Sleep Country taken private
By Furniture Today Staff -- Furniture Today, October 13, 2008
TORONTO — Sleep Country Canada has gone private with the completion of the friendly takeover by two investment firms based here.
Birch Hill Equity Partners Management and Westerkirk Capital said they acquired just over 9.55 million units of Sleep Country Canada Income Fund at C$22 per unit, for a total of C$210.1 million. About 70.2% of the outstanding trust units were tendered.
The new company now holds about 80% of the outstanding trust units. Unit holders who did not tender their holding under the offer will lose them, and will be paid C$22 per unit. The only exceptions are units owned by Sleep Country President Christine Magee and Stephen Gunn, chairman and CEO.
The company is now owned by Birch Hill, Westerkirk, Magee and Gunn.
Magee and Gunn will continue in their current roles.
