Mattress Firm Deals for Additional Stores
March 10, 2014,
HOUSTON-Mattress Firm has made three deals that will add about 93 stores to its store base.
The company has entered into an agreement to acquire the outstanding equity interests of Sleep Experts Partners, which operates Sleep Experts stores in Texas. It has also completed the acquisition of Yotes, which operates stores under the Mattress Firm brand in Colorado and Kansas. It has also closed on a purchase of the Virginia retail operations of Southern Max.
Both of the latter transactions involved Mattress Firm franchisees, and Southern Max will continue to operate its franchised stores in Tennessee. Altogether, the three acquisitions cost Mattress Firm about $80.5 million, subject in each case to customary adjustments, according to a statement from the specialty retailer.
The Sleep Experts acquisition is expected to close during the first fiscal quarter of 2014.