Kanaan Sellers Group intends to go public on the Nasdaq First North Premier Growth Market in early fourth quarter, targeting a valuation of ~€40 million.
The European e-commerce aggregator focused on kitchen, home, and outdoor living brands founded by former Goldman Sachs Director Mike Vermeulen, has reportedly built a robust and profitable business model in a challenging e-commerce environment.
“In an industry that has seen significant transformation including consolidation and shifts in growth strategies among aggregators, Kanaan has distinguished itself by achieving profitable, sustainable growth by acquiring, operating, and scaling high-margin, niche consumer brands,” the company said in a media release. “Kanaan’s focused and capital-efficient approach to acquisitions and growth – 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, according to a company statement. Kanaan said it 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 playing an increasing strategic role in driving growth and customer engagement. Kanaan said it has plans to expand beyond Europe into the UK and the U.S., but no immediate plans were disclosed.
“Over the past three years, we have built a business that not only withstands a challenging market but does so profitably,” stated Mike Vermeulen, CEO and co-founder, Kanaan Sellers Group. “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 a highly 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.”
Vermeulen went on to say that a Nasdaq Nordic listing would reflect both the strength of the company’s European operations and the appeal of the region’s diverse and engaged investor base.
“It marks the next step in our growth and will provide a strong capital base to accelerate expansion,” he said.
The proposed IPO is expected to provide growth capital and increased market visibility, strengthening Kanaan’s ability to acquire and partner with founder-led business. As the global e-commerce retail market continues its upward trajectory, expected to reach $6.5 trillion by 2028, Kanaan said it is uniquely positioned to lead a new wave of 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,” added Robin Lauber, founder, Infinitas Capital. “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 e-commerce consolidation.”
Image courtesy Kanaan Sellers Group
