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Posture Beauty acquires Bedford Furniture assets

Bedford executives remain with company

Michael Knell -- Furniture Today, October 17, 2009

CALGARY, Alberta — Satpanth Capital, the owners of the independent Posture Beauty mattress line, has acquired the assets of Bedford Furniture, producers of the King Koil mattress brand in Canada.

The Posture Beauty mattress brand sells mainly in western Canada. Satpanth also is the owner of Park Avenue Furniture, a manufacturer and importer of upholstery and case goods.

Terms of the deal were not disclosed.

Alykhan Sunderji, Park Avenue vice president, said the deal creates of a mattress company that has a combined 500,000 square feet of manufacturing space, some 250 employees and C$70 million in annual sales. The new company has two factories in Calgary and one in the Toronto suburb of Vaughan.

Bedford's existing senior management team will continue with the new company. Allan Erlick, formerly president and owner of Bedford Furniture, will be president of eastern operations for the new company, and also will have an equity interest in it.

Bedford's longtime vice president of sales, Larry Lewis, will continue in that role.

Sunderji will become president of the new company and all will report to Satpanth Capital Chairman Shiraz Sunderji.

"Going forward, all product lines of King Koil will continue to be produced both in Toronto and Calgary," Alykhan Sunderji said. "No changes will be made to existing programs, products or lineups. Satpanth Capital will continue to honor all warranties, rebates and programs set up with customers by Bedford Furniture."

Until a few years ago, the Posture Beauty was distributed in eastern Canada as well as in the West. Sunderji said the acquisition will provide a platform to reintroduce the brand.

"We used to have a fairly solid presence five years ago," he said. "And now with the new manufacturing facility, we will have the ability to introduce new lineups and target a new customer base."

Sunderji said King Koil's Quebec licensee, the Laval-based Mirabel Mattress, "will continue to be our partners in Quebec and will continue to sell and service King Koil customers throughout the province in an exemplary fashion as they have in the past."

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Posture Beauty owner buys Bedford assets

Nov 2, 2009

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