SIMMONS SEES NEW OWNERS LETTING COMPANY STAY COURSE.
HFN: The Weekly Newspaper for the Home Furnishing Network, November, 2003 by Kunkel, Karl
ATLANTA-The pending purchase of mattress giant Simmons Co. by Boston equity firm Thomas H. Lee Partners could be just the bump Simmons needs to move it closer to the top of the bedding business.
Simmons is now the third-largest bedding manufacturer in North America, with sales last year of about $721 million, behind Serta and Sealy.
Thomas H. Lee said it would buy Simmons for $1.1 billion by the end of the year from Fenway Partners, a New York-based private investment firm. Fenway, which acquired Simmons in October 1998 from Investcorp for $513 million, will retain a 10 percent stake in Simmons after the sale.
"I really think that this will be invisible to our customers and to the world," said Charlie Eitel, chairman and chief executive...
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