Houston-based Mattress Firm has announced that its acquisition by Steinhoff International has been completed, representing a representing a total equity value of around $2.4bn.
The American mattress retailer first announced the merger plans last month, 8 August 2016, and now Steinhoff have 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.
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.
Ken Murphy, president and CEO of Mattress Firm, said: “The transaction with Steinhoff is complete and I am delighted that Mattress Firm is now part of the Steinhoff organisation. 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.”