Getting into bed with Mattress Firm
Steve’s breakdown: These guys spend almost $200 million/year so we expect the new owners to take a close look at advertising. Be in the conversation. 713-923-1090
HOUSTON, TX: Mattress Firm Holding Corp., the nation’s largest mattress retailer, today announced the completion of its previously announced acquisition by Steinhoff International Holdings N.V. The acquisition was first announced by Mattress Firm on August 8, 2016 and closed and became effective today.
Steinhoff completed the acquisition of Mattress Firm concurrently with payment for the previously tendered shares in accordance with the merger agreement through a merger of an indirect wholly-owned subsidiary with Mattress Firm. All shares of Mattress Firm common stock not purchased in the tender offer (other than (i) treasury shares, (ii) shares owned by Steinhoff or Mattress Firm or any direct or indirect wholly-owned subsidiary of Steinhoff or Mattress Firm and (iii) shares held by a Mattress Firm stockholder who has properly exercised their dissenters’ rights of appraisal in respect of such shares) will be converted into the right to receive $64.00 per share. As a result of the completion of the transaction, the Company’s common stock will no longer be traded on the NASDAQ stock market.
Upon closing, Mattress Firm became a subsidiary of Steinhoff. Mattress Firm’s management, led by Steve Stagner, executive chairman, and Ken Murphy, president and CEO, will remain in place and continue to run Mattress Firm’s day-to-day activities.
“The transaction with Steinhoff is complete and I am delighted that Mattress Firm is now part of the Steinhoff organization,” commented Ken Murphy, president and CEO of Mattress Firm. “Steinhoff has a proven track record in the global mattress industry, and they share our vision for the growth and expansion of Mattress Firm. This is an exciting event for our customers, employees and business partners as we enter a new chapter for Mattress Firm. Our team remains committed to building a national chain under one banner in the U.S. and offering our guests a great night’s sleep.”
About Steinhoff International Holdings N.V.
Steinhoff is an integrated retailer that manufactures, sources and retails furniture, household goods and general merchandise in Europe, Africa and Australasia. Steinhoff’s vertically integrated business model is based upon a strategy of sourcing and manufacturing products at low cost and distributing them to its value-conscious customer base through its extensive retail footprint.
Steinhoff’s integrated retail divisions comprise of:
- Household goods comprising furniture and homeware retail businesses;
- General Merchandise focusing on clothing and footwear, accessories and homeware; and
- Automotive dealerships in South Africa which provide vehicles, parts, insurance, accessories and servicing.
Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. Steinhoff reported revenue and operating profit for the 12 months ended June 30, 2016 of €13.1 billion ($14.5 billion) and €1.5 billion ($1.6 billion) respectively. For more information, please visit www.steinhoffinternational.com.
About Mattress Firm Holding Corp.
With more than 3,600 company-operated and franchised stores across 49 states, Mattress Firm Holding Corp. (NASDAQ: MFRM) has the largest geographic footprint in the United States among multi-brand mattress retailers. Founded in 1986, Houston-based MFRM is the nation’s leading specialty bedding retailer with over $3.5 billion in pro forma sales in 2015. MFRM, through its brands including Mattress Firm, Sleepy’s and Sleep Train, offers a broad selection of both traditional and specialty mattresses, bedding accessories and other related products. More information is available at www.mattressfirm.com. The Company’s website is not part of this release.