Cleary Gottlieb is representing Tempur Sealy International Inc. (TSI) in its acquisition of Dreams in the UK for an expected price of approximately $475 million.
The transaction signed on May 26, 2021, and is expected to close the third quarter of 2021, subject to the receipt of regulatory approval from the UK Financial Conduct Authority.
Dreams will be operated as a standalone independent business unit, led by its existing management team. It is expected to complement TSI’s existing UK Tempur operations and its recently formed Sealy UK joint venture operations.
Dreams is the leading bed and mattress retailer in the UK. With 2,000 employees across the UK, Dreams sells over 10,000 mattresses, bases, and headboards per week to customers nationwide through its network of over 200 stores and online. Dreams is expected to generate annual sales of approximately $450 million in the first year post-acquisition.
TSI is a global leader in the design, manufacture, and distribution of bedding products, and delivers award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries. Its highly recognized brands include Tempur-Pedic, TEMPUR, Sealy, and Stearns & Foster, and its non-branded offerings include value-focused private label and OEM products.
For more information, please see the press release here.