Daily News
From Home Furnishing Business
Sleep Country Announced Intention to Purchase Silk and Snow Retailer
December 27,
2022 by HFBusiness Staff in Business Strategy, Industry 
Sleep Country Canada Holdings Inc., Canada's omnichannel specialty sleep retailer, announced its intention to acquire 100 % ownership of Silk & Snow, one of Canada's fastest growing direct-to-consumer sleep brands specializing in sleep and lifestyle products.
Following a successful Kickstarter campaign in 2017, Silk & Snow launched its ecommerce site www.silkandsnow.com with its made-in-Canada single memory foam mattress. Co-founded by Albert Chow, and Kenneth Mo the Company has grown into a one-stop, curated lifestyle brand offering mattresses, furniture, bed essentials and its new bath lineup.
For three consecutive years, Silk & Snow has been ranked as one of the fastest growing companies in Canada. In 2020, Silk & Snow made Canadian Business' top 10 start-up list ranking of Canada's Fastest Growing Companies and in 2021 and 2022 was ranked one of Canada's top growing companies by the Globe & Mail. Silk & Snow has also made inroads into the U.S. market which accounts for ~25% of sales in the most recent fiscal year.
"We are delighted to welcome Silk & Snow to our growing family of powerful sleep brands as we continue to build our sleep ecosystem with investments in people, product and channel innovation to provide customers with seamless access to the world's leading assortment of sleep essentials," said Stewart Schaefer, president and CEO, Sleep Country Canada.
"Albert, Kenneth, and the Silk & Snow team have thoughtfully procured a full array of affordable luxury items that have helped turn their brand into a high-growth business with an impressive following in both Canada and the United States.”
“Their purpose-driven approach to product design, manufacturing, and digital marketing aligns beautifully with our strategic road map and expansion of sustainable products, and into new markets. We look forward to supporting Silk & Snow as the brand aims to continue its incredible growth trajectory," concluded Schaefer.
"We're proud of what our team has been able to build here at Silk & Snow," said Albert Chow, CEO, and co-founder. "We started Silk & Snow with the intention of providing high-quality products that allow our customers to love their homes. Five years later, with quality as a top priority, we've delivered on our promise of building a brand that offers thoughtfully made sleep products."
"It was important for us to find a partner with Canadian roots," said Kenneth Mo, COO, and co-founder. "We're looking forward to partnering with Sleep Country, Canada's leading sleep retailer, as it allows us to lean on their incredible expertise. This will help us to continue to expand our well-loved range of mattresses, bedding, furniture and bath products, while bringing even more value to our customers."
Silk & Snow will operate as an independent entity within Sleep Country, led by Chow as CEO and Mo as COO who both will join the Sleep Country's senior leadership team.
Sleep Country has agreed to acquire substantially all of the assets of Silk & Snow. Sleep Country will pay ~$24.0 million in cash at closing and has agreed to pay up to an additional $19.45 million in cash in early 2026 based on Silk and Snow achieving certain growth and profitability targets in aggregate for fiscal years 2023, 2024 and 2025.