Skip to main content

Dreams acquired by Tempur Sealy in £340m deal

// Dreams to be acquired by Tempur Sealy from Sun European Partners for an expected approx. £340m
// Dreams will remain a standalone, independent business unit, led by existing management team
// Acquisition comes after the bedding retailer’s execution of turnaround strategy since 2013

Dreams is to be acquired by Tempur Sealy from Sun European Partners for an expected purchase price of approximately £340 million.

No jobs cuts or store closures have been made and Dreams’ management team will also stay in place, led by Mike Logue who was appointed in 2013.

The bedding and mattress retailer will also continue its day-to-day operations and said it would remained committed to its business strategy.

READ MORE: Dreams directors exit due to coronavirus crisis

With 2000 staff across the UK, Dreams sells 11,500 mattresses, bases and headboards per week  through its network of over 200 stores and ecommerce site.

It also makes all of its own-brand mattresses at its factory in Oldbury and delivers to customers via its 11 delivery centres and fleet of 140 vehicles.

The takeover by Tempur Sealy, a US-based mattress and bedding giant, comes after Dreams delivered six years of consecutive growth and generated sales of approximately £327 million excluding VAT in 2020.

“Today marks a milestone for Dreams. It is recognition of the transformation we have delivered, and is an endorsement of our customer-focused strategy, our culture and our values,” Logue said.

“With Tempur Sealy we expect to drive our growth strategy and build on our position as the most recommended, specialist bed retailer.

“I would like to take this opportunity to thank our 2000 colleagues for their hard work, dedication and commitment.

“Together we will continue to improve what we make, sell and deliver, to provide better sleep for all our customers.”

Tempur Sealy chief executive Scott Thompson said: “Dreams has created a strong brand and business model, known for its outstanding products and customer service.

“We have partnered with Dreams for many years and they are one of the most talented retailers we work with, consistently demonstrated best-in-class web marketing and sales capabilities.

“This acquisition makes both organizations stronger, better positioned to service customers and bring innovative products to market.

“We look forward to welcoming the entire Dreams organization to the Tempur Sealy family.”

Thompson added: “This transaction is consistent with our stated strategy of acquiring companies when we see their addition as mutually beneficial and accretive to long-term shareholder value.

“We expect over time to realize synergy opportunities and long-term sales growth.”

The transaction is expected to close in the third quarter of this year, subject to receipt of regulatory approval from the Financial Conduct Authority.

Click here to sign up to Retail Gazette’s free daily email newsletter

The post Dreams acquired by Tempur Sealy in £340m deal appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/34oBkJk
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more