Mergers & Acquisitions
April 17, 2024
Latest on Adnoc Covestro Dialogue
Covestro takeover by oil group Adnoc still up in the air
April 17, 2024 at 01:02 pm
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LEVERKUSEN (dpa-AFX) – Talks on a possible takeover of the chemicals group Covestro by Abu Dhabi National Oil (Adnoc) continue to drag on. “We are conducting these talks in a constructive and open-minded manner in accordance with our obligations under stock corporation law – and in the interests of our company, our shareholders and all other stakeholders,” said Covestro CEO Markus Steilemann on Wednesday at the Annual General Meeting of the DAX-listed company from Leverkusen. Key points relating to the talks with the oil company from the United Arab Emirates thus remain open.
Speculation about a deal arose almost a year ago. It was only in September that Covestro announced that it was in talks with Adnoc. After several rumored increases in the offer, an informal offer of just over EUR 60 per share has been in the air for some time. The Bloomberg news agency reported on this sum in February, citing people familiar with the matter. In total, this would be more than 11.3 billion euros.
Covestro shares initially benefited from speculation about interest from the golf group. In June 2023, its price jumped by around a quarter to around 50 euros. The bottom line is that not much has happened since then. Investors are concerned that the share price will fall again significantly if negotiations with the state-owned company fail, despite the recent slight improvement in the outlook for the chemical industry./mis/stw/jha/
April 4, 2024
Arsenal Exits Seal for Life Platform with Sale to Henkel
Arsenal Completes Sale of Seal For Life to Henkel
PR Newswire
Thu, Apr 4, 2024, 8:45 AM EDT3 min read
NEW YORK, April 4, 2024 /PRNewswire/ — Arsenal Capital Partners (“Arsenal”), a private equity firm that specializes in investments in industrial and healthcare companies, announced today it has sold its portfolio company, Seal For Life Industries LLC (“Seal For Life”), to Henkel AG & Co. KGaA (“Henkel”), a publicly traded German manufacturer of industrial and consumer products. The terms of the transaction were not disclosed.
Seal For Life is a specialized supplier of protective coating and sealing solutions for a broad variety of infrastructure markets such as renewable energy, oil & gas, and water. The company employs more than 650 people and has a global production network. Seal For Life offers innovative coating and sealing products such as heat-shrink sleeves, visco-elastic coatings, epoxy & urethane coatings, fire protection, insulation, and sound dampening coatings. The performance and application capabilities of these solutions, marketed under different industry-leading brands including STOPAQ®, CANUSA®, COVALENCE®, and LIFELAST®, are pioneering in the protection and retrofitting of a wide variety of customer infrastructure assets, including onshore and offshore pipelines, jetty piles, storage tanks, valves, flanges, and high- performance industrial flooring.
Arsenal completed its investment in Seal For Life in 2019 and through seven strategic acquisitions, built a global platform in innovative coating and sealing solutions for both existing and new build infrastructure assets. The company’s leading brands and technologies play a critical role in extending the asset life of aging infrastructure with a focus on sustainable materials. During Arsenal’s ownership, Seal For Life significantly invested in technology development and innovation as well as expanded its end market exposure with novel solutions into applications such as district energy and renewable applications for wind and solar infrastructure protection.
Sal Gagliardo, an Operating Partner of Arsenal, said, “We are delighted with the growth achieved during our ownership, with Seal For Life’s sales more than doubling and strengthening of the company’s global market position. Seal For Life’s team, led by Jeff Oravitz, achieved strong organic growth, completed and integrated complementary acquisitions, and created a best-in-class technology platform in the infrastructure coatings sector. We want to thank Jeff and the Seal For Life team for their efforts and leadership that drove to this successful outcome.”
Jeff Oravitz, CEO of Seal For Life, stated, “Arsenal has enabled the transformation of Seal For Life into a unique platform of coatings solutions. The firm brought significant expertise in technologies and applications that drove a focus on where the markets are going and how we can address the long-term trends. We are grateful to the Arsenal team for their partnership and support over the last five years and are excited for the growth opportunities as we join the Henkel organization.”
Roy Seroussi, an Investment Partner of Arsenal, commented, “Arsenal’s close collaboration with Jeff and the team and the success of the Seal For Life platform further strengthens Arsenal’s position as a leading investor and company builder in the coatings, adhesives, sealants, and elastomers sector. We wish the Seal For Life team and Henkel the very best in their future success.”
Arsenal is an active investor in the coatings, adhesives, sealants, and elastomers sector, with current investments including Applied Adhesives, ATP Tapes, Fenzi Group, Meridian Adhesives Group, Polycorp, and Polytek, and with several prior investments in this sector.
J.P. Morgan Securities LLC acted as financial advisor to Seal For Life and Kirkland & Ellis LLP served as legal counsel.
About Arsenal Capital Partners
Arsenal Capital Partners is a leading private equity firm that specializes in investments in industrial growth and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds totaling over $10 billion, completed more than 290 platform and add-on acquisitions, and achieved more than 35 realizations. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. For more information, visit www.arsenalcapital.com.
https://finance.yahoo.com/news/arsenal-completes-sale-seal-life-124500648.html
March 18, 2024
Purple and Tempur Reach Agreement
PURPLE INNOVATION AND TEMPUR SEALY INTERNATIONAL REACH AGREEMENT
News provided by Purple Innovation, Inc.
12 Mar, 2024, 16:03 ET
Framework for Mattress Firm Partnership and Confirmation of Purple’s Patents
LEHI, Utah, March 12, 2024 /PRNewswire/ — Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple” or the “Company”), a comfort innovation company known for creating the “World’s First No Pressure® Mattress,” today announced that it has entered into a settlement agreement with Tempur Sealy International, Inc. (“Tempur Sealy”). The parties have agreed to a post-acquisition framework for Purple’s partnership with Mattress Firm Inc. (“Mattress Firm”), the nation’s largest mattress specialty retailer, subject to FTC approval of TSI’s acquisition of Mattress Firm, and amicably resolved their various intellectual property disputes. Purple is pleased to reaffirm its valid patent and trademark rights in and to its proprietary Hyper-Elastic Polymer® gel material, the key component in Purple’s GelFlex® Grid.
If the FTC does not object to Tempur Sealy’s acquisition of Mattress Firm, Tempur Sealy agrees that Purple will retain its current relationship with Mattress Firm for a minimum of twelve months, versus the two-month commitment in place previously. According to Rob DeMartini, CEO of Purple Innovation:
“Mattress Firm is an important and respected partner. We believe our Purple brand and products bring a high number of unique consumers into Mattress Firm stores. We appreciate working on an even playing field today and want to continue to work collaboratively with Mattress Firm. This agreement will give us time to explore expansion opportunities.”
Purple and Tempur Sealy have also agreed to amicably resolve all differences regarding their various intellectual property disputes. Although the specific terms of the deal are confidential, Purple retains all control and ownership over its brand, its patented mattress technology and its Hyper-Elastic Polymer and GelFlex Grid marks. That the parties were able to resolve their differences is a strong signal to the marketplace that Purple is an innovator in hybrid mattress technology and deter future threats to Purple’s business. DeMartini adds:
“The marketplace’s interest in gel technology recognizes the strength of what makes Purple’s unmatched sleep innovation disruptive and cutting edge, and the best way of delivering deep, uninterrupted sleep. We are pleased to focus on expanding Purple’s business and bringing the many benefits of our GelFlex Grid to more customers.”
About Purple
Purple is a digitally native vertical brand with a mission to help people feel and live better through innovative comfort solutions. Today Purple markets and sells its products through direct-to-consumer online channels, traditional retail partners, third-party online retailers, and Purple-owned retail showrooms. Purple designs and manufactures a variety of innovative, premium, branded comfort products, including mattresses, pillows, cushions, frames, sheets and more. Its products are the result of over 30 years of innovation and investment in proprietary and patented comfort technologies and the development of our own manufacturing processes. Our proprietary gel technology, Hyper-Elastic Polymer®, underpins many of our comfort products and provides a range of benefits that differentiate our offerings from other competitors’ products. For more information on Purple, visit purple.com.
March 17, 2024
Ashley Acquisition
Ashley and Resident Announce Acquisition
PR Newswire
Expected to Create a Broader Assortment of Home Furnishings to Accelerate Resident’s Growth
TAMPA, Fla., March 5, 2024 /PRNewswire/ — Ashley Home, Inc. and Resident Home Inc. today announced the signing of an agreement, under which Ashley Home, Inc., an affiliate of Ashley Global Retail, LLC (collectively, “Ashley”), will acquire Resident Home Inc. (“Resident”). The transaction, which was unanimously approved by the Board of Directors of both companies, provides Resident, a leading digital retailer and wholesaler of mattresses and bedding accessories, with an opportunity to expand its home furnishings assortment and global footprint. Through Ashley’s affiliate company, Ashley Furniture Industries, LLC (“AFI”), Resident will experience improved sourcing and efficiencies to foster additional growth in both its direct-to-consumer and wholesale businesses.
Through its award-winning Nectar®, DreamCloud®, Awara™, and Siena™ brands, Resident has established itself as a leading online seller of mattresses and bedding accessories. Resident’s success is underpinned by its deep expertise in data science and analytics, performance marketing, and e-commerce technology. In addition to Resident’s digital presence, Resident’s mattresses are sold at over 2,500 retailers nationwide as well as in Canada and the U.K. As part of the transaction, Co-Founders and Co-CEO’s of Resident, Eric Hutchinson and Ran Reske, will remain in their positions post-closing.
“Ran and I are thrilled that Resident will now be part of the Ashley family. This partnership marks a significant milestone for our team and our journey. We believe that together, we can achieve even greater heights and deliver unparalleled value to our customers. Joining forces with Ashley enables new opportunities for growth and our team is excited about the possibilities ahead,” said Hutchinson.
“We are incredibly excited about the possibilities that Resident brings to Ashley. In only a few years, Resident has established itself as a premier destination for mattresses, and we believe this merger will strengthen both companies and accelerate our growth trajectories, together bringing more products to more homes,” said Todd Wanek, CEO of Ashley.
The parties anticipate closing on this transaction March 6, 2024.
In connection with the transaction, BofA Securities served as financial advisor and Holland & Knight LLP acted as legal counsel to Ashley, while Sidley Austin LLP acted as legal counsel for Resident. Avid Capital Advisors LLC also advised Resident on the transaction.
About Ashley
Ashley is committed to being your trusted partner and style leader for the home. This commitment has made Ashley the largest furniture store brand in North America and one of the world’s best-selling home furnishing brands with more than 1,125 locations in 67 countries. Start designing your dream home today. Visit Ashley online at ashley.com and connect on social media through Instagram, Facebook, YouTube, and TikTok, or see our design-focused boards on Pinterest.
About Resident
Resident is an industry-leading, digitally native house of brands that makes inspiring products people love coming home to. A disruptor in the mattress and bedding category, Resident’s success is underpinned by its expertise in data science and e-commerce technology. Resident’s award-winning Nectar®, DreamCloud®, Awara™, and Siena™ mattresses have provided quality and comfort to close to six million happy sleepers. Visit residenthome.com to learn more.
https://finance.yahoo.com/news/ashley-resident-announce-acquisition-204100033.html
March 12, 2024
Tempur Sealy Comments on Mattress Firm Acquisition
Tempur Sealy Provides Update on Mattress Firm Acquisition
Mar. 12, 2024 4:30 PM ETTempur Sealy International, Inc. (TPX)
– Expects FTC to complete its review by the end of the second quarter
– Continues to expect the transaction to close in mid to late 2024
– Further solidifies key supplier relationships to maintain Mattress Firm’s position as a leading multi-branded retailer
LEXINGTON, Ky., March 12, 2024 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) (NYSE: TPX, “Company” or “Tempur Sealy”) today provided an update with respect to the Company’s acquisition of Mattress Firm Group Inc. (“Mattress Firm”). On May 9, 2023, Tempur Sealy signed a definitive agreement to acquire Mattress Firm, the largest mattress specialty retailer in the U.S. The Company continues to work with the Federal Trade Commission (“FTC”) to advance the transaction, and now expects that the FTC will complete its review by the end of the second quarter. Consistent with previous expectations, the Company continues to expect the transaction to close in mid to late 2024.
Tempur Sealy and Mattress Firm continue to make joint progress in planning for post-closing, including solidifying Mattress Firm’s key supplier relationships ahead of the expected closing. Since announcing the acquisition, Tempur Sealy has executed post-closing supply agreements with six (6) other mattress manufacturers, including Purple Innovation, Inc. These contracts are consistent with the Company’s plan for Mattress Firm to continue as a multi-branded retailer.
Tempur Sealy Chairman and CEO Scott Thompson commented, “Since announcing the acquisition in May, Tempur Sealy has signed post-closing supply agreements with numerous existing Mattress Firm suppliers, as well as a new supply agreement with a manufacturer not currently supplying Mattress Firm. We have engaged a critical mass of suppliers to provide a robust and diverse offering of high quality bedding products to Mattress Firm customers. These developments are consistent with our plan and expectation that Mattress Firm will continue as a multi-branded retailer post-closing. We look forward to working with quality suppliers and the Mattress Firm organization to facilitate continued innovation and improve the sleep of consumers.”
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 announced Mattress Firm acquisition including the related regulatory approval process, expectations regarding post-closing supply agreements, future performance, cost synergies, integration of acquired companies with our business, personnel, the impact of the anticipated acquisition on the Company’s brands, products, customer base, results of operations, or financial position and the ability of the Company to close the acquisition including on the timeline indicated. 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 risks associated with receipt of regulatory approvals and satisfaction of closing conditions prior to consummation of the acquisition; 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. 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.
Tempur Sealy Investor Relations Contact
Aubrey Moore
Investor Relations
Tempur Sealy International, Inc.
800-805-3635
Investor.relations@tempursealy.com
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