Advent International may buy Serta mattress maker National Bedding for $3 bn: report
04 Aug 2012
US private-equity firm Advent International is likely to buy Serta mattress maker National Bedding Co, for about $3 billion, The Wall Street Journal yesterday reported, citing people familiar with the matter.
Advent International will buy Illinois-based National Bedding from private equity firm Ares Management and Teachers' Private Capital, the private equity arm of the Ontario (Canada) Teachers' Pension Plan, and the deal is likely to be announced early next week, said the report.
Other PE firms, Bain Capital and Berkshire Partners had also bid for the company, which was put up for sale earlier this year by its owners, the report added.
National Bedding is the largest manufacturer of Serta brand mattresses and holds 27 of the 34 exclusive US Serta manufacturing licenses.
Serta was founded in 1931 by 13 mattress manufacturers who licensed the Serta name; but later it was controlled and operated as Serta International by its largest licensee, National Bedding Co.
Serta is the largest mattress brand in the US, and offers two major types of mattresses - gel infused memory foam and inner-spring.
