Sleep Country IPO: $300 Million
CBJ – Sleep Country Canada has returned to being a publicly-traded company and has raised about $300 million in its initial public offering.
The well-known mattress company had been in private hands for the past seven years.
The company issued 17.6 million shares, raising about $300-million with the possibility of more if the underwriters exercise their over-allotment options for an additional 15% of the offering at the same share price.
After five years as a publicly-traded income fund, Sleep Country was acquired and taken off the TSX in 2008 by Toronto-based private equity firms Birch Hill Equity Partners Management and Westerkirk Capital for $22 per share, for a total of $356-million. At the time, the company suffered setbacks at its 200 Canadian and 46 U.S. stores during a slumping housing market.