GigaCloud Technology Inc Completes Acquisition of Noble House
01 November 2023 - 10:15PM
GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today announced that it has completed
the previously announced asset acquisition of Noble House Home
Furnishings LLC (“Noble House”), a leading B2B distributor of
indoor and outdoor home furnishings, for approximately $85 million,
subject to customary purchase price adjustments. The acquisition is
funded entirely with cash on hand. The assets acquired from Noble
House include, but not limited to, inventory, warehouse leases,
websites and domain names, trademarks, tradenames, patents,
customer contracts, sales channels and other assets.
“We could not be more thrilled to complete our asset acquisition
of Noble House, which aligns with our core strategy of building a
diverse, large-scale B2B marketplace with high-quality,
differentiated products,” said Larry Wu, Founder, Chairman, and
Chief Executive Officer of GigaCloud. “The acquisition adds
significant warehouse space, exceeding 2.3 million square feet, and
strengthens our distribution, inventory, and customer base. We
believe by integrating our B2B marketplace with Noble House’s
product design and quality control capabilities into our offerings,
the growth of our marketplace will accelerate. Transactions in our
marketplace empower Noble House suppliers to boost margins through
our supplier-fulfilled retailing business model.”
“The acquisition of Noble House is a pivotal moment for
GigaCloud, expanding our operations into Canada and adding a new
sourcing origin in India,” said Iman Schrock, President of
GigaCloud. “In addition to giving us more geographical diversity
within our supply chain and enhancing our fulfillment and logistics
capabilities, Noble House adds scale and product diversity to
further expand GigaCloud’s B2B marketplace. With over one million
five-star reviews online, Noble House exemplifies significant brand
value, reinforcing its strong market standing with the inclusion of
iconic brands Christopher Knight and OkiOki. We believe this
acquisition substantially fortifies our ability to provide an
enhanced B2B buying and selling experience for every participant on
our marketplace.”
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s website:
https://investors.gigacloudtech.com/.
Forward-Looking Statements
This press release contains “forward-looking statements”.
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company’s current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “could,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “is/are likely to,” “propose,”
“potential,” “continue” or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology Inc
Greta Tang
Email: greta.tang@gigacloudtech.com
ICR
Ryan Gardella
Email: GigacloudIR@icrinc.com
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