Tempur Sealy Provides Update on Mattress Firm Acquisition

Expects FTC to complete its review by the end of the second quarter

Continues to expect the transaction to close in mid to late 2024

Further solidifies key supplier relationships to maintain Mattress Firm’s position as a leading multi-branded retailer

Tempur Sealy International, Inc. (“Company” or “Tempur Sealy”) provided an update with respect to the Company’s acquisition of Mattress Firm Group Inc. (“Mattress Firm”). On May 9, 2023, Tempur Sealy signed a definitive agreement to acquire Mattress Firm, the largest mattress specialty retailer in the U.S. The Company continues to work with the Federal Trade Commission (“FTC”) to advance the transaction, and now expects that the FTC will complete its review by the end of the second quarter. Consistent with previous expectations, the Company continues to expect the transaction to close in mid to late 2024.

Tempur Sealy and Mattress Firm continue to make joint progress in planning for post-closing, including solidifying Mattress Firm’s key supplier relationships ahead of the expected closing. Since announcing the acquisition, Tempur Sealy has executed post-closing supply agreements with six (6) other mattress manufacturers, including Purple Innovation, Inc. These contracts are consistent with the Company’s plan for Mattress Firm to continue as a multi-branded retailer.

Tempur Sealy Chairman and CEO Scott Thompson commented, “Since announcing the acquisition in May, Tempur Sealy has signed post-closing supply agreements with numerous existing Mattress Firm suppliers, as well as a new supply agreement with a manufacturer not currently supplying Mattress Firm. We have engaged a critical mass of suppliers to provide a robust and diverse offering of high quality bedding products to Mattress Firm customers. These developments are consistent with our plan and expectation that Mattress Firm will continue as a multi-branded retailer post-closing.  We look forward to working with quality suppliers and the Mattress Firm organization to facilitate continued innovation and improve the sleep of consumers.”

About Tempur Sealy International, Inc.

Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a leading designer, manufacturer, distributor and retailer of bedding products worldwide, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.

Our highly recognized brands include Tempur-Pedic®, Sealy® and Stearns & Foster® and our popular non-branded offerings consist of value-focused private label and OEM products. At Tempur Sealy we understand the importance of meeting our customers wherever and however they want to shop and have developed a powerful omni-channel retail strategy. Our products allow for complementary merchandising strategies and are sold through third-party retailers, our over 750 Company-owned stores worldwide and our e-commerce channels.  With the range of our offerings and variety of purchasing options, we are dedicated to continuing to turn our mission to improve the sleep of more people, every night, all around the world into a reality. 

Source: Tempur Sealy International, Inc.