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.
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