Sleep Country IPO: $300 Million

Sleep Country Canada

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.


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