BSET - Bassett Furniture Industries acquires online retailer Noa Home

• Bassett Furniture Industries ( NASDAQ: BSET ) said Tuesday it acquired Noa Home , a mid-priced e-commerce furniture retailer based in Montreal, Canada.
• The purchase price included cash payments of C$2M paid to Noa's co-founders and ~C$5.7M for repaying existing debt.
• The co-founders will also receive additional cash payments of C$1.3M per year for the next three fiscal years based on net revenue growth and meeting certain internal EBITDA goals.
• "The acquisition will provide BSET with a greater online presence and will allow us to attract more digitally native consumers," said CEO Rob Spilman.
• Noa has operations in Canada, Australia, Singapore and the U.K. and had net revenues of ~C$19.1M in its most recent fiscal year.

For further details see: