×
258
Fashion Jobs
OASIS
Area Sales Manager For Food Processing Company - Pune
Permanent · Pune
OASIS
Area Sales Manager - Mumbai (Only From Fmgc)
Permanent · Thane
LEVI'S
IT Project Manager
Permanent · Bengaluru
VUCA CONSULTING
Area Sales Manager-Oem
Permanent · Bangarapet
CRESCENDO GLOBAL LEADERSHIP HIRING INDIA
Area Sales Manager | Personal/Hair Care | Chennai (2-5 Years)
Permanent · Chennai
MUTHOOT FINCORP (MFL)
Area Manager-Chirala
Permanent · Chirala
SCHEVARAN LABORATORIES
Area Sales Manager
Permanent · Pune
KONE
Vacancy For Production Manager-Chennai
Permanent · Chennai
KHS LG INNOVATION & ENGINEERING
Sales Manager
Permanent · Navi Mumbai
CLEANFIX-SCHEVARAN SYSTEM PVT LTD
Area Sales Manager
Permanent · Chennai
DECOTOUCH PAINTS LIMITED
Area Sales Manager
Permanent · Prayagraj
ALUDECOR LAMINATION
Asst. Area Sales Manager- Karnal
Permanent · Panipat
MILLION MINDS MANAGEMENT SERVICES LIMITED
Hiring Manager- Corporate Sales
Permanent · Bengaluru
RELIANCE RETAIL
Area Sales Manager
Permanent · Tiruchirappalli
STEPBEYD STRATEGIC GLOBAL CONSULTING PRIVATELIMITED
Area Manager /Area Sales Manager
Permanent · Salem
MONEYWISE FINANCIAL SERVICES
Area Sales Manager/ Regional Sales Manager (Asm/Rsm)
Permanent · Gurugram
DECOTOUCH PAINTS LIMITED
Area Sales Manager
Permanent · Prayagraj
YUTIKA NATURAL
Assistant Area Sales Manager - Maldah, Berhampore
Permanent · Malda
BAJAJ FINANCE
Sales Manager (Digital Product Finance)
Permanent · Hyderabad
BAJAJ FINANCE
Sales Manager (Digital Product Finance)
Permanent · Dankuni
BAJAJ FINANCE
Sales Manager (Consumer Durable)
Permanent · Asansol
INCITE HR SERVICES
Area Sales Manager | Business Development Manager
Permanent · Durg
By
Reuters
Published
Aug 8, 2016
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Steinhoff to buy Mattress Firm for $3.8 billion including debt

By
Reuters
Published
Aug 8, 2016

South African retailer Steinhoff International Holdings NV will buy Mattress Firm Holding Corp, the largest specialty bedding retailer in the United States, for $3.8 billion which includes debt, both companies said on Sunday.

Steinhoff to purchase Mattress Firm - Sleepys Mattress Professionals


Steinhoff said it will pay $64 per share, a premium of about 115 percent to Mattress Firm's Friday close in a deal that will create the world's largest mattress retail distribution company. The boards of both firms have approved the deal, the companies said in a statement.

The deal is subject to completion of a successful tender offer for Mattress Firm's shares. The transaction is expected to close in the third quarter of 2016, the companies said.

Mattress Firm, founded in 1986, has approximately 3,500 stores across 48 states with 80 distribution centers.

Steinhoff is a German-listed $22 billion furniture conglomerate led by South African retail mogul Christo Wiese who is also Steinhoff's chairman and largest shareholder.

Steinhoff, which owns brands in Africa, Australia, the U.K. and across Europe, last month agreed to pay nearly $800 million for British-based discount chain Poundland after two previous attempts to expand in Europe fell through this year.

The Mattress Firm Holding deal would give Steinhoff access to the growing U.S. market, and help diversify its operations and guard against possible repercussions following Britain's June vote to leave the European Union.

Markus Jooste, chief executive officer of Steinhoff, said the deal "will allow Steinhoff to not only enter the U.S. market with an industry leading partner and a national supply chain, but it will also expand Steinhoff's global market reach in the core product category of mattresses."

In February, Mattress Firm solidified its position as a leader in the U.S. mattress retail market when it completed its $780 million acquisition of HMK Mattress Holdings LLC, the holding company of Sleepy's. Sleepy's was the second largest specialty mattress retailer in the U.S. with over 1,050 stores in 17 states in the Northeast, New England, the Mid-Atlantic and Illinois.

Linklaters LLP acted as legal counsel to Steinhoff. Barclays PLC was financial advisor to Mattress Firm with Ropes & Gray LLP acting as legal counsel.



 

© Thomson Reuters 2023 All rights reserved.