Kanaan Sellers Group Prepares for Nasdaq Nordic Listing

Business Wire

2 days ago

BASEL, Switzerland--(BUSINESS WIRE)--Kanaan Sellers Group ('Kanaan'), a leading European eCommerce aggregator focused on kitchen, home, and outdoor living brands, announces its intention to go public on the Nasdaq First North Premier Growth Market later this year, targeting a valuation around Euro 40mn in early Q4.
Founded by former Goldman Sachs Director Mike Vermeulen, Kanaan has built a robust and profitable business model in a challenging eCommerce environment. In an industry that has seen significant transformation including consolidation and shifts in strategies among aggregators, Kanaan has achieved profitable, sustainable growth by acquiring, operating, and scaling high-margin, niche consumer brands. Kanaan's focused and capital-efficient approach – favouring equity financing over venture debt for its initial acquisition phase – has proven to be a winning strategy.
Backed by Infinitas Capital, a next-gen single-family office led by Robin Lauber, Kanaan has grown to manage 12 brands across nine European markets, generating seven figure EBITDA in 2024. Kanaan runs a well-diversified product portfolio with over 400 SKUs sold across all major platforms – including Amazon, Otto and Galaxus – while its proprietary direct-to-consumer channels are driving growth and customer engagement. Kanaan has plans to expand beyond Europe into the UK and the US.
Mike Vermeulen, CEO and Co-Founder of Kanaan Sellers Group, said:
'Over the past three years, we have built a business that not only withstands a challenging market but does so profitably. In a frequently maligned sector, we have emerged as a standout performer. What sets us apart is our disciplined approach to capital allocation and acquisitions, even during market highs; best-in-class working capital financing; and an experienced team of professionals in finance, supply chain, and e-commerce. This is an opportune moment in the market, where high quality brands are available at extremely attractive valuations, and we have a proven business model to scale them.
'A Nasdaq Nordic listing would reflect both the strength of our European operations and the appeal of the region's diverse and engaged investors. It marks the next step in our growth and will provide a strong capital base to accelerate expansion.'
Kanaan's agile and opportunistic approach capitalises on the unique post-pandemic window of opportunity. This ability to act quickly in a buyer's market has allowed Kanaan to acquire quality, founder-led brands at compelling valuations.
Kanaan's flagship brand, Springlane, demonstrates the company's value creation strategy. A multi-category kitchen brand active in six countries, Springlane continues to contribute substantially towards overall revenues. It is a true multi-channel business, and direct-to-consumer channels are supported by original content and a loyal customer base. It is a case in point of Kanaan's ability to scale and integrate acquisitions, and serves as a repeatable blueprint for future growth.
The proposed IPO will provide growth capital and increased market visibility, strengthening Kanaan's ability to acquire and partner with founder-led business. As the global eCommerce retail market continues its upward trajectory, expected to reach $6.5 trillion by 2028, Kanaan is uniquely positioned to lead value-driven consolidation across a fragmented and undervalued sector.
'We are extremely proud to support Kanaan Sellers Group as they continue to demonstrate their ability to create lasting value. Mike and the team have built a profitable growth engine, driven by a clear strategy of identifying value, executing quickly, and integrating effectively. As they prepare to enter the public markets, we look forward to their continued success as they lead the next wave of eCommerce consolidation.'