Bassett announces purchase of noa home inc.

Bassett, va., sept. 06, 2022 (globe newswire) -- bassett furniture industries, inc. (nasdaq: bset) announced today that it has acquired the capital stock of noa home inc. (“noa”), a mid-priced e-commerce furniture retailer headquartered in montreal, canada. noa has operations in canada, australia, singapore and the united kingdom and had net revenues of approximately c$19.1 million for its most recent fiscal year. the purchase price included cash payments of c$2.0 million paid to the co-founders of noa and approximately c$5.7 million for the repayment of existing debt. the noa co-founders will also have the opportunity to receive additional annual cash payments of c$1.33 million per year for the following three fiscal years based on established increases in net revenues and achieving certain internal ebitda goals.
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