Performance Horse Blankets (PHB) is a premier e-commerce platform specializing in the sale of horse blankets and equestrian accessories. The business, acquired by Armory Group LLC in 2022, focuses on premium brands like LeMieux, Horseware Ireland, and Rambo. PHB has effectively captured a niche market, establishing itself as a top Google search result for relevant keywords, thus maintaining a strong sales pipeline with minimal marketing efforts. The business operates with reduced overhead, having outsourced its warehouse operations to a provider in Houston, making it turnkey and relocatable. PHB's reputation is bolstered by exceptional customer service, demonstrated by over 2,000 positive reviews and the availability of personalized support via live chat and direct phone lines. The company has laid the groundwork for integrating AI technology to further enhance service efficiency, catering to a growing trend of AI-driven consumer interactions. The equestrian market is expanding, with an emphasis on equine welfare, technological advancements, and sustainable practices. Valued at over $1 billion, the horse blanket segment is set for significant growth alongside the broader equestrian equipment market. Despite challenges such as supplier shortages and climate impacts, PHB remains resilient, focusing on cost management and organic growth. The company generates annual revenue of $593,535 with a gross margin of 26%. However, its current EBITDA is negative, highlighting a need for operational improvements. Offered at a price below typical e-commerce multiples, PHB presents a valuable opportunity for a passionate operator to implement strategic enhancements and capitalize on growth prospects.