Latex International to Complete Pure Latexbliss Acquisition

September 29, 2011  by in UnCategorized   

By Home Furnishings Business in Acquisition on September 30, 2011

Foam mattress and pillow maker Latex International has signed a letter of intent to purchase the balance of Pure Latexbliss.

The deal is expected to close by the end of September.

Pure Latexbliss founders Kurt Ling and Joe Hunt will continue to be involved with the leadership of the brand. Latex International will continue to actively pursue its OEM business in North America with its key manufacturing and factory direct partners. Latex International currently does business in 60 countries around the world.

"In the past two years, Pure Latexbliss has become one of the fastest growing luxury mattress brands in the world, doing business in six countries. The brand has proven to be a successful alternative for retailers to maintain high tickets and increase margin dollars of specialty bedding consumers who are ready to spend $2,000 to $3,000 on a mattress but don't like the feel of memory foam," said Shelton, Conn.-based Latex International President and CEO Dave Fisher. "The latex industry needs a stable of strong brands to sit across from successful memory foam on retail floors, and retailers need more profitable alternatives in the specialty sleep market. We believe that Pure Latexbliss is a 'pure' stallion in our sector."

"Latex International has been a tremendous supporter of our company since inception," Ling said. "This deal is good for us personally and professionally. It allows Pure Latexbliss to go to the next level to service retailers and consumers."

Pure LatexBLISS was founded in 2009. Latex International bought a 51 percent stake in the company in the fall of 2010, and this transaction will bring its ownership interest to 100 percent, making it a wholly-owned subsidiary. As a part of this new direction, following its success with it€™ direct to retail pillow business, Latex International will transition from its Rejuvenite line to Pure Latexbliss branding.

Two retailers had encouraging reaction to the deal.

"Pure Latexbliss has been an important component of our merchandising and our success," said Steve Lytell of Mattress Xpress. "They have been an integral part of our floor in a big way since they started and I believe this change will help them service us better by being fully integrated under the Latex International umbrella."

"Pure Latexbliss is one of the greatest recent success stories of the mattress industry," said Bill Twelves of Olum's Furniture in Upstate New York. "They have built a product that is very different, easy to sell and provides margins that are unlike anything else on the floor because of the business model they use. It is exciting to watch them expand and step into this next chapter."