Sun Capital Partners acquires bedding source Sleep Innovations
Larry Thomas -- Furniture Today, November 20, 2012
WEST LONG BRANCH, N.J. — Sleep Innovations, a supplier of foam mattresses, mattress toppers, pillows and other sleep accessories, announced it has been acquired by the investment firm Sun Capital Partners for an undisclosed sum.
The transaction, which closed Monday, marks Sun Capital's latest foray into the home furnishings business. The firm has taken stakes in numerous furniture manufacturers and retailers in the past decade and currently owns producers Lexington Home Brands and Rowe.
"Sleep Innovations is pleased to join the Sun Capital portfolio," said Michael Thompson, president and CEO. "This partnership will fuel our continued investment in research and development, expand our operations, drive new product and category innovation, and accelerate our strategic growth plan."
He said the company introduced more than 70 products in 2011 and has more than 140 new products in development.
Its products are sold under a variety of brand names, including Bodipedic, Novaform and Sleep Innovations. It also produces a number of private-label products.
Marc Leder, co-CEO of Sun Capital, said the firm will tap into the bedding industry expertise it gained when it owned a stake in retailer Mattress Firm in the mid-2000s.
"Sleep Innovations will benefit from our deep experience in the bedding and retail industries as the company looks to continue on its growth trajectory," said Leder.
The investment banking firm Sawaya Segalas & Co., which was retained by Sleep Innovations in January, was the company's exclusive financial advisor in the transaction.