Bassett Acquires Canadian E-Tailer Noa Home in C$9.7 Million Deal

September 6, 2022  by HFBusiness Staff in Business Strategy, Industry   

Bassett said the purchase price included cash payments of C$2 million to the co-founders of Noa and approximately C$5.7 million for the repayment of existing debt.

Noa co-founders Jeremy Kopek and Jean-Claude Renaud will also have the opportunity to receive additional annual cash payments of C$1.33 million for the following three fiscal years based on established increases in net revenues and achieving certain internal financial goals.

“We are excited to add the digital commerce ability and the entrepreneurial spirit of the Noa Home management team to the Bassett portfolio,” said Rob Spilman, Bassett chairman and CEO. “In less than six years, with a very lean staffing model, the Noa team has built an operational blueprint that can grow significantly beyond the C$19.1 million of revenue that they generated in their fiscal year ended February 28, 2022.

“The acquisition will provide Bassett with a greater online presence and will allow us to attract more digitally native consumers.”

Kopek and Renaud founded Noa in 2016 in Montreal. Kopek had been as vice president at Canadian furniture retailer Structube from 2005 to 2015, while Renaud founded Quebec based e-commerce site Vie Urbaine in 2010, which was later acquired in 2017.

Kopek commented, “Becoming part of Bassett is a great pathway to pursue our original vision of growing Noa into a significant player in the e-commerce furniture world. Access to greater resources will immediately allow us to improve our in-stock position and to expand our Canadian distribution beyond our original eastern Canada footprint.”