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Sealy Shareholder Rips Buyout Owner KKR
March 12,
2012 by in UnCategorized
By Aggregated Content in Bedding on March 13, 2012
from http://www.nypost.com/p/news/business/feather_bedding_L3eYISlZ8lI7dps4R5NFsK
Henry Kravis KKR & Co. stuffed its Sealy Mattress company with too much debt, contributing to the manufacturers loss of 90 percent of its value, the second-largest shareholder in the bedding maker claims.
Distressed investor H Partners, in a letter to Sealy's corporate governance committee, also claims KKR, which owns 45 percent of Sealy, paid itself $900,000 for a CEO search and made strategic errors in management. Dean Nelson, head of KKRs consulting unit, comes under fire in the letter for having excessive influence on the Sealy board.
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