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MMP, KKR, Bain to buy Toys 'R' Us

Deal valued at $6.6 Bn

By Furniture Today Staff -- Furniture Today, March 17, 2005

WAYNE, N.J. -- Vornado Realty Trust, owner of Merchandise Mart Properties, has teamed with the majority owner of Sealy and the bedding major's former owner to acquire retailer Toys "R" Us.

Under terms of a newly announced $6.6 billion deal, Vornado will own one-third of the giant toy retailer. Kohlberg Kravis Roberts & Co., the majority owner of Sealy, will own another third, and Bain Capital Partners will own the remainder.

KKR acquired Sealy from Bain Capital in a $1.5 billion deal that closed last April.

Merchandise Mart Properties is the second-largest showroom owner in High Point. Its holdings include Market Square, Furniture Plaza, and Hamilton Market.

The three investment entities are acquiring the entire Toys "R" Us chain as well as its Babies "R" Us stores. The retailer has about 1,500 stores worldwide, including 681 toy stores and 218 baby stores in the U.S.

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Industry-linked investors set to acquire Toys 'R' Us

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