Mattress giant Tempur Sealy announced Tuesday it is acquiring Mattress Firm, the nation's largest mattress retailer, for approximately $4 billion in cash and stocks.
According to Tempur Sealy, the deal is expected to close in the second half of 2024. Mattress Firm will operate as a separate business unit within the larger company after the acquisition goes through, Tempur Sealy said in a statement.
"We are excited by the long-term growth prospects for our global vertically integrated Company," said Tempur Sealy Chairman and CEO Scott Thompson. "Mattress Firm has been a valued retail partner for more than 35 years, and we look forward to welcoming their talented workforce of more than 8,100 employees to the Tempur Sealy family."
Mattress Firm operates more than 2,000 brick-and-mortar stores and an e-commerce site, according to the news release. When combined with Tempur Sealy, the two will have about 3,000 stores and 30 e-commerce platforms in more than 100 countries, Tempur Sealy said, with about 21,000 employees.
Tempur Sealy said it is looking to bring in Mattress Firm in order to simplify the purchasing process for customers, expand the number of business channels the company can operate through, and streamline operations.
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