Kitchen eCommerce aggregator Kanaan targets Q4 Nasdaq Nordic IPO

Kanaan Sellers Group set to become Europe’s first publicly listed eCommerce aggregator

Kanaan Sellers Group, the European eCommerce operator behind a portfolio of kitchen, home, and outdoor living brands, has announced plans to go public on the Nasdaq First North Premier Growth Market, with a listing expected in early Q4.

The company, which was founded by former Goldman Sachs director Mike Vermeulen, is targeting a valuation of approximately €40 million. If successful, it would mark the first public listing of an eCommerce aggregator in Europe.

Kanaan has expanded to manage a dozen brands across nine European markets, generating a seven-figure EBITDA in 2024. Its product range now spans more than 400 SKUs, sold via platforms including Amazon, Otto and Galaxus, as well as through proprietary direct-to-consumer channels.

CEO and co-founder Mike Vermeulen 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.”

He added: “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.”

Unlike some early-stage aggregators, Kanaan has pursued what it describes as a focused and capital-efficient strategy, favouring equity financing over venture debt. The business is backed by Infinitas Capital, a next-generation single-family office led by investor Robin Lauber.

“We are extremely proud to support Kanaan Sellers Group as they continue to demonstrate their ability to create lasting value,” Lauber said.

“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.”

The Switzerland-based company is now looking to expand its footprint beyond continental Europe into the UK and U.S markets, as it seeks to capitalise on what it calls a “unique post-pandemic window of opportunity” to acquire high-quality, founder-led businesses at attractive valuations.

Kanaan’s flagship acquisition, Springlane – a multi-category kitchenware brand trading in six countries – is cited as a key proof point of the group’s buy-and-build strategy. Springlane has delivered significant revenue contributions and is supported by original content, direct-to-consumer channels, and a loyal customer base.

The planned IPO is expected to provide growth capital and enhance visibility as the global eCommerce market continues to expand, with total retail sales projected to reach $6.5 trillion by 2028. Kanaan says it is positioned to lead “value-driven consolidation” in what remains a fragmented sector.

Photo: AS Photography/Pexels