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TPX

Tempur Sealy

$86.76 /

-1.28 (-1.45%)

15:28
01/24/20
01/24
15:28
01/24/20
15:28

Tempur Sealy to acquire majority stake in Sherwood Bedding for about $40M

Tempur Sealy announced that it has signed a definitive agreement to acquire a majority ownership interest in a newly formed limited liability company which will contain at closing substantially all of the assets of Sherwood Acquisition Holdings, a leading manufacturer in the U.S. private label/original equipment manufacturer bedding market. Sherwood Bedding operates four manufacturing facilities and is a top 10 U.S. bedding producer. Tempur Sealy's expected stake in Sherwood Bedding will mark the company's entrance into the private label category, creating a complete suite of product offerings ranging from Sherwood Bedding's non-branded private label products to the company's well-known branded products, including Tempur-Pedic, Sealy, and Stearns & Foster. The company expects to purchase an 80% stake in Sherwood Bedding for approximately $40M. The transaction will be financed through a combination of cash on hand and a borrowing under its existing credit facilities. The Ellman Family, a third-generation bedding manufacturer, will maintain a 20% ownership interest in Sherwood Bedding. Sherwood Bedding will be operated as a standalone, independent business unit within the company and will continue to be led by its current management team. The transaction is expected to close within the first quarter of 2020. Sherwood Bedding is a low-cost, high-value producer of private label and OEM products for third-party retailers and in the contract bedding market. Sherwood Bedding has estimated annual wholesale revenues of over $150M and expects to fund its own future growth and be accretive to the Company's earnings in 2020. The company believes that over time cost synergies can be realized to benefit all brands and customers. No personnel reductions are expected.

  • 27

    Jan

  • 13

    Feb

TPX Tempur Sealy
$86.76 /

-1.28 (-1.45%)

01/16/20 Raymond James
Purple Innovation price target raised to $13 from $11 at Raymond James
01/07/20 BofA
Aaron's, Lowe's positioned for outperformance in 2020, says BofA
12/13/19 Piper Sandler
Tempur Sealy remains attractive name for 2020, says Piper Jaffray
11/04/19 SunTrust
Tempur Sealy price target raised to $90 from $78 at SunTrust

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Upgrade
Fly Intel: Top five analyst upgrades » 10:02
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Downgrade
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Initiation
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Hot Stocks
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Hot Stocks
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Hot Stocks
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+1.63 (+16.80%)

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General news
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On The Fly
Chewy upgrade, Shake Shack downgrade among today's top analyst calls » 09:58
02/21/20
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09:58
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Check out today's top…

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Options
Early notable gainers among liquid option names on February 21st » 09:55
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Notable gainers among…

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Conference/Events
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