Owen & Co Ltd, which operates in Canada primarily under the Kingsdown brand, has acquired Zedbed Inc, a Shawinigan, Québec-based manufacturer of eco-friendly memory foam mattresses, motion bases, and sleep products. No financial terms were disclosed. Kingsdown, a Toronto-based mattress maker, said the deal is part of an “aggressive growth plan” to increase market penetration and broaden the company’s luxury sleep product offerings throughout North America. Founded in 1904, Kingsdown was acquired last year by the industries group of Canadian private equity firm Novacap.
Owen & Company (“Kingsdown Canada”) Completes the Strategic Acquisition of Zedbed
Montreal, February 12, 2018 – Novacap backed Owen & Company, a leading mattress manufacturer operating in Canada primarily under the Kingsdown brand, proudly announces that it has acquired Zedbed Inc., a Quebec-based manufacturer of eco-friendly memory foam mattresses, motion bases, and sleep products. This acquisition is part of an aggressive growth plan undertaken by Kingsdown Canada to increase its market penetration and broaden its luxury sleep product offerings across North America.
With three manufacturing facilities located in Shawinigan, Québec area, Zedbed is a highly innovative company, one of the few mattress manufacturers to be vertically integrated in making its own unique soy-based memory foam. These proprietary foams allow Zedbed to offer Made-In-Canada foam products to its customers that no one else can replicate.
“Foam mattresses represent about 30% of the mattress market in Canada, and Kingsdown Canada has not been an active player in this category,” explains Marc Paiement, Senior Partner at Novacap and Owen & Company’s Chairman. “Both companies complement each other well in their respective markets and both will have a lot to gain from one another. Zedbed will have the ability to showcase its unique products outside of the Québec market through the Kingsdown Canada network. Conversely, Kingsdown Canada will benefit from the Zedbed network in Québec, and offer a larger spectrum of complementary products, which includes innerspring mattresses.”
“We are extremely excited to be working with the Zedbed team”, says Mike James, President and CEO of Owen & Company. “We were attracted by Zedbed’s versatility and expertise, which enable it to develop and manufacture high-end products that continuously redefine sleep industry standards. They have expertise in product segments we presently do not serve and a tradition of craftsmanship and innovation that makes this relationship very promising.”
“For us, this transaction represents a great opportunity to take our company to the next level and further develop the North American market,” says Mario Gélinas, Zedbed’s President. “We already know that we have great products, and our new partnership with Kingsdown Canada and Novacap will allow us to grow even faster than before.”
Owen & Company strives to become one of the prominent leaders in the mattress market in North America. The acquisition of Zedbed is an integral piece to the puzzle, with its world class research and development capabilities as well as its vertically integrated manufacturing facilities in Québec. Kingsdown’s management are delighted to have Mr. Gélinas and the remaining Zedbed’s executive team, join the Owen & Company Group.
ABOUT OWEN & COMPANY LIMITED
Founded in 1995 and operating in Canada under the Kingsdown, Bassett and James & Owen brand names, Owen & Company operates out of three manufacturing facilities strategically located in Toronto, Calgary and Vancouver. The Company, which is supported by a highly experienced and talented management team, benefits from well-established, long-term customer relationships with Canada’s largest mattress retailers. Owen & Company is an industry leader in sleep innovation and holds numerous patents for its products. For more information, please visit www.kingsdown.ca.
Started in 1994, Zedbed produces the widest range of eco-friendly memory foam sleep products and accessories in Canada. Zedbed sets the highest standards for hand-made, high-end consumer sleep products, using proprietary memory foams produced in house and an innovative manufacturing approach that emphasizes lasting comfort. For more information, please visit www.zedbed.com.
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. The Firm has raised over $2.6 billion in capital since its inception. Novacap’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
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Photo courtesy of Kingsdown Canada