Sleep Country Buys Endy for $88.7M
CBJ — Sleep Country Canada has acquired Canadian mattress startup Endy for $88.7 million with $63.7 million being paid in cash paid at closing and up to an additional $25 million in 2021 based on the achievement of growth and profitability in targets in 2020.
It has already been determined that the Endy brand will continue and operate a separate entity.
The acquisition comes at an important time for both brands. Sleep Country has been in a fierce competition with bed-in-a-box rivals and the growth of e-commerce. It only launched an online sales offering about a year ago and has been keeping an eye on how it can reinvigorate its brick-and-mortar spaces and boost its sleep accessory sales.
Endy’s last year has put it on track to post $50 million in revenues this year, though it has also been challenged by competitors.