Tempur Sealy Successfully Completes Acquisition of Mattress Firm
Tempur Sealy International (NYSE: TPX) has completed its acquisition of Mattress Firm, the nation's largest mattress specialty retailer, for approximately $5 billion. The deal was funded with $2.7 billion in cash and 34.2 million shares of common stock. The company will change its name to Somnigroup International effective February 18, 2025, and will trade under the ticker symbol 'SGI'.
On a pro forma basis, the combined company generated approximately $8 billion in sales over the previous twelve months ending December 31, 2024, with 85% from North America and 15% from International markets. About 65% of sales come from direct-to-consumer channels and 35% from third-party retailers.
The company expects to divest 73 Mattress Firm retail locations and its Sleep Outfitters subsidiary to Mattress Warehouse in Q2 2025. Peter Sachse, with over 30 years of retail leadership experience, has been appointed to the Board of Directors.
Tempur Sealy International (NYSE: TPX) ha completato l'acquisizione di Mattress Firm, il più grande rivenditore specializzato in materassi del paese, per circa 5 miliardi di dollari. L'operazione è stata finanziata con 2,7 miliardi di dollari in contante e 34,2 milioni di azioni ordinarie. L'azienda cambierà nome in Somnigroup International a partire dal 18 febbraio 2025 e sarà quotata con il simbolo ticker 'SGI'.
Su base pro forma, la società combinata ha generato circa 8 miliardi di dollari di vendite nei dodici mesi precedenti al 31 dicembre 2024, con l'85% proveniente dal Nord America e il 15% dai mercati internazionali. Circa il 65% delle vendite proviene da canali diretti al consumatore e il 35% da rivenditori terzi.
L'azienda prevede di dismettere 73 punti vendita Mattress Firm e la sua filiale Sleep Outfitters a Mattress Warehouse nel secondo trimestre del 2025. Peter Sachse, con oltre 30 anni di esperienza nella leadership retail, è stato nominato nel Consiglio di Amministrazione.
Tempur Sealy International (NYSE: TPX) ha completado su adquisición de Mattress Firm, el mayor minorista especializado en colchones del país, por aproximadamente 5 mil millones de dólares. El acuerdo se financió con 2.7 mil millones de dólares en efectivo y 34.2 millones de acciones comunes. La compañía cambiará su nombre a Somnigroup International a partir del 18 de febrero de 2025, y comercializará bajo el símbolo ticker 'SGI'.
Sobre una base pro forma, la empresa combinada generó aproximadamente 8 mil millones de dólares en ventas durante los doce meses anteriores que finalizaron el 31 de diciembre de 2024, con un 85% proveniente de América del Norte y un 15% de mercados internacionales. Alrededor del 65% de las ventas provienen de canales directos al consumidor y el 35% de minoristas externos.
La compañía espera desinvertir 73 ubicaciones de Mattress Firm y su subsidiaria Sleep Outfitters a Mattress Warehouse en el segundo trimestre de 2025. Peter Sachse, con más de 30 años de experiencia en liderazgo minorista, ha sido nombrado miembro de la Junta Directiva.
템퍼 실리 인터내셔널 (NYSE: TPX)가 미국 최대의 매트리스 전문 소매업체인 매트리스 퍼미를 약 50억 달러에 인수했습니다. 이 거래는 27억 달러 현금과 3420만 주의 보통주로 자금이 조달되었습니다. 이 회사는 2025년 2월 18일부터 솜니그룹 인터내셔널로 이름을 변경하고, 'SGI'라는 티커 심볼로 거래될 예정입니다.
프로 포르마 기준으로, 통합된 회사는 2024년 12월 31일 종료된 12개월 동안 약 80억 달러의 매출을 기록했으며, 그 중 85%는 북미에서, 15%는 국제 시장에서 발생했습니다. 약 65%의 매출은 소비자 직접 판매 채널에서, 35%는 제3자 소매업체에서 발생합니다.
이 회사는 2025년 2분기에 73개의 매트리스 퍼미 소매점과 자회사인 슬립 아우피터스를 매트리스 창고에 매각할 계획입니다. 30년 이상의 소매 분야 리더십 경험을 가진 피터 사흐스가 이사회에 임명되었습니다.
Tempur Sealy International (NYSE: TPX) a finalisé son acquisition de Mattress Firm, le plus grand détaillant spécialisé en matelas du pays, pour environ 5 milliards de dollars. L'accord a été financé par 2,7 milliards de dollars en espèces et 34,2 millions d'actions ordinaires. L'entreprise changera de nom pour devenir Somnigroup International à partir du 18 février 2025 et sera cotée sous le symbole boursier 'SGI'.
Sur une base pro forma, la société combinée a généré environ 8 milliards de dollars de ventes au cours des douze mois se terminant le 31 décembre 2024, dont 85% proviennent de l'Amérique du Nord et 15% des marchés internationaux. Environ 65% des ventes proviennent de canaux de vente directe aux consommateurs et 35% de détaillants tiers.
L'entreprise prévoit de céder 73 emplacements de Mattress Firm et sa filiale Sleep Outfitters à Mattress Warehouse au deuxième trimestre 2025. Peter Sachse, avec plus de 30 ans d'expérience en leadership de la vente au détail, a été nommé au conseil d'administration.
Tempur Sealy International (NYSE: TPX) hat die Übernahme von Mattress Firm, dem größten spezialisierten Matratzenhändler des Landes, für etwa 5 Milliarden US-Dollar abgeschlossen. Die Transaktion wurde mit 2,7 Milliarden US-Dollar in bar und 34,2 Millionen Stammaktien finanziert. Das Unternehmen wird seinen Namen am 18. Februar 2025 in Somnigroup International ändern und unter dem Tickersymbol 'SGI' gehandelt werden.
Auf pro forma Basis erzielte das fusionierte Unternehmen in den zwölf Monaten bis zum 31. Dezember 2024 einen Umsatz von etwa 8 Milliarden US-Dollar, wobei 85% aus Nordamerika und 15% aus internationalen Märkten stammten. Etwa 65% des Umsatzes kommen aus direkten Verkaufsstellen an Verbraucher und 35% von Drittanbietern.
Das Unternehmen erwartet, 73 Mattress Firm Einzelhandelsstandorte sowie seine Tochtergesellschaft Sleep Outfitters im 2. Quartal 2025 an Mattress Warehouse zu veräußern. Peter Sachse, der über 30 Jahre Erfahrung in der Einzelhandelsführung verfügt, wurde in den Vorstand berufen.
- Acquisition creates an $8 billion revenue company
- Stock price increased 80% since transaction announcement
- Enhanced market presence with broader U.S. retail footprint
- Improved direct-to-consumer channel representing 65% of sales
- Strong North American presence accounting for 85% of sales
- Significant debt increase with $2.7 billion cash payment for acquisition
- Divestiture of 176 retail locations and seven distribution centers required
- Substantial share dilution through issuance of 34.2 million new shares
Insights
The completion of Tempur Sealy's
The strategic decision to operate Mattress Firm, Dreams and Tempur Sealy as decentralized units under the new Somnigroup International banner is particularly astute. This structure preserves brand equity and operational autonomy while enabling cross-pollination of best practices and supply chain optimization. The resulting revenue mix -
Several key strategic elements warrant attention:
- The mandated divestiture of 73 Mattress Firm locations and Sleep Outfitters subsidiary (103 stores) to Mattress Warehouse addresses regulatory concerns while maintaining competitive dynamics
- The enhanced manufacturing-retail integration should yield significant supply chain efficiencies and improved inventory management
- Geographic diversification with
85% North American and15% international sales provides balanced exposure and growth opportunities - The appointment of Peter Sachse to the board adds important omnichannel retail expertise at a critical juncture
The market's emphatic approval, reflected in an
The integration strategy reveals sophisticated planning that prioritizes value preservation while enabling transformational benefits. The decision to maintain Mattress Firm and Dreams as independent multi-branded retailers while preserving Tempur Sealy's manufacturing relationships with third-party retailers demonstrates a nuanced understanding of value chain dynamics.
Critical success factors in the integration include:
- Preservation of existing supplier relationships mitigates disruption risks and maintains competitive dynamics in the supply chain
- Decentralized operational model reduces integration complexity and preserves customer relationships
- Multi-brand strategy retention allows for market segmentation and targeted customer acquisition
- Continued service to third-party retailers maintains healthy channel diversity
The timing of the divestitures in Q2 2025 provides a structured approach to regulatory compliance while ensuring operational continuity. The expanded board composition with retail expertise suggests a governance structure aligned with the enhanced operational complexity of the combined entity.
- Announces Tempur Sealy International, Inc to Change its Name to Somnigroup International Inc., Reflecting Acceleration of Omni-Channel Strategy
- Hosting Business Update Call on February 6, 2025
In a separate release today, the Company announced it will change its name to Somnigroup International Inc. ("Somnigroup"), effective February 18, 2025. Mattress Firm, Dreams and Tempur Sealy will operate as decentralized business units under Somnigroup International. Mattress Firm and Dreams will continue to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, will continue to serve third-party retailers as well as Mattress Firm, Dreams and Tempur Sealy direct-to-consumer channels.
On a pro forma basis for the acquisition of Mattress Firm, the Company generated approximately
Chairman and CEO Scott Thompson said, "We have collaborated with Mattress Firm for over 35 years, and we are thrilled to welcome them into the Tempur Sealy, soon Somnigroup, organization. The addition of Mattress Firm will unlock incremental benefits for all stakeholders by accelerating our
Thompson continued, "We would like to extend our heartfelt thanks to all Tempur Sealy and Mattress Firm employees and suppliers for their unwavering dedication, hard work, and continued support every day. Your commitment to our mission to deliver better sleep is the cornerstone of our success. We also wish to express our deep gratitude to our legal counsel, financial advisors, and lenders, all of whom provided exceptional expertise and best-in-class capabilities that have been invaluable throughout this transaction. Finally, we would like to recognize our shareholders for their steadfast support of this transaction and their continued belief in our long-term strategy, a confidence that is clearly reflected by the
In connection with the closing of this transaction, the Company is expanding its Board of Directors through the appointment of Peter Sachse, effective today. Mr. Sachse brings more than 30 years of executive leadership experience in retail, including serving as CEO of Tailored Brands, Inc., a men's omnichannel retailer, and previously spending 34 years in various positions at Macy's, Inc.
Thompson added, "We are pleased to have Peter Sachse join our Board of Directors and welcome his unique insights garnered through years of service in retail and on the Mattress Firm Board of Directors. His deep industry expertise will provide invaluable support as we navigate our next phase of growth."
Financial Terms of the Acquisition
The total purchase price was approximately
The Company expects to complete the previously announced divestiture of 73 Mattress Firm retail locations and the Company's Sleep Outfitters subsidiary, which includes 103 specialty mattress retail locations and seven distribution centers, to MW SO Holdings Company, LLC ("Mattress Warehouse") in the second quarter of 2025.
Cleary Gottlieb Steen & Hamilton LLP and Beck Redden LLP served as legal counsel and J.P. Morgan Securities LLC served as sole financial advisor to the Company. Simpson Thacher & Bartlett LLP served as legal counsel and Goldman Sachs & Co. LLC, Barclays, and Jefferies LLC served as financial advisors to Mattress Firm.
At the time of the Company's name change, shares of Somnigroup International Inc. common stock will trade on the NYSE under ticker symbol "SGI".
Business Update Call
The Company will hold a conference call on Thursday, February 6, 2025 at 8:00 a.m. Eastern Time to discuss the information in this release.
The Company has a separate conference call scheduled to discuss the Fourth Quarter and Full Year 2024 financial results on Thursday, February 20th, 2025 at 8:00 a.m. Eastern Time.
The calls will be webcast and can be accessed on the Company's investor relations website at investor.tempursealy.com. After the conference calls, webcast replays will remain available on the investor relations section of the Company's website for 30 days.
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," "targets," "expects," "anticipates," "plans," "proposed," "intends," 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 completed Mattress Firm acquisition, including expectations regarding future performance and integration of Mattress Firm with our business. 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 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 Tempur Sealy International, Inc.
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 over 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.
800-805-3635
Investor.relations@tempursealy.com
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SOURCE Tempur Sealy International, Inc.
FAQ
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