Hollander Home Fashions, a portfolio company of HGGC, has acquired Louisville Bedding’s basic bedding retail business. No financial terms were disclosed. Louisville Bedding’s basic bedding retail business has been renamed Hollander Sleep Products. Based in Boca Raton, Florida, Hollander Sleep Products is a provider of bed pillows, mattress pads, down comforters and related products.
PALO ALTO, Calif.—May 29, 2013—HGGC (formerly Huntsman Gay Global Capital), a leading middle market private equity firm, today announced that its portfolio company, Hollander Home Fashions, has completed the strategic addition of Louisville Bedding’s basic bedding retail business, and will now operate under the name Hollander Sleep Products. The combination creates, according to Home Textiles Today, the largest utility bedding pure play supplier in North America and the third largest supplier in the industry, with revenues in excess of $500 million. Louisville Bedding will retain its contract bedding business. Terms of the private transaction were not disclosed.
Hollander Sleep Products has acquired all of the operations in North America related to Louisville’s retail business, and many of the associates at Louisville Bedding will be joining Hollander. The acquisition will provide Hollander with a larger presence in key product categories and access to new distribution channels, as well as add consequential partners to its brand portfolio, including Simmons, Beautyrest, and Nautica.
“This is a transformative transaction for not just Hollander Sleep Products, but for the overall bedding industry, as it solidifies our leadership position as the largest utility bedding manufacturer in North America” said Chris Baker, CEO of Hollander. “We are delighted to complete the purchase and look forward to combining the strengths of both companies to create a dynamic organization ideally positioned to maximize basic bedding sales for our customers. The acquisition provides additional manufacturing facilities in North America, expanding our capabilities and enhancing our distribution network.”
Hollander, based in Boca Raton, Florida, manufactures bed pillows, mattress pads, down comforters and other bedding products sold under designer brands including Ralph Lauren and Laura Ashley, as well as North American retailer private labels and its own Hollander brand. Hollander owns and operates six manufacturing facilities throughout the United States and Canada, and has offices in China and India focused on sourcing, product development and quality control.
“Chris Baker and the Hollander management team have done a tremendous job guiding the company through a challenging economy and retail environment over the past few years, and we were very pleased to support them in this transaction,” said Jake Hodgman, Principal of HGGC. “The strategic addition of Louisville Bedding’s retail business is a tremendous accomplishment that immediately launches Hollander to a new level, and it highlights the HGGC investment approach of partnering with outstanding management teams to drive transformative change in companies and their industries.”
HGGC is a $1.1 billion private equity fund focusing on leveraged buyout, recapitalizations and growth equity transactions in the middle market. With years of collective deal and operational experience, HGGC brings best practices from bulge-bracket private equity and global corporations to the middle market. For more information, please visit www.hgggc.com.
About Hollander Sleep Products
Hollander Sleep Products is based in Boca Raton, Florida with significant market share in bed pillows, mattress pads, down comforters and related products. Hollander operates its main showroom in New York City, has nine manufacturing facilities throughout the United States and Canada and offices in China and India focused on sourcing, product development and quality control. Hollander’s products appear under a number of well-known brand names including Ralph Lauren, Chaps, Charisma, Laura Ashley, Simmons, Beautyrest, Nautica, Court of Versailles, Waverly, Homedics, Croscill and Live Comfortably.