M&A Deal Summary

Mattress Firm Acquires Sleepy’s

On November 30, 2015, Mattress Firm acquired retailer Sleepy’s from Calera Capital for 780M USD

Acquisition Highlights
  • This is Mattress Firm’s 5th transaction in the Retail sector.
  • This is Mattress Firm’s largest (disclosed) transaction.
  • This is Mattress Firm’s 6th transaction in the United States.
  • This is Mattress Firm’s 1st transaction in Massachusetts.

M&A Deal Summary

Date 2015-11-30
Target Sleepy’s
Sector Retail
Buyer(s) Mattress Firm
Sellers(s) Calera Capital
Deal Type Add-on Acquisition
Deal Value 780M USD
Advisor(s) Morgan Stanley (Financial)
Gibson, Dunn & Crutcher (Legal)

Target

Sleepy’s

West Springfield, Massachusetts, United States
Sleepy’s, The Mattress Professionals®, is a privately-owned fourth generation company with over 800 retail locations in thirteen states, spanning from New Hampshire to North Carolina and available nationally through www.sleepys.com.

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Buyer(S) 1

Buyer

Mattress Firm

Houston, Texas, United States

Category Company
Founded 1986
Sector Retail
Employees6,900
Revenue 2.5B USD (2016)
DESCRIPTION
Mattress Firm's flagship store in Houston, Texas.
Mattress Firm's flagship store in Houston, Texas.

Mattress Firm is multi-brand mattress retailer. Mattress Firm brands include Mattress Firm, Sleepy's and Sleep Train, offers a broad selection of both traditional and specialty mattresses, bedding accessories and other related products. Mattress Firm was formed in 1886 and is based in Houston, Texas.


DEAL STATS #
Overall 6 of 6
Sector (Retail) 5 of 5
Type (Add-on Acquisition) 6 of 6
State (Massachusetts) 1 of 1
Country (United States) 6 of 6
Year (2015) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-04 The Sleep Train

Rocklin, California, United States

Sleep Train is a specialty retailer, recognized as the West Coast's major bedding specialty retailer, offering a broad selection of both traditional and specialty mattresses, bedding accessories and related products from leading manufacturers. With more than 300 company-operated across six states, Sleep Train has the largest geographic footprint on the West Coast among multi-brand mattress specialty retailers. Sleep Train delivers its customers healthier lives, one mattress at a time, through its service oriented selling approach and strong community outreach.

Buy $425M

Seller(S) 1

SELLER

Calera Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1991
PE ASSETS 3.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Calera Capital Partners LP is a private equity firm that targets investments in mid-sized North American businesses valued up to $750 million. Calera Capital looks to invest at least $35 million of equity capital per transaction. Target industries include manufacturing, software, healthcare, consumer products and services. Prospective transaction situations include leveraged recapitalizations of privately held companies, restructurings, growth financings/acquisitions, corporate spin-offs, and take-private situations. Calera seeks businesses with leading market positions, attractive margins, and strong organic growth. Calera Capital was formerly known as Fremont Partners, a unit of the Fremont Group. Calera Capital was formed in 1991 and has offices in San Francisco, California and Boston, Massachusetts.


DEAL STATS #
Overall 16 of 24
Sector (Retail) 1 of 1
Type (Add-on Acquisition) 3 of 7
State (Massachusetts) 1 of 2
Country (United States) 15 of 21
Year (2015) 3 of 3
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-08 Transaction Services Group

Auckland, New Zealand

Transaction Services Group is a full service outsourced provider of highly differentiated solutions and technology that enables businesses to efficiently accept recurring payments from customers. Transaction Services Group was founded in 2007 and is based in Auckland, New Zealand.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-10 Carnegie Fabrics

Rockville Centre, New York, United States

Carnegie Fabrics is a supplier and innovator of sustainable textiles and wallcoverings for the corporate, healthcare, hospitality, and education building markets. The company is a tradition of firsts, including the development of its own xorel fabrics, which provide a durable alternative to PVC materials and Biobased xorel, the first plant based high performance textile in the world. Carnegie has built a reputation for its ongoing and comprehensive commitment to the environment through all parts of its business cycle. Carnegie Fabrics was founded in 1950 and is based in Rockville Centre, New York.

Buy -