GigaCloud completes acquisition of New Classic Home Furnishings

GigaCloud (GCT) Technology completed the acquisition of New Classic Home Furnishings. Founded more than 25 years ago in Fontana, California, New Classic serves over 1,000 retailer customers and offers a broad portfolio of more than 2,000 SKUs. The acquisition strengthens GigaCloud’s growing ecosystem by adding a well-established wholesale business with broadened retailer relationships and a proven product assortment. The acquisition was completed following the satisfaction of all customary closing conditions under the definitive Share Purchase Agreement. Under the terms of the agreement, GigaCloud acquired 100% of the outstanding equity of New Classic for total consideration of $18M on a debt-free basis, including a post-closing earn-out. The purchase price is subject to customary post-closing adjustments, including a net working capital adjustment. The transaction was funded from GigaCloud’s existing cash on hand and was unanimously approved by the Company’s Board of Directors.