Bassett Announces Purchase Of Noa Home Inc.
09/06/22, 8:03 PM
Location
stamford
Industry
furniture
retail
fashion
Bassett Furniture Industries, Inc. (NASDAQ: BSET) announced today that it has acquired the capital stock of Noa Home Inc. (“Noa”), a mid-priced e-commerce furniture retailer headquartered in Montreal, Canada. Noa has operations in Canada, Australia, Singapore and the United Kingdom and had net revenues of approximately C$19.1 million for its most recent fiscal year. The purchase price included cash payments of C$2.0 million paid to the co-founders of Noa and approximately C$5.7 million for the repayment of existing debt. The Noa co-founders will also have the opportunity to receive additional annual cash payments of C$1.33 million per year for the following three fiscal years based on established increases in net revenues and achieving certain internal EBITDA goals.
Company Info
Location
landover drive
Stamford, Connecticut, United States
Company info
Bassett Furniture Industries, Inc. (NASDAQ:BSET), is a leading manufacturer and marketer of high quality home furnishings. With 92 company- and licensee-owned stores at the time of this release, Bassett has leveraged its strong brand name in furniture into a network of corporate and licensed stores that focus on providing consumers with a friendly environment for buying furniture and accessories. Bassett’s retail strategy includes stylish, custom-built furniture that features the latest on-trend furniture styles, free in-home design visits, and coordinated decorating accessories. Bassett also has a traditional wholesale business with more than 700 accounts on the open market, across the United States and internationally. For more information, visit the Company’s website at bassettfurniture.com. (BSET-E)