Sun buys mattress maker
Ellmans leave International Bedding
By David Perry -- Furniture Today, May 31, 2007
Boca Raton, Fla. — Boca Raton, Fla.— Sun Capital Partners has added a bedding producer to its home furnishings portfolio with the acquisition of a controlling interest in fast-growing International Bedding, based in Fort Lauderdale, Fla.
Terms of the deal were not disclosed.
Neil Ellman, former president of International Bedding, said the founding Ellman family is leaving the company to pursue other interests within and outside the furniture industry.
One venture will be overseeing Interflex, a Tennessee-based producer of adjustable bed bases.
Sun Capital, a private equity firm specializing in leveraged buyouts and investments, said last week that one of its affiliates has acquired a majority stake in International Bedding.
IB has nine plants operating in seven states with estimated revenues of $129 million in 2005, the latest year for which numbers are available. That was a 33% increase over 2004.
The company ranks No. 8 on Furniture/Today's list of the Top 15 U.S. Bedding Producers.
The company has been headed by Leon Ellman and his sons Neil and Lance, all regarded by bedding veterans as savvy operators.
Neil Ellman said Sun Capital is "a fantastic partner for International Bedding and its employees." He noted that Sun has about $10 billion under management and has furniture industry experience through its affiliates' previous ownership of Mattress Firm and current ownership of Wickes Furniture, Nationwide Furniture, Lexington Home Brands, Powell Co., Rowe Furniture and Berkline/BenchCraft.
"We are confident that the deep operating experience Sun Capital and its affiliates have within the furniture and mattress industries will be instrumental in ensuring the future success of International Bedding," said Ellman.
He said his family is proud of what it has achieved in the bedding industry.
Leon, Neil and Lance Ellman will be involved in the Interflex business. Joe Piana, formerly with Orthomatic, has been named president of Interflex, which will be based in the former Sherwood facility in Spring City, Tenn.
"We are extremely excited to go back to an entrepreneurial environment," Neil Ellman said. He said he and Lance will continue to be based in Fort Lauderdale, Fla.
Jason Neimark, managing director of Sun Capital Partners, described International Bedding as "a well-established, nationally recognized manufacturer of quality mattresses and mattress foundations. We look forward to working with the company's employees to continue to grow and enhance the great business the Ellman family has built over the past 33 years."
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Sun Capital affiliate acquires International Bedding
May 22, 2007
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