Tempur Sealy Cleared to Close Acquisition of Mattress Firm

Rhea-AI Summary

Tempur Sealy International (NYSE: TPX) has received clearance to complete its acquisition of Mattress Firm Group, the largest mattress specialty retailer in the United States, with closing expected on February 5, 2025. This follows the U.S. District Court for the Southern District of Texas denying the Federal Trade Commission's (FTC) motion for a preliminary injunction to stop the acquisition. The FTC has confirmed it will not seek emergency relief or prevent the transaction.

The combination will create the leading vertically integrated global bedding company, according to CEO Scott Thompson. The company has scheduled two conference calls: one on February 6, 2025, to discuss the transaction, and another on February 20, 2025, to review Q4 and Full Year 2024 financial results.

Positive

• Legal clearance obtained for major strategic acquisition
• Creation of leading vertically integrated global bedding company
• Expansion into retail through acquisition of largest U.S. mattress specialty retailer
• FTC will not pursue further legal challenges to block the deal

Negative

• None.

LEXINGTON, Ky., Feb. 4, 2025 /PRNewswire/ -- Tempur Sealy International, Inc. (NYSE: TPX, "Company" or "Tempur Sealy") announced today that it expects to close its previously announced acquisition of Mattress Firm Group Inc. ("Mattress Firm"), the nation's largest mattress specialty retailer, on Wednesday, February 5, 2025. This follows the ruling from the United States District Court for the Southern District of Texas denying the motion by the Federal Trade Commission ("FTC") for a preliminary injunction to halt the closing of the proposed acquisition. The FTC has indicated that it will not seek emergency relief from the Fifth Circuit and will not prevent the transaction from closing.

Tempur Sealy Chairman and CEO Scott Thompson commented, "We are excited to move forward with our combination with Mattress Firm, which creates the leading vertically integrated global bedding company and which we strongly believe will bring significant benefits to all of our stakeholders."

Business Update Call

The Company will hold a conference call on Thursday, February 6, 2025 at 8:00 a.m. Eastern Time to discuss the transaction.

The Company has a separate conference call scheduled to discuss the Fourth Quarter and Full Year 2024 financial results on Thursday, February 20^th, 2025 at 8:00 a.m. Eastern Time.

The calls will be webcast and can be accessed on the Company's investor relations website at investor.tempursealy.com. After the conference calls, webcast replays will remain available on the investor relations section of the Company's website for 30 days.

Forward-Looking Statements

This press release contains statements that may be characterized as "forward-looking" within the meaning of the federal securities laws. Such statements might include information concerning one or more of the Company's plans, guidance, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words "will," "targets," "expects," "anticipates," "plans," "proposed," "intends," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company's expectations regarding the expected Mattress Firm acquisition. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.

Numerous factors, many of which are beyond the Company's control, could cause actual results to differ materially from any that may be expressed herein as forward-looking statements. These potential risks include the Company's ability to close the Mattress Firm acquisition on the timeline indicated or at all; risks associated with Mattress Firm's ongoing operations; the ability to successfully integrate Mattress Firm into Tempur Sealy's operations and realize synergies from the transaction; the possibility that the expected benefits of the acquisition are not realized when expected or at all; general economic, financial and industry conditions, particularly conditions relating to the financial performance and related credit issues present in the retail sector, as well as consumer confidence and the availability of consumer financing; the impact of the macroeconomic environment in both the U.S. and internationally on Mattress Firm and the Company; uncertainties arising from national and global events; industry competition; the effects of consolidation of retailers on revenues and costs; and consumer acceptance and changes in demand for Mattress Firm's and the Company's products and the factors discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and the Quarterly Report on Form 10-Q for the period ended June 30, 2024. There may be other factors that may cause the Company's actual results to differ materially from the forward-looking statements. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

About Tempur Sealy International, Inc. 

Tempur Sealy is committed to improving the sleep of more people, every night, all around the world. As a leading designer, manufacturer, distributor and retailer of bedding products worldwide, we know how crucial a good night of sleep is to overall health and wellness. Utilizing over a century of knowledge and industry-leading innovation, we deliver award-winning products that provide breakthrough sleep solutions to consumers in over 100 countries.

Our highly recognized brands include Tempur-Pedic®, Sealy® and Stearns & Foster® and our popular non-branded offerings consist of value-focused private label and OEM products. At Tempur Sealy we understand the importance of meeting our customers wherever and however they want to shop and have developed a powerful omni-channel retail strategy. Our products allow for complementary merchandising strategies and are sold through third-party retailers, our over 750 Company-owned stores worldwide and our e-commerce channels. With the range of our offerings and variety of purchasing options, we are dedicated to continuing to turn our mission to improve the sleep of more people, every night, all around the world into a reality.

Importantly, we are committed to carrying out our global responsibility to protect the environment and the communities in which we operate. As part of that commitment, we have established the goal of achieving carbon neutrality for our global wholly owned operations by 2040.

Investor Relations Contact

Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com

 

View original content:https://www.prnewswire.com/news-releases/tempur-sealy-cleared-to-close-acquisition-of-mattress-firm-302367812.html

SOURCE Tempur Sealy International, Inc.

FAQ

When will Tempur Sealy (TPX) complete the Mattress Firm acquisition?

Tempur Sealy is expected to close the Mattress Firm acquisition on Wednesday, February 5, 2025.

What was the FTC's final decision on the Tempur Sealy-Mattress Firm merger?

The FTC's motion for preliminary injunction was denied by the U.S. District Court, and the FTC has indicated it will not seek emergency relief or prevent the transaction from closing.

When will TPX discuss the Mattress Firm acquisition details?

Tempur Sealy will hold a conference call to discuss the transaction on Thursday, February 6, 2025, at 8:00 a.m. Eastern Time.

When will Tempur Sealy (TPX) report its Q4 2024 earnings?

Tempur Sealy will discuss its Fourth Quarter and Full Year 2024 financial results on Thursday, February 20, 2025, at 8:00 a.m. Eastern Time.