Simpson Thacher is representing Sealy Corporation (NYSE: ZZ) in connection with its announced acquisition by Tempur-Pedic International Inc. (NYSE: TPX) to create a $2.7 billion global bedding provider. The transaction is valued at approximately $1.3 billion, including the assumption of debt.
Sealy owns one of the largest bedding brands in the world, with sales of $1.2 billion in fiscal 2011. The company manufactures and markets a broad range of mattresses and foundations under the Sealy®, Sealy Posturepedic®, Sealy Embody™, Optimum™ by Sealy Posturepedic®, Stearns & Foster®, and Bassett® brands.
Tempur-Pedic manufactures and distributes mattresses and pillows made from its proprietary TEMPUR® pressure-relieving material. It is the worldwide leader in premium and specialty sleep.
The Simpson Thacher team working on the transaction includes Sean Rodgers, Sean Crnkovich and Sung Bum Cho (M&A); James Cross and Chad Pearlman (Credit); Joe Kaufman (Capital Markets); Andrea Wahlquist and Jeannine McSweeney (Executive Compensation and Employee Benefits); Adeeb Fadil (Environmental); Nancy Mehlman and Jodi Sackel (Tax); and Joe Tringali, Ellen Frye, Ketan Jhaveri and Jodie Pimentel (Antitrust).
