Toronto-based REV Sleep Corp, a manufacturer of mattress, box springs and bedding products, has been acquired by Sommex Bedding Corp, which is led by Normand Ricard, founder of the original Québec-based Sommex bedding brand. The seller in the transaction was Canadian private equity firm Bedford Capital, which bought REV Sleep, formerly Spring Air Sommex, in a management buyout in March 2007. The financial terms of the acquisition were not published. Going forward, REV Sleep will operate as a division of Sommex Bedding.
Sommex Bedding Corporation Acquires Assets of REV Sleep Corporation
The board of REV Sleep Corporation and Sommex Bedding Corporation announced that Sommex Bedding Corporation has acquired all the assets of REV Sleep Corporation.
The group purchasing REV Sleep is led by M. Normand Ricard an industry veteran who started the original Sommex Company 40 years ago in Quebec.
Chief Executive Officer Chris French commented, ‘we are indeed fortunate to have M. Ricard’s expertise, knowledge and contacts to help us to continue to drive our business forward. Normand brings tremendous experience and a unique perspective that will allow us to restart our company and serve our Customers well.
His energy and support through the last 3 months has been wonderful, and we look forward to great things going forward.
We are particularly thankful for the support our Customers have shown us over this transition period, and are excited to be in a position to introduce exciting promotions as a thank you to all those who have worked with us and allowed us to save over 130 jobs in Canada and the United States’
M. Ricard, who will serve as Chairman of the company, commented, “I am delighted to be back in an industry I worked in for over 30 years. I am looking forward to seeing all my old friends, and making many new ones. This company has all the elements to be a great success story. Great brands, especially Natura position us well to deliver compelling values to our Customers, with great quality, and the outstanding service you have come to expect.”
Finally, CMO Valerie Stranix, who will continue in her existing role, and add the important portfolio of new business development, commented, “It’s an exciting time for all of us. The resources brought by M. Ricard, the commitment of the existing team, and the dynamic growth of our crown jewel, Natura, all demonstrate our clear path forward to continuing as Canada’s largest independently owned mattress and bedding manufacturer. We’re looking forward to continuing development with our Customers, and driving our business together.”
REV Sleep will continue to operate as a division of Sommex Bedding Corporation. All Customer service functions, sales functions, and other contacts will continue largely as they do today.
Sommex Bedding Corporation will honour all existing warranties, COOP and other marketing commitments made by REV Sleep.
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