Southerland Purchased by Employees
Posted on May 19, 2010 by
NASHVILLE, Tenn.-Mattress manufacturer Southerland has been acquired by employees through an Employee Stock Ownership Plan.
The transaction closed on May 17, and the company is now led by its co-presidents, David Corbin and Stephen Russo (former president and chief executive officer of Restonic), and its executive vice president and chief financial officer, Bryan Smith. Herman Southerland has retired as chairman and CEO, while Marty Southerland, Trey Southerland and other members of the family remain with the company "in key roles," according to a Southerland statement.
Under the ESOP, the employees own 100 percent of Southerland. The company said it will continue to develop its own brands and private-label brands for regional mattress retailers. Founded by the Southerland family in 1893, Southerland currently has manufacturing facilities here, in Oklahoma City, Okla., and Phoenix.