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Steinhoff invests in Sherwood Bedding
29
May '17
Courtesy: Sherwood
Courtesy: Sherwood
Sherwood Bedding Company has announced a strategic investment from Steinhoff, representing a majority ownership in Sherwood. The partnership represents the first US mattress manufacturing investment by Steinhoff International. Sherwood is the fifth largest mattress manufacturer in the US. The transaction is expected to close by July 15, 2017.

Steinhoff, an integrated retailer that manufactures, sources and sells furniture, household goods and clothing in Europe, Africa and Australasia, announced in September the completion of an agreement to acquire Mattress Firm, the largest mattress retailer in the US. The investment in Sherwood marks an expansion of the company’s North American operations in the mattress category, specifically in their manufacturing division.

Sherwood, a third-generation independently owned bedding manufacturer, operates four manufacturing facilities across the US, with plans to open more in the Northeast and Northwest, and serves as a manufacturing partner for several leading retailers.

“We are extremely excited to partner with Steinhoff to continue to grow our mattress business. With their deep industry experience, we will focus on accelerating our growth plans and further integrating vertically into raw materials,” said Neil Ellman, co-president of Sherwood.

Lance Ellman, co-president of Sherwood, added, “This was an opportunity to take on a partner that will work with Sherwood and our management team to expand for the future. Existing management along with Neil and I will continue to operate the business and we are excited about the long-term growth of the company. Steinhoff brings a worldwide network of suppliers to the table. We believe this will enable us to continue to offer exceptional value to all of our customers.” (SV)

Fibre2Fashion News Desk – India


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