Mattress Firm acquired
Top managers get stake, eye speeded growth
By Furniture Today Staff -- Furniture Today, February 4, 2007
Houston — J.W. Childs, a Boston-based private equity firm, and senior management of Mattress Firm here have acquired the Top 100 sleep shop chain from majority shareholder Sun Capital Partners and plan to speed up expansion.
Terms weren't disclosed, but a Standard & Poor's report on Mattress Firm's holding company referred to a $450 million acquisition.
The retailer has over 355 stores in 32 markets and 19 states, and is ranked No. 25 on Furniture/Today's Top 100 with estimated 2005 sales of $356 million at a then-314 stores.
Mattress Firm CEO Gary Fazio and President Steve Stagner are co-investors and will continue to lead the company. Fazio said that while the pair has a minority stake, "it is considerable. We're important owners of the company."
Acquired by Sun Capital in October 2002, the retailer added a net 41 stores in 2006, including 23 with its August acquisition of Chandler, Ariz.-based Metropolitan Mattress, ending the year with 355 stores, including 55 franchise locations, and about $440 million in sales.
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