Sleep Country to buy Casper’s Canadian operations for $20.6 million
By The Canadian Press on April 10, 2023.
TORONTO – Sleep County Canada Holdings Inc. says it will acquire Casper Sleep Inc.’s Canadian operations. Toronto-based mattress retailer Sleep Country says it will pay US$20.6 million for the U.S. mattress-in-a-box company’s Canadian assets. Sleep Country will receive a US$4.5 million marketing transition fee from Casper over the next four years and three-year warrants which would convert into a one per cent stake in Casper. Sleep Country says it has also invested US$20 million in five-year convertible notes, which can be converted into about five per cent of Casper shares. The deal comes as the number of e-commerce companies selling compressed and rolled mattresses in boxes that ship directly to customers has soared in recent years. Sleep Country bought online mattress firm Endy for $88.7 million in 2018. This report by The Canadian Press was first published April 10, 2023. Companies in this story: (TSX:ZZZ) 9-8
