New York, August 6 (FinanceEnquiry.com) – On August 5, Advent International, the private equity firm, informed about purchasing a majority stake in AOT Bedding Super Holdings which is the parent firm of National Bedding and Simmons Bedding- the manufacturer of Serta mattress.
According to sources, at about $3 billion, inclusive of debt, the deal valued AOT, although there were no official disclosure of deal’s terms and conditions. Furthermore, solid eagerness for secondary buyouts, or sales from one private equity firm to another gets demonstrated by this deal that is supposed to be finished by the fourth quarter.
Ares Management LLC and the Ontario Teachers’ Pension Plan that are expected to retain a minority equity stake after the transaction are present investors in AOT Bedding Super Holdings. For an unrevealed amount, National Bedding was purchased by Ares and Ontario Teachers in 2005 and in 2010 it bought Simmons Bedding also from buyout house of the US Thomas H Lee Partners worth $760 million.
The two manufacturers were brought together under a lately created holding firm called AOT Bedding Super Holdings as soon the deal was finished. Moreover, Advent International has dominated over other private equity bidders namely Bain Capital and Berkshire Partners in the most recent transaction. The deal hasn’t been revealed publicly as none of the firms were available to comment on the price of deal.
Deutsche Bank Securities and Morgan Stanley (NYSE: MS) imparted their roles as co-advisers to AOT Bedding Super Holdings, while Barclays (BARC.L) executed its role as lead financial adviser.
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