by Purchase aims to bolster GigaCloud’s portfolio and position in the global furniture industry
LOS ANGELES — GigaCloud Technology, which specializes in AI-enabled furniture sourcing and distribution and B2B e-commerce solutions for large parcel goods such as furniture, has acquired Noble House Home Furnishings LLC for about $85 million as part of an effort to expand its own product mix and sourcing capabilities. The company said the acquisition will be funded entirely with cash on hand.
GigaCloud said the assets it acquired from Noble House include but are not limited to inventory, warehouse leases, websites and domain names, trademarks, trade names, patents, customer contracts and sales channels.
Noble House filed for Chapter 11 bankruptcy protection in early September and GigaCloud was identified as a stalking horse bidder early on, placing a bid of $85 million for the company and its assets. As of an Oct. 24 deadline, no other companies came forward with a higher bid.
The acquisition aims to bolster GigaCloud’s portfolio and solidify its position as a major player in the global furniture industry. “Customers can expect to benefit from a broader range of solutions and the combined expertise of both organizations,” the company said.
Noble House provides a wide range of case goods and upholstery including bedroom, dining room, living room and home entertainment furniture as well as home office and décor and accessories. It also offers a wide mix of outdoor seating, dining, occasional tables as well as firepits, hammocks and outdoor accessories and décor, including rugs, planters and umbrellas and gazebos. GigaCloud also offers a wide assortment of indoor and outdoor furniture similar to the categories offered by Noble House.
Larry Wu, founder, chairman and chief executive officer of GigaCloud, said that the purchase “aligns with our core strategy of building a diverse, large-scale B2B marketplace with high-quality, differentiated products. 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, described the acquisition as 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 over 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. We believe this acquisition substantially fortifies our ability to provide an enhanced B2B buying and selling experience for every participant on our marketplace.”
