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Mattress Firm agrees to buy Bedding Experts chain
    September 17,2014



 

Fast-growing Mattress Firm, already the nation’s biggest bedding retail chain, has agreed to acquire Top 100 retailer Bedding Experts, which operates 135 stores under the Mattress Barn, Back to Bed and Bedding Experts names.

 

Most of the stores are in the Chicago and Orlando metro areas, and it will mark Mattress Firm’s debut in the Chicago market.

 

Mattress Firm said the purchase price is approximately $60 million and is subject to customary closing conditions.

 

The retailer expects to close the transaction by the end of its third fiscal quarter in late October, and said it will be funded by cash reserves and borrowings from its revolving credit line.

 

“We are excited to secure a presence in Chicago, a key strategic market for Mattress Firm, with a strong store base in full operation, and to further enhance our position as a top player in the Florida markets,” said Steve Stagner, president and CEO. “As with prior acquisitions, this acquisition demonstrates our continued focus on the relative market share strategy, with continues to build long-term value for our shareholders.”

 

The acquired stores have been operating as Back To Bed and Bedding Experts in the Chicago market, which includes stores in Illinois, Wisconsin and Indiana. The Florida stores, mostly in the Orlando area, have been operating as Mattress Barn and Bedding Experts.

 

The Bedding Experts/Mattress Barn/Back To Bed chain was ranked No. 57 on Furniture/Today’s most recent Top 100 list with estimated sales of $106 million in 2013.

 

Mattress Firm was ranked No. 5 on the same list with sales of $1.38 billion for the fiscal year ended Jan. 28, 2014.

 

The deal will give Mattress Firm more than 1,600 company-owned stores. The retail has said it expects to top 1,700 stores by the end of its current fiscal year on Feb. 3, 2015.

 

The latest deal is Mattress Firm’s third major acquisition this year. In June, the retailer completed the purchase of 75-store Mattress Liquidators, which operated stores under the Mattress King and BedMart names in Colorado and Arizona, and bought the 55-store Sleep Experts chain in April, which added stores in the Dallas and Austin, Texas, markets.

 

In addition, Mattress Firm acquired 35 stores from a pair of franchisees in March.

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