Home » JD-backed GigaCloud Technology completes acquisition of Los Angeles-based Noble House

JD-backed GigaCloud Technology completes acquisition of Los Angeles-based Noble House

by WorldFinance
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GigaCloud Technology Inc has recently completed the acquisition of bankrupt Noble House Home Furnishings, a Los Angeles, California-headquartered B2B distributor of indoor and outdoor home furnishings, for around $85 million. 

The $85-million acquisition deal will be subject to customary purchase price adjustments, the firm added in an exchange filing. 

Nasdaq-listed GigaCloud Technology, which provides e-commerce solutions for large parcel merchandise, will fund the acquisition deal with on-hand cash.

The assets acquired from Noble House include but are not limited to inventory, warehouse leases, websites and domain names, trademarks, trade names, patents, customer contracts, sales channels, and other assets, per the filing. 

“The acquisition adds significant warehouse space, exceeding 2.3 million square feet, and strengthens our distribution, inventory, and customer base,” said Larry Wu, founder, chairman, and chief executive officer of GigaCloud, in a release, adding that the deal could help boost the firm’s margins. 

The news comes two months after the Nasdaq-listed firm announced that it entered a ‘stalking horse’ agreement to acquire all of Noble House’s assets on September 12 in connection with the home furnishings distributor’s Chapter 11 bankruptcy proceedings.

A ‘stalking horse’ bid refers to the initial bid for an insolvent firm’s assets from an interested bidder selected by the bankrupt firm.

GigaCloud Technology Inc, which made its debut on the Nasdaq bourse in August 2022, is headquartered in Walnut, California, with offices in Hong Kong and the UK.

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