buyer has proposed an enterprise value of $27.6 million for the acquisition of all of the assets of 1847 Cabinets, including $11.5 million in earn-out payments over a three-year period, representing a 5.91x multiple of 2023 EBITDA of approximately $4.7 million. We are advancing this transaction and anticipate closing within 90 days. Proceeds from the sale will be utilized to repay senior secured debt and other liabilities, allocate funds for working capital and future acquisitions, and potentially initiate a share repurchase program. This strategic move validates our ability to purchase, operate, and enhance asset value, thereby strengthening our financial position and enabling strategic resource reallocation to capitalize on emerging opportunities within our portfolio and beyond,” concluded Mr. Roberts.

Q1 2024 Financial HighlightsTotal revenues were $14,913,497 for the three months ended March 31, 2024, as compared to $12,965,603 for the three months ended March 31, 2023.

Revenues from the retail and eyewear segment were $3,896,167 for the three months ended March 31, 2024 and $2,792,712 for the period from February 9, 2023 (date of acquisition) to March 31, 2023.

Revenues from the construction segment increased by $326,244, or 3.7%, to $9,238,969 for the three months ended March 31, 2024 from $8,912,725 for the three months ended March 31, 2023. The increase in revenues was primarily attributed to an increase in new multi-family projects and an increase in the average customer contract value.

Revenues from the automotive supplies segment increased by $518,195, or 41.1%, to $1,778,361 for the three months ended March 31, 2024 from $1,260,166 for the three months ended March 31, 2023. The increase in revenues was primarily attributed to an improved supply chain with manufacturers and heightened customer demand.

Total cost of revenues was $9,325,561 for the three months ended March 31, 2024, as compared to $8,032,294 for the three months ended March 31, 2023.

Cost of revenues for the retail and eyewear segment was $2,998,933, or 77.0% of retail and eyewear revenues, for the three months ended March 31, 2024, and $1,947,011, or 69.7% of retail and eyewear revenues, for the period from February 9, 2023 (date of acquisition) to March 31, 2023.

Cost of revenues for the construction segment decreased by $216,761, or 4.0%, to $5,158,266 for the three months ended March 31, 2024 from $5,375,027 for the three months ended March 31, 2023.

Cost of revenues for the automotive supplies segment increased by $458,106, or 64.5%, to $1,168,362 for the three months ended March 31, 2024 from $710,256 for the three months ended March 31, 2023.

Total general and administrative expenses were $2,132,600 for the three months ended March 31, 2024, as compared to $1,501,639 for the three months ended March 31, 2023.

Total professional fees were $3,025,149 for the three months ended March 31, 2024, as compared to $387,821 for the three months ended March 31, 2023.

Total operating expenses were $18,023,128 for the three months ended March 31, 2024, as compared to $12,922,180 for the three months ended March 31, 2023, resulting in a loss from operations of $3,109,631 for the three months ended March 31, 2024, as compared to income from operations of $43,423 for the three months ended March 31, 2023.

Net loss from continuing operations was $11,156,579 for the three months ended March 31, 2024, as compared to a net income of $1,152,096 for the three months ended March 31, 2023. Such change was primarily due to an increase of amortization of debt discounts by $3,262,939 and losses on change in fair value of warrant liabilities of $1,902,200, on change in fair value of derivative liabilities of $612,462 and on extinguishment of debt of $421,875 in the 2024 period. Additionally, the net income for the 2023 period included a preliminary gain on bargain purchase of $2,639,861.

ACQUISITIONS

1847 Holdings (NYSE: EFSH) has acquired ICU, a leading designer of Over-the-Counter (OTC), non-prescription reading glasses, sunglasses, blue light-blocking eyewear, sun readers, and outdoor specialty sunglasses in February 2023. ICU was founded in 1956 and is headquartered in Hollister, California.

ICU is a recognized leader in reading eyewear and sunglasses, as well as select health and personal care items. ICU has 10 brands and a comprehensive and innovative product offering of over 3,000 SKUs across the reading glass, sunglass, and health & personal care segments.

ICU’s customer base consists of a broad range of national, regional, and specialty retailers comprising over 7,500 retail 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.

Acquisition Highlights:

Revenue in excess of $19M and $1.7M of adjusted EBTIDA in 2021.
ICU has developed a highly profitable and sustainable business model, with solid financials, positive EBITDA, and a gross margin of approximately 40%.
ICU has 10 brands and a comprehensive and innovative product offering of over 3,000 SKUs across the reading glass, sunglass, and health & personal care segments.
ICU’s customer base consists of a broad range of national, regional, and specialty retailers comprising over 7,500 retail locations.
The company’s eyewear line has earned the title of #1 provider of OTC eyewear at Target.

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Kyle’s Custom Wood Shop, Inc.: Headquartered in Boise, ID, the company believes strong housing demand in the region is driven by out-of-state immigration into Idaho. Current operations are focused primarily in the Boise area, providing opportunities to capitalize on high-growth adjacent regions. In addition to regional expansion, EFSH plans to expand capacity by increasing the network of builders, participating in new bids, and investing in facilities and labor resources. Product line expansion and broadening sales channels to include multifamily housing remodels, and DIY segments could further accelerate growth.

Financial Highlights:

Revenues from the construction segment (incl. Kyle’s) increased by $21,830,922, or 523.6%, to $26,000,227 for the nine months ended September 30, 2022 from $4,169,305 for the nine months ended September 30, 2021.
Cost of sales for the construction segment increased by $13,555,821, or 594.6%, to $15,835,830 for the nine months ended September 30, 2022 from $2,280,009 for the nine months ended September 30, 2021.
Gross profit was $10,164,397 and $1,889,296 for the nine months ended September 30, 2022 and 2021, respectively.

WOLO Manufacturing Corp.: A leader in horn technology (electric, air, truck marine, electronic specialty, air & backup alarms) and vehicle emergency warning lights offering the highest quality and the largest selection for cars, trucks, and industrial equipment. Wolo has supplied innovative automotive products: horns, emergency warning lights, security, and lighting, to the automotive aftermarket for more than 45 years.

The company sells its products to big-box national retail chains, through specialty and industrial distributors, as well as online/mail order retailers and OEMs. With a stellar reputation for innovative design, its current product line consists of over 455 products, including 54 patented products, as well as over 90 exclusive trademarks.

Financial Highlights:

Revenues from the automotive supplies segment increased by $833,742, or 20.9% to $5,114,755 for the nine months ended September 30th, 2022 from $4,231.013 for the nine months ended September 30th, 2021.
Cost of sales for the automotive supplies segment increased by $369,368, or 13.9%, to $3,028,040 for the nine months ended September 30th, 2022 from $2,658.672 for the nine months ended September 30, 2021.
Gross profit was $2,086,715 and $1,572,341 for the nine months ended September 30, 2022 and 2021, respectively.

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In October 2021, 1847 acquired High Mountain Door & Trim, Inc. & Innovative Cabinets & Design for an aggregate purchase price of approximately $15.4 million

Brief Overview

▪ High Mountain specializes in all aspects of finished carpentry products and services, including doors, door frames, base boards, crown molding, cabinetry, bathroom sinks and cabinets, bookcases, built-in closets, fireplace mantles, etc., working primarily with large homebuilders of single-family homes and commercial and multi- family developers
▪ Sierra Homes d/b/a Innovative Cabinets & Design specializes in custom cabinetry and countertops for a client base consisting of single-family homeowners, builders of multi-family homes, as well as commercial clients

‍Financial Highlights

▪ Revenues from the construction segment increased by $1,182,633, or 11.8%, to $11,230,579 for the three months ended September 30, 2023, from $10,047,946 for the three months ended September 30, 2022. The increase in revenues was primarily attributed to an increase in new multi-family projects and an increase in the average customer contract value.
▪ Cost of revenues for the construction segment decreased by $1,072,127, or 16.4%, to $5,472,716 for the three months ended September 30, 2023, from $6,544,843 for the three months ended September 30, 2022.

1847 Provides Update on Pending Strategic Transactions Expected to Increase Cashflow, Strengthen Balance Sheet, and Enhance Capital Structure

NEW YORK, NY / ACCESSWIRE / May 28, 2024 / 1847 Holdings LLC (“1847” or the “Company”) (NYSE American:EFSH), a holding company specializing in identifying over-looked, deep value investment opportunities in middle market businesses, today provided a business update on its pending strategic transactions.

Ellery W. Roberts, CEO of 1847 Holdings, commented, “Following a strong first quarter, in which we achieved solid revenue growth and successfully divested Asien’s Appliance, I am pleased to report we are making continued progress on a series of additional strategic initiatives expected to significantly enhance shareholder value. As an example, we are rapidly advancing towards finalizing our definitive agreement to acquire a prominent millwork, cabinetry, and door manufacturer, which generated very significant EBITDA in 2023. Through the combination of this and other planned activities, we expect to significantly lower our leverage ratio via an increase in net EBITDA relative to outstanding debt. In turn, we plan to accelerate our repayment of debt, extend the duration of remaining indebtedness, as well as eliminate any equity-linked aspects of repayment. As a result, we expect 1847 will be in a significantly stronger financial position, generating meaningful cash flow with an enhanced balance sheet and capital structure. We expect to complete the outstanding transactions in the near term and look forward to providing updates as developments unfold.”

1847 Provides Update on the Sale of 1847 Cabinets Inc.

PUBLISHED

APR 29, 2024 8:00AM EDT

NEW YORK, NY / ACCESSWIRE / April 29, 2024 / 1847 Holdings LLC (“1847” or the “Company”) (NYSE American:EFSH), a holding company specializing in identifying over-looked, deep value investment opportunities in middle market businesses, today provided an update on the sale of 1847 Cabinets Inc.

As previously announced on April 23, 2024, the Company executed a non-binding Letter of Intent (“LOI”) with a prospective strategic buyer to sell all of the assets of 1847 Cabinets Inc.(“1847 Cabinets”). Under the terms of the LOI, the buyer has proposed an enterprise value of $27.6 million for the acquisition of all of the assets of 1847 Cabinets, including $11.5 million in earn-out payments over a three-year period, representing a 5.91x multiple of 2023 EBITDA of approximately $4.7 million. The transaction continues to progress through routine due diligence and the Company currently expects the transaction to close within the next 90 days.

Mr. Ellery W. Roberts, CEO of 1847 Holdings, commented, “We are pleased with the progress we have made advancing this transaction. Currently, the proposed acquisition is undergoing confirmatory due diligence and negotiation of a definitive purchase agreement, both of which are progressing according to plan. As a result, we currently anticipate the closing to take place within 90 days. Given the purchase price, our intention is to utilize the cash proceeds to repay senior secured debt and other liabilities, allocate funds for working capital and future acquisitions, as well as potentially initiate a share repurchase program. This sale represents an important strategic move for 1847, one that validates our ability to purchase, operate and enhance the value of assets and then reach a sale, of which will significantly enhance our financial position, enabling us to reallocate resources strategically and capitalize on emerging opportunities within our portfolio and beyond, with a long-term focus on maximizing value for shareholders.”

“While this sale marks a significant milestone, it’s just one aspect of our broader strategy aimed at optimizing asset allocation and enhancing overall shareholder returns. The proposed transaction highlights what we believe is the considerable undervaluation of the Company relative to the intrinsic value of our portfolio companies. The acquisition price underscores the inherent value and potential of 1847 Cabinets, as it is priced at a substantial premium compared to the current market valuation for the entire company,” concluded Mr. Roberts.

First Quarter In The Bag: A Look At All The Milestones 1847 Holdings Hit So Far This Year

NEW YORK, NY / ACCESSWIRE / April 18, 2024 / When it comes to deal-making, capital raises and share buying, 1847 Holdings LLC(AMEX:EFSH) had a busy first quarter of 2024. The New York City publicly traded diversified acquisition holding company is making a name for itself, acquiring small businesses and then deploying resources to strengthen the enterprise and improve operations, with an eye toward spinning them out or growing them internally. All of 1847’s hard work is paying off, with the PE firm making a lot of moves that position it for growth this year and beyond.

Take its moves to shore up capital during the first three months of the year, for starters. 1847 kicked off the quarter by securing a $750,000 credit facility for its Wolo Manufacturing Corp. unit, which makes vehicle horns and safety products for cars, trucks, industrial equipment and emergency vehicles. The money went to fulfill orders amid stronger-than-expected demand, strengthen Wolo’s liquidity and give it increased financial flexibility, said 1847 CEO Ellery Roberts. “With this enhanced credit capacity, combined with growing customer demand and easing of supply-chain pressure, Wolo has the potential to increase its sales by 50% to 70% year-over-year in 2024,” Roberts said. It’s already on the road to that. In the first two months of 2024, Wolo’s reporting revenue increased 40% year-over-year in both January and February. 1847 also secured a $1 million credit facility for its High Mountain Door & Trim Inc. (“High Mountain”) subsidiary, underscoring its focus on growing its portfolio companies.

Then there’s the closing of its previously announced public offering of securities in late February, raising $5 million in gross proceeds. The public offering, handled by Spartan Capital Securities, gives 1847 more firepower to make buys and invest in its businesses.

Reigning In Expenses, Debt

Shoring up capital isn’t the only way 1847 improved operations during the first quarter. It’s also paying off debt and cutting expenses including by divesting 1847 Asien Inc. The unit provides a wide variety of appliance services. By letting go of that asset, 1847 Holdings said it reduces expenses by around $10.9 million a year and should positively impact margins. The divestment also reduces total liabilities by about $4.5 million. The PE firm was also able to pay off $1.95 million in debt, which Roberts said removes a potential equity overhang.

1847 has also been active on the profit-booking front. It recently engaged Spartan Capital Securities, LLC., to pursue a potential spinoff of 1847 Cabinets Inc., a designer, manufacturer and installer of cabinets, doors and millwork for residential construction. 1847 aims to capitalize on the growth and outlook for the company by either a spin-off of 1847 Cabinets into a separate publicly traded company or a sale to a well-paying suitor. 1847 is hoping to replicate the success it had with 1847 Goedeker’s. In April 2019, 1847 paid $6.5 million for the online purveyor of appliances, furniture and home goods. By June of 2021 when it went public, the company was valued at roughly $60 million.

Its ICU Eyewear Holdings Inc. subsidiary also grew during the quarter, recently adding two additional manufacturing partners in the Philippines and the U.S. ICU reports it was able to secure favorable rates and eliminate certain tariffs, which it said should “significantly” reduce its cost of goods. The move also reduces its reliance on production in China and enhances operations, which not only makes it more efficient but potentially a more attractive acquisition target, the company said.

CEO Acquires Common Shares At $3.30

CEO Roberts demonstrated his faith in 1847 by purchasing shares of the company’s stock in the first quarter. Roberts paid $3.30 per share to acquire 154,364 shares in early March, after acquiring 6,251 shares in late January for $1.353 a share. All told, Roberts owns 169,648 shares in the company he created. When insiders, namely CEOs, buy shares of their company it signals executives have confidence in the business and/or think the stock is undervalued. It’s something investors pay close attention to. If insiders were selling shares rather than purchasing them, it could be a red flag that something is amiss.

It’s been a busy three months for 1847, and more moves are expected in the months to come. After all, the PE firm is paying down debt, shoring up capital and positioning its portfolio companies for potentially successful exits or to grow internally. What more can investors ask for?

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NEWS

MANAGEMENT TEAM

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An Experienced CEO:

The company was founded by CEO Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors.

Ellery W. Roberts leading the reins has helped elevate EFSH to an NYSE listing and his expertise could soon lead the company to much greater heights!

Mr. Roberts has 20+ years of private equity investing experience; directly involved in $3+ billion transactions.
He formed RW Capital Partners LLC, an investment manager approved by the Investment Committee of the U.S. Small Business Administration in 2010 to raise and manage a Small Business Investment Company.
He previously was a Managing Director of Parallel Investment Partners LP, responsible for ~$400 million in invested capital across two funds.
He served as a Principal at Lazard Freres & Co. working in their Real Estate Principal Investment Area, where he was a senior team member involved in the investment of over $2.4 billion of capital.
Mr. Roberts worked at Colony Capital, Inc., a $625 million private equity fund.
He has experience as an Investment Banker in the Corporate Finance division of Smith Barne.

“I’m pleased to report revenues increased by 27.6% to $15.4 million and we achieved net income of $1.0 million for the first quarter of 2023. At the same time, our gross profit increased 35.0% over the same period last year. These results are further validation of the strength of our platform and our ability to acquire undervalued, cash flow positive, lower-middle market businesses at attractive valuations with minimum dilution to shareholders. Importantly, we are reaffirming our prior guidance of revenue in excess of $90 million in 2023.”

CEO Ellery W. Roberts

Vernice L. Howard – Chief Financial Officer

Ms. Howard has served as Chief Financial Officer since September 2021. She has over 30 years of experience in the fields of finance and accounting. Prior to joining us, she worked for Independent Electrical Contractors, Inc. and its affiliates for over eleven years as Chief Financial Officer, where she was responsible for providing leadership to the organization in the areas of finance, human resources and general facilities administration, in addition to setting policies, procedures, strategies, practices and overseeing the organization’s assets. The foundation of Ms. Howard’s accounting and finance experience began with public accounting for several years gaining experience in tax and auditing in the entertainment and nonprofit sectors as Chief Financial Officer for The Cronkite Ward Company, a television production company, and Director of Finance for Community Action Group (CAG), a nonprofit organization. Before her work with Independent Electrical Contractors, Inc., Ms. Howard’s professional background established an emphasis in forensic accounting. Ms. Howard is a Founding Member of Chief, which is a DC based vetted network of C-level or rising VP’s supporting and connecting exceptional women. Ms. Howard holds a Master of Business Administration in Finance from Trinity Washington University Graduate School of Business Management and Bachelor of Science in Accounting from Duquesne University.

Glyn C. Milburn – Vice President of Operations

Mr. Milburn joined 1847 in February 2023 after serving as a member of the company’s board of directors since August 2022. Mr. Milburn brings diverse operational and strategic expertise across multiple sectors, including commercial finance, labor negotiations, and operations management.

Before joining 1847, Mr. Milburn served as a Director at Ygrene Energy Fund, a consumer finance company based in California. Mr. Milburn also served as Partner at Jimmy Blackman & Associates, a full-service government and public affairs firm, where he was responsible for business strategy, client management, communications, and campaign management for a client portfolio comprised of large public safety labor unions, banking/finance companies, and hotel operators across the state of California. Mr. Milburn has also served as a special assistant in the City of Los Angeles, where he held two positions, one in the office of Los Angeles Mayor Eric Garcetti’s Office of Economic Development and another in the office of Los Angeles City Council. Previously, Mr. Milburn served as Executive Vice President of Texas AF2 Holdings, managing a portfolio of sports franchises handling their operations, compliance, and strategic planning.

Mr. Milburn co-founded Provident Investment Advisors LLC, a special investment vehicle for energy, technology, and healthcare ventures, where he served as a managing member. Mr. Milburn also serves on the board of directors ofPolished.comInc. Mr. Milburn holds a B.A. degree in Public Policy from Stanford University and an M.B.A. from the Kelley School of Business at Indiana University.

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