Zell to be part owner after Sealy acquisition.(Zell/Chilmark Fund)(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, November, 1997
CLEVELAND -- The pending acquisition of Sealy Corp. by members of Sealy's management and investment group Bain Capital has taken a new turn: The Zell/Chilmark Fund, currently Sealy Corp.'s largest shareholder, will retain partial ownership of the company.
On Oct. 30, 1997, the company announced Sealy and Zell/Chilmark would be acquired by Sealy management, including president and chief executive Ron Jones, and Boston-based Bain.
Last week, Sealy issued a statement that Zell/Chilmark "will retain an equity interest in the company" and the two groups will acquire "a significant majority of the equity interest in Sealy for approximately $418 million, less certain expenses."
The transaction, including assumed or refinanced debt and certain closing...
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