From Home Furnishing Business
Mattress Firm Acquisition Set To Close By End Of Third Quarter
Bedding retailer Mattress Firm (MFRM) said its acquisition by South African retail giant Steinhoff International Holdings N.V. (SNH) should be closed by the end of the third quarter following receipt of an early termination notice of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act.
Earlier this month, Mattress Firm, the nation’s largest chain of sleep shops, agreed to be acquired by Steinhoff in a blockbuster deal worth about $3.8 billion.
Under terms of the proposed purchase, Mattress Firm would become a subsidiary of Steinhoff and retain its current headquarters in Houston. Mattress Firm Chairman Steve Stagner and President and CEO Ken Murphy would remain in their positions, with Stagner joining Steinhoff’s executive committee.
The retailer has more than 3,500 stores and 75 distribution centers in 48 states.
Steinhoff is a vertically integrated retailer that produces, sources and sells furniture, household goods and apparel in Europe, Africa and Australia and Asia. The Mattress Firm deal represents is first venture in North America.