BASSETT, Va. – Whole-home furniture resource Bassett Furniture announced today that it has acquired Noa Home, a mid-priced ecommerce furniture retailer based in Montreal.
The company said the purchase price included cash payments of C$2 million paid to Noa’s co-founders and C$5.7million for repaying existing debt. In addition the co-founders will receive additional case payments of C$1.3 million per year for the next three fiscal years based on net revenue growth and meeting various internal EBITDA goals.
“The acquisition will provide BSET with a greater online presence and will allow us to attract more digitally native consumers,” said Bassett Furniture CEO Rob Spilman.
Noa had net revenues of C$19.1 million in its latest fiscal year. In addition to operations in Canada, Noa has operations in Australia, Singapore and the U.K.
Charlotte, North Carolina-based Stump & Company represented Noa Home in the transaction.