Time to pounce: Mattress Firm & Sleepy’s
HOUSTON, TX & HICKSVILLE, NY: The nation’s two leading mattress specialty firms are one.
On Friday, Mattress Firm completed its $780 million acquisition of rival Sleepy’s. The combined company will have annual sales of over $3.6 billion through approximately 3,500 retail locations in 48 states.
“We are excited about the opportunities our combined company will offer our customers, employees, business partners, vendors and shareholders, as the first truly border-to-border and coast-to-coast, multi-brand mattress specialty retailer,” stated Steve Stagner, Mattress Firm’s CEO.
Effective immediately, Adam Blank, previously Sleepy’s COO and general counsel, will become president of Sleepy’s. In his expanded Blank will report directly to Stagner and support the continued growth of Sleepy’s, as well as the evaluation and integration of best practices across the combined company.
Houston-based Mattress Firm in the nation’s largest mattress specialty chain, with 2,400 stores. Sleepy’s, based in Hicksville, New York, is the second largest, with 1,050 stores in 17 states, mostly in the Northeast.
Mattress Firm said it expects to generate annual synergies of approximately $40 million by fiscal 2018.