Tempur Sealy Provides Update on Proposed Mattress Firm Acquisition
Tempur Sealy International (NYSE: TPX) has provided an update on its proposed acquisition of Mattress Firm, which is being challenged by the Federal Trade Commission. Litigation hearings are set to begin on November 12, 2024, with the company expecting the transaction to close in late 2024 or early 2025. In preparation, Tempur Sealy has entered into an agreement with Mattress Warehouse to divest 73 Mattress Firm locations and its Sleep Outfitters subsidiary, which includes 103 retail locations and seven distribution centers.
The divestiture is subject to the closing of the Mattress Firm acquisition and other conditions. Tempur Sealy will continue to supply its products to the divested stores. Upon completion of both transactions, Tempur Sealy expects to operate over 2,800 retail locations worldwide and anticipates that half of its North American sales will come from Mattress Firm operations. The company maintains its projection of $100 million in annual run-rate synergies by the end of year four after closing the Mattress Firm transaction.
Tempur Sealy International (NYSE: TPX) ha fornito un aggiornamento sulla sua proposta di acquisizione di Mattress Firm, che è attualmente contestata dalla Federal Trade Commission. Le udienze legali inizieranno il 12 novembre 2024, con l'azienda che prevede di concludere la transazione entro la fine del 2024 o l'inizio del 2025. In preparazione, Tempur Sealy ha stipulato un accordo con Mattress Warehouse per disinvestire 73 punti vendita di Mattress Firm e la sua filiale Sleep Outfitters, che comprende 103 punti vendita al dettaglio e sette centri di distribuzione.
Il disinvestimento è soggetto alla conclusione dell'acquisizione di Mattress Firm e ad altre condizioni. Tempur Sealy continuerà a fornire i propri prodotti ai negozi disinvestiti. Una volta completate entrambe le transazioni, Tempur Sealy prevede di operare oltre 2.800 punti vendita in tutto il mondo e prevede che la metà delle sue vendite in Nord America deriverà dalle operazioni di Mattress Firm. L'azienda mantiene la sua stima di 100 milioni di dollari in sinergie annuali entro la fine del quarto anno dopo la chiusura della transazione con Mattress Firm.
Tempur Sealy International (NYSE: TPX) ha proporcionado una actualización sobre su propuesta de adquisición de Mattress Firm, que está siendo impugnada por la Comisión Federal de Comercio. Las audiencias judiciales comenzarán el 12 de noviembre de 2024, y la empresa espera que la transacción se cierre a finales de 2024 o principios de 2025. En preparación, Tempur Sealy ha firmado un acuerdo con Mattress Warehouse para desinvertir 73 ubicaciones de Mattress Firm y su subsidiaria Sleep Outfitters, que incluye 103 ubicaciones de venta al por menor y siete centros de distribución.
La desinversión está sujeta al cierre de la adquisición de Mattress Firm y a otras condiciones. Tempur Sealy continuará suministrando sus productos a las tiendas desinvertidas. Una vez completadas ambas transacciones, Tempur Sealy espera operar más de 2,800 ubicaciones de venta al por menor en todo el mundo y anticipa que la mitad de sus ventas en América del Norte provendrán de las operaciones de Mattress Firm. La compañía mantiene su proyección de 100 millones de dólares en sinergias anuales al final del cuarto año después del cierre de la transacción con Mattress Firm.
템퍼 씨얼리 인터내셔널(뉴욕증권거래소: TPX)은 매트리스 퍼밈의 제안된 인수에 대한 업데이트를 제공했습니다. 이 인수는 연방거래위원회에 의해 법적 도전에 직면해 있습니다. 소송 청문회는 2024년 11월 12일에 시작될 예정입니다, 회사는 거래가 2024년 말 또는 2025년 초에 완료될 것으로 예상하고 있습니다. 준비를 위해 템퍼 씨얼리는 매트리스 웨어하우스와 협정 체결을 통해 73개의 매트리스 퍼밈 매장과 수면 아울피터스 자회사를 매각하기로 했습니다, 해당에는 103개의 소매 매장과 7개의 물류 센터가 포함됩니다.
매각은 매트리스 퍼밈 인수와 기타 조건의 종료에 따라 진행됩니다. 템퍼 씨얼리는 매각된 매장에도 계속해서 제품을 공급할 예정입니다. 두 거래가 모두 완료되면, 템퍼 씨얼리는 전 세계적으로 2,800개 이상의 소매 매장을 운영할 것으로 예상합니다 및 북미 매출의 절반이 매트리스 퍼밈 운영에서 발생할 것으로 예상합니다. 이 회사는 장기적으로 매트리스 퍼밈 거래 종료 후 4년 차 말까지 연간 1억 달러의 시너지 효과를 전망하고 있습니다.
Tempur Sealy International (NYSE: TPX) a fourni une mise à jour concernant son projet d'acquisition de Mattress Firm, qui est contesté par la Commission fédérale du commerce. Les audiences judiciaires doivent commencer le 12 novembre 2024, l'entreprise s'attendant à ce que la transaction se finalise fin 2024 ou début 2025. En préparation, Tempur Sealy a conclu un accord avec Mattress Warehouse pour se départir de 73 emplacements de Mattress Firm et de sa filiale Sleep Outfitters, qui comprend 103 points de vente au détail et sept centres de distribution.
Le désinvestissement est soumis à la conclusion de l'acquisition de Mattress Firm et à d'autres conditions. Tempur Sealy continuera à fournir ses produits aux magasins concernés. Une fois les deux transactions terminées, Tempur Sealy prévoit de faire fonctionner plus de 2 800 points de vente au détail dans le monde entier et anticipe que la moitié de ses ventes en Amérique du Nord proviendra des opérations de Mattress Firm. L'entreprise maintient son estimation de 100 millions de dollars en synergies annuelles d'ici la fin de la quatrième année après la clôture de la transaction Mattress Firm.
Tempur Sealy International (NYSE: TPX) hat ein Update zu seiner vorgeschlagenen Übernahme von Mattress Firm gegeben, die von der Federal Trade Commission angefochten wird. Die Gerichtsverhandlungen sollen am 12. November 2024 beginnen, wobei das Unternehmen erwartet, dass die Transaktion Ende 2024 oder Anfang 2025 abgeschlossen sein wird. Zur Vorbereitung hat Tempur Sealy eine Vereinbarung mit Mattress Warehouse getroffen, um 73 Standorte von Mattress Firm und seine Tochtergesellschaft Sleep Outfitters zu veräußern, die 103 Einzelhandelsstandorte und sieben Verteilungszentren umfasst.
Der Veräußern ist an den Abschluss der Übernahme von Mattress Firm und andere Bedingungen geknüpft. Tempur Sealy wird seine Produkte weiterhin an die veräußerten Geschäfte liefern. Nach Abschluss beider Transaktionen erwartet Tempur Sealy, weltweit über 2.800 Einzelhandelsstandorte zu betreiben und geht davon aus, dass die Hälfte seiner Umsätze in Nordamerika aus den Betrieben von Mattress Firm stammen wird. Das Unternehmen hält an seiner Prognose von 100 Millionen US-Dollar an jährlichen Synergien bis zum Ende des vierten Jahres nach dem Abschluss der Transaktion mit Mattress Firm fest.
- Potential expansion to over 2,800 retail locations worldwide
- Expected $100 million annual run-rate synergies by year four post-acquisition
- Agreement with Mattress Warehouse for divestiture to address FTC concerns
- Continued supply of Tempur Sealy products to divested stores
- FTC challenge to the Mattress Firm acquisition
- Delay in acquisition completion due to litigation process
- Divestiture of 176 retail locations and 7 distribution centers
- The litigation process is progressing; hearing dates set to begin in November 2024
- Executed agreement with Mattress Warehouse to divest certain Mattress Firm and Sleep Outfitters retail locations, subject to closing the Mattress Firm acquisition
The litigation process continues to progress, with hearings currently scheduled to begin on November 12, 2024, and expected to last two weeks. The Company continues to believe that a successful litigation process can be completed in the coming months, which would allow the transaction to close in late 2024 or early 2025, consistent with previous expectations.
In conjunction with the planned Mattress Firm acquisition, Tempur Sealy has entered into a purchase agreement with MW SO Holdings Company, LLC ("Mattress Warehouse"), a leading independently owned bedding specialty retailer, for the sale of 73 Mattress Firm retail locations and the Company's Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers.
Mattress Warehouse is a multi-branded retailer offering a full array of mattresses at various price points. Tempur Sealy will continue to supply its Tempur-Pedic, Stearns & Foster, and Sealy products to the divested Mattress Firm and Sleep Outfitters stores. The divestiture is subject to the closing of Tempur Sealy's acquisition of Mattress Firm and other customary closing conditions. It is expected to close approximately one quarter after the closing of the Mattress Firm transaction.
Company Chairman and CEO Scott Thompson commented, "As part of our engagement with the FTC on the proposed acquisition of Mattress Firm, we conducted a divestiture process, which led to an agreement with Mattress Warehouse, a company with extensive mattress retail experience, a strong capital base, and a capable leadership team."
"We are excited to welcome these stores and their talented teams into the Mattress Warehouse family," said Bill Papettas, CEO of Mattress Warehouse. "With our proven track record of growth and operational excellence, we are confident in the successful integration of these new locations into our expanding portfolio. This acquisition not only strengthens our market position but also enhances opportunities for our team members, vendor partners, and, most importantly, our customers, helping them live better lives through quality sleep."
Upon the closing of the Mattress Firm transaction and this divestiture, Tempur Sealy expects to operate over 2,800 retail locations worldwide and anticipates that half of its North American sales will come from the Mattress Firm operations. The Company continues to expect to realize annual run-rate synergies of
Forward-Looking Statements
This press release contains statements that may be characterized as "forward-looking" within the meaning of the federal securities laws. Such statements might include information concerning one or more of the Company's plans, guidance, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words "will," "expects," "plans," "proposed," "believes" and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company's expectations regarding the outcome of the pending litigation with the FTC, the expected Mattress Firm acquisition including expectations regarding post-closing supply agreements, future performance, integration of acquired companies with our business and the ability of the Company to close the Mattress Firm acquisition as well as the pending divestiture to Mattress Warehouse on the timeline indicated or at all. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.
Numerous factors, many of which are beyond the Company's control, could cause actual results to differ materially from any that may be expressed herein as forward-looking statements. These potential risks include risks associated with satisfaction of closing conditions prior to consummation of the acquisition, including the outcome of the pending litigation with the FTC, or the ability to obtain the required financing for the acquisition; Mattress Firm's ongoing operations; the ability to successfully integrate Mattress Firm into Tempur Sealy's operations and realize synergies from the transaction; the possibility that the expected benefits of the acquisition are not realized when expected or at all; general economic, financial and industry conditions, particularly conditions relating to the financial performance and related credit issues present in the retail sector, as well as consumer confidence and the availability of consumer financing; the impact of the macroeconomic environment in both the
About the Company
Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a leading designer, manufacturer, distributor, and retailer of bedding products worldwide, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.
Our highly recognized brands include Tempur-Pedic®, Sealy® and Stearns & Foster® and our popular non-branded offerings consist of value-focused private label and OEM products. At Tempur Sealy we understand the importance of meeting our customers wherever and however they want to shop and have developed a powerful omni-channel retail strategy. Our products allow for complementary merchandising strategies and are sold through third-party retailers, our 750+ Company-owned stores worldwide and our e-commerce channels. With the range of our offerings and variety of purchasing options, we are dedicated to continuing to turn our mission to improve the sleep of more people, every night, all around the world into a reality.
Importantly, we are committed to carrying out our global responsibility to protect the environment and the communities in which we operate. As part of that commitment, we have established the goal of achieving carbon neutrality for our global wholly owned operations by 2040.
Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
Investor.relations@tempursealy.com
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SOURCE Tempur Sealy International, Inc.
FAQ
When are the litigation hearings for Tempur Sealy's Mattress Firm acquisition set to begin?
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What are the projected annual run-rate synergies for Tempur Sealy (TPX) from the Mattress Firm acquisition?
