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  • Current:Home > Exhibition > 2020

    TSI to pay $40M for 80% stake in Sherwood Bedding

    Time:2020-02-22 12:07:00    Share:

    Tempur Sealy International said it has signed a definitive  agreement to acquire a majority stake in Sherwood Bedding, a major private-label bedding producer.

    TSI said it expects to pay approximately $40 million for Steinhoff’s 80% stake in the company.

    “We are thrilled to have the Sherwood Bedding Co. join Tempur Sealy,” said Scott Thompson, TSI’s CEO. “The Ellman family has operated the business for three generations and have grown Sherwood to become one of the most respected bedding producers in the industry. I am excited about the opportunities ahead of us.”

    Sherwood operates four manufacturing plants and is a Top 10 bedding producer.

    TSI said its acquisition of a majority stake in Sherwood would mark its entrance into the private-label bedding category, enabling the company to create a complete suite of product offerings ranging from Sherwood Bedding’s non-branded private-label lines to its well-known branded lines, Tempur-Pedic, Sealy and Stearns & Foster.

    The Ellman family will maintain a 20% ownership interest in Sherwood. Sherwood will be operated as a standalone, independent business unit within TSI and will continue to be led by its current management team. The transaction is expected to close within the first quarter of 2020, officials said.

    Sherwood is a low-cost, high-value producer of private label and OEM products for third-party retailers and in the contract bedding market. Sherwood has estimated annual wholesale revenues of more than $150 million and expects to fund its own future growth and to be accretive to TSI’s earnings in 2020, officials said.

    The company believes that, over time, cost synergies can be realized to benefit all brands and customers. No personnel reductions are expected.

    “With Tempur Sealy being the dominant player in the U.S. bedding industry, we believe we have the perfect partner to acquire market share in the private-label sector,” said Neil Ellman, Sherwood’s co-president. “The complementary knowledge and market-fit of the companies as well as the ability to improve upon our low-cost structure delivers a unique opportunity and provides us with a sustainable competitive advantage.”

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