Bassett Furniture pushes online, buys mid-priced e-commerce furniture retailer

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Noa Home sells sofas, beds, bedding, rugs and decor online.

BASSETT, Va. – Bassett Furniture has acquired Noa Home, a Montreal-based mid-priced e-commerce furniture retailer.

Bassett said Noa had revenue of around C$19.1 million for the last fiscal year. The company did not disclose the purchase price, but said it included C$5.7 million for debt repayment and C$2 million for the Noa co-founders.

“We are thrilled to add the digital commerce capability and entrepreneurial spirit of the Noa Home management team to Bassett’s portfolio,” said Rob Spilman, President and CEO of Bassett. “In less than six years, with a very lean staffing model, the Noa team has built an operational plan that can grow significantly beyond the $19.1 million CAD in revenue it has generated over the past its fiscal year ended February 28, 2022. The acquisition will provide Bassett with a greater online presence and allow us to attract more digital native consumers.

The Canadian company Noa was founded in 2016 by Jeremy Kopek and Jean-Claude Renaud. Kopek was vice-president of Canadian furniture retailer Structube from 2005 to 2015, while Renaud founded Quebec e-commerce site Vie Urbaine in 2010, which was later acquired in 2017.

“Being part of Bassett is a great path to continue our original vision of making Noa a major player in the world of e-commerce furniture,” said Kopek. “Access to greater resources will allow us to immediately improve our inventory position and expand our Canadian distribution beyond our original footprint in Eastern Canada.

Kopek and Renaud will also be eligible for annual cash payments of C$1.33 million for the next three years based on performance and EBITDA targets.

Noa is present in Canada, Singapore and the United Kingdom

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