Steinhoff Completes Purchase of Mattress Firm

September 20, 2016  by Jane Chero in Acquisition, Industry   

Mattress Firm said its management team, led by Executive Chairman Steve Stagner and President and CEO Ken Murphy, will remain in place.

"The transaction with Steinhoff is complete and I am delighted that Mattress Firm is now part of the Steinhoff organization," said Murphy. "Steinhoff has a proven track record in the global mattress industry, and they share our vision for the growth and expansion of Mattress Firm.

"This is an exciting event for our customers, employees and business partners as we enter a new chapter for Mattress Firm. Our team remains committed to building a national chain under one banner in the U.S. and offering our guests a great night's sleep."

Steinhoff paid $64 per share for the retailer, which put the total value of the deal at approximately $3.8 billion, including net debt.

It marks Steinhoff's first entry into the North American retail market.

Mattress Firm has more than 3,500 stores in 48 states and has annual sales of about $3.5 billion.