WALNUT, Calif. — B2B e-commerce solutions provider GigaCloud announced that it completed a previously announced asset acquisition of Noble House Home Furnishings today.
The purchase, for approximately $85 million in cash on hand, includes inventory, warehouse leases, websites and domain names, trademarks, tradenames, patents, customer contracts, sales channels, and other assets of the B2B distributor of indoor and outdoor home furnishings.
“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 CEO 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.”
Iman Schrock, president of GigaCloud, added, “The acquisition of Noble House is a pivotal moment for GigaCloud, expanding our operations into Canada and adding a new sourcing origin in India. 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 more than 1 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,” he continued. “We believe this acquisition substantially fortifies our ability to provide an enhanced B2B buying and selling experience for every participant on our marketplace.”
GigaCloud was named a stalking horse bidder for the assets of Noble House, after it filed for Chapter 11 bankruptcy protection on Sept. 11 with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. According to previous reports, it listed $74 million in funded debt and $65 million in trade debt.
“The synergy of our forces promises to fuel unprecedented growth and success, aligned with our mission to revolutionize the landscape of large and bulky goods procurement, sales, and logistics,” said Marshall Bernes, CEO of Noble House. “Together, we will embark on a journey of remarkable achievements.”