M&A Deal Summary

Thomas H. Lee Partners Acquires Simmons

On November 17, 2003, private equity firm Thomas H. Lee Partners acquired consumer products company Simmons from Fenway Partners for 1.1B USD

Acquisition Highlights
  • This is Thomas H. Lee Partners’ 3rd transaction in the Consumer Products sector.
  • This is Thomas H. Lee Partners’ 22nd largest (disclosed) transaction.
  • This is Thomas H. Lee Partners’ 12th transaction in the United States.
  • This is Thomas H. Lee Partners’ 1st transaction in Georgia.
Investment Fate
  • Simmons went bankrupt in 2009 for 760M USD.
  • Simmons merged with another company in 2018.

M&A Deal Summary

Date 2003-11-17
Target Simmons
Sector Consumer Products
Buyer(s) Thomas H. Lee Partners
Sellers(s) Fenway Partners
Deal Type Secondary Buyout
Deal Value 1.1B USD
Advisor(s) Goldman Sachs
Wells Fargo Securities (Financial)
Ropes & Gray (Legal)

Target

Simmons

Atlanta, Georgia, United States
Simmons is the second-largest bedding manufacturer in the United States and a world leader in pocketed coil spring technology. Simmons mattresses are distributed under renowned brand names such as Beautyrest and BackCare.

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Buyer(S) 1

Buyer

Thomas H. Lee Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1974
PE ASSETS 35.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thomas H. Lee Partners (THL) is a private equity firm that seeks buyout, expansion, consolidation, distressed, and recapitalization investments across various industries. Sectors of interest include business and information services, consumer products/retail, financial services, healthcare, industrial, and media/communications. THL looks to invest $100 to $400 million in companies valued up to $2.5 billion. THL was formed in 1974 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 16 of 90
Sector (Consumer Products) 3 of 4
Type (Secondary Buyout) 3 of 32
State (Georgia) 1 of 6
Country (United States) 12 of 77
Year (2003) 5 of 5
Size (of disclosed) 22 of 28
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-11-01 Michael Foods

Minnetonka, Minnesota, United States

Michael Foods is a producer of value-added food products and service solutions to customers across the foodservice, retail and food ingredient channels. It holds market positions in attractive categories including value-added egg products, refrigerated potato products and cheese and other dairy case products.

Buy $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-07 Progressive Moulded Products

Vaughan, Ontario, Canada

Progressive Moulded Products Limited went out of business. Progressive Moulded Products Limited, a plastic injection molding company, engages in designing, manufacturing, and supplying interior plastic assemblies for cars and light trucks in North America. The company offers plastic interior subsystems and components, as well as related production moulds. It serves automotive organizations and system integrators. The company was founded in 1967 and is based in Vaughan, Canada. It operates manufacturing plants in the United States and Canada.

Buy -

Seller(S) 1

SELLER

Fenway Partners

Westerly, Rhode Island, United States

Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 2.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Fenway Partners is a private equity firm focused on investments in the consumer products and transportation/logistics/distribution sectors. Fenway looks for profitable companies with positive cash-flow and 'strong franchises. Prospective companies are generally valued between $100 and $600 million with $15 to $75 million of EBITDA. The Firm's investment horizon is four to six years. Fenway Partners was formed in 1994 and maintains offices in New York City and Los Angeles.


DEAL STATS #
Overall 3 of 15
Sector (Consumer Products) 1 of 3
Type (Secondary Buyout) 3 of 9
State (Georgia) 1 of 2
Country (United States) 3 of 14
Year (2003) 1 of 1
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-08 Riddell Sports Group

Rosemont, Illinois, United States

Riddell Sports Group, Inc. is a provider and reconditioner of branded athletic equipment, uniforms, and practice gear for young men and women. Riddell Sports Group was formed in 1922 and is based in Rosemont, Illinois.

Buy $100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-01 Balfour

Dallas, Texas, United States

Balfour is a manufacturer of customized products including jewelry, class rings, championship rings, and graduation announcements for high schools and universities across the country.

Buy -