Mergers & Acquisitions
February 17, 2025
Divestitures Begin
Germany’s BASF sells Brazilian paint business
BILYONARYO.COM
German chemicals giant BASF said Monday it will sell its Brazilian paint business for $1.15 billion (1.1 billion euros), as it seeks to slim down its operations amid an industrial slowdown.
Sherwin-Williams, an American company, will acquire the unit, which has about 1,000 employees, said the world’s largest chemicals group.
The business was BASF’s only one which sold to consumers rather than to industry, it said in a statement, adding that it had “limited synergies with other coating businesses within BASF.”
The sale comes amidst a cost-cutting drive, with the chemicals giant seeking to strip out less profitable businesses after being battered by a combination of weak demand and higher energy costs following the outbreak of the Ukraine war.
Last September CEO Markus Kamieth told investors that BASF would focus on its “core businesses” in an effort to make annual savings of about 2.1 billion euros by the end of 2026.
Reporting third-quarter financial results in October, BASF warned “of risks from potential declines in prices and lower growth volume than expected” as its operating profit fell seven percent.
The deal is expected to close in the second half of 2025.
BASF said it would “further explore strategic options” for other parts of its coatings division.— Agence France-Presse
February 12, 2025
Tempur Sealy Makes Changes
Leadership Change at Mattress Firm
Feb. 12, 2025 9:00 AM ETTempur Sealy International, Inc. (TPX)
– New Interim CEO of Mattress Firm, Scott Thompson
LEXINGTON, Ky., Feb. 12, 2025 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) (NYSE: TPX, “Company” or “Tempur Sealy”) today announced management changes at Mattress Firm. The Company recently acquired Mattress Firm, the nation’s largest mattress specialty retailer.
John Eck has decided to step down as Chief Executive Officer of Mattress Firm. The Company has entered into a consulting agreement with Mr. Eck to ensure a smooth transition. Scott Thompson, Chairman and CEO of Tempur Sealy, will act as Interim CEO of Mattress Firm during a transition period. The Company expects to appoint a new CEO of Mattress Firm within the next 6 to 9 months.
“We thank John for his successful 6 years at Mattress Firm, leading the business to outperform the market over the period of his leadership,” commented Scott Thompson. “I look forward to working with the Mattress Firm leadership team during this transitional period.”
The Company previously announced it will change its name to Somnigroup International Inc. (“Somnigroup”), effective February 18, 2025. Mattress Firm, Dreams and Tempur Sealy will operate as decentralized business units under Somnigroup International. Mattress Firm and Dreams will continue to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, will continue to serve third-party retailers as well as Mattress Firm, Dreams and Tempur Sealy direct-to-consumer channels.
https://seekingalpha.com/pr/19999988-leadership-change-at-mattress-firm#hasComeFromMpArticle=false
February 4, 2025
Tempur Sealy Closing Tomorrow
Tempur Sealy Cleared to Close Acquisition of Mattress Firm
Feb. 04, 2025 12:10 PM ETTempur Sealy International, Inc. (TPX)
LEXINGTON, Ky., Feb. 4, 2025 /PRNewswire/ — Tempur Sealy International, Inc. (TPX) (NYSE: TPX, “Company” or “Tempur Sealy”) announced today that it expects to close its previously announced acquisition of Mattress Firm Group Inc. (“Mattress Firm”), the nation’s largest mattress specialty retailer, on Wednesday, February 5, 2025. This follows the ruling from the United States District Court for the Southern District of Texas denying the motion by the Federal Trade Commission (“FTC”) for a preliminary injunction to halt the closing of the proposed acquisition. The FTC has indicated that it will not seek emergency relief from the Fifth Circuit and will not prevent the transaction from closing.
Tempur Sealy Chairman and CEO Scott Thompson commented, “We are excited to move forward with our combination with Mattress Firm, which creates the leading vertically integrated global bedding company and which we strongly believe will bring significant benefits to all of our stakeholders.”
Business Update Call
The Company will hold a conference call on Thursday, February 6, 2025 at 8:00 a.m. Eastern Time to discuss the transaction.
The Company has a separate conference call scheduled to discuss the Fourth Quarter and Full Year 2024 financial results on Thursday, February 20th, 2025 at 8:00 a.m. Eastern Time.
The calls will be webcast and can be accessed on the Company’s investor relations website at investor.tempursealy.com. After the conference calls, webcast replays will remain available on the investor relations section of the Company’s website for 30 days.
February 4, 2025
Reaxis Acquired by TIB Chemicals
Grace Matthews advises Reaxis on its transaction with TIB Chemicals
MILWAUKEE (February 4, 2025) TIB Chemicals AG (“TIB Chemicals”), headquartered in Mannheim, Germany, has announced that it has acquired Reaxis, Inc. (“Reaxis”), a leading U.S. manufacturer of tin catalysts and metal-based specialty additives. By acquiring Reaxis, TIB Chemicals strengthens its presence in the North American market and reinforces its position as a global leader in tin chemicals, particularly tin catalysts. Together, TIB Chemicals and Reaxis are poised to continue delivering innovative solutions that meet the evolving needs of global markets. Grace Matthews advised Reaxis on the transaction.
ABOUT REAXIS, INC.
Reaxis, Inc. is a leading U.S. supplier of tin catalysts and specialty metal-based additives. Reaxis has built an industry reputation for its product development expertise, scale-up know-how, and dedicated technical support. Reaxis’ chemistries play a pivotal role in delivering cutting-edge performance in its customers’ products and are used in various end markets including polymer synthesis and crosslinking, surface finishing, water treatment, performance chemicals, oil and gas, and peroxide stabilization. For more information, please visit www.reaxis.com.
ABOUT TIB CHEMICALS AG
Founded in 1872, TIB Chemicals AG is a globally oriented, mid-sized company specializing in the development, production, and distribution of high-quality chemicals. With a diverse portfolio of over 1,000 products spanning basic chemicals, inorganic specialty chemicals, and coating systems, TIB Chemicals serves a wide range of international customers through its locations in three countries. With more than 450 dedicated employees who share a passion for chemistry, TIB Chemicals stands out for its extensive 150-year legacy as a family-owned business in the chemical industry. For more information, please visit www.tib-chemicals.com.
ABOUT GRACE MATTHEWS
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition, and corporate finance advisory services to private and public companies across the chemical and material science value chain. Over the past 25 years, Grace Matthews has successfully completed over 150 transactions on behalf of private, middle-market companies, private equity firms, and large multi-national corporations. For more detailed information on Grace Matthews, visit www.gracematthews.com.
February 2, 2025
Tempur Sealy and Mattress Firm Deal Good to Go
Tempur Sealy $4B deal for Mattress Firm cleared by federal judge
Feb. 01, 2025 10:22 AM ETTempur Sealy International, Inc. (TPX) StockBy: Rob Johnson, SA News Editor
Update at 2:04 p.m. ET. Adds statement from Tempur Sealy.
A federal judge on Friday cleared Tempur Sealy International’s (NYSE:TPX) $4B takeover of Mattress Firm, rejecting the Federal Trade Commission’s claim that the combination would harm consumers.
U.S. District Judge Charles Eskridge ruled that the companies cannot close the transaction until Feb. 7 to give the FTC time to appeal the decision.
The judge did not disclose his reasons for the decision, which was filed under seal. He cited confidential and proprietary information for his ruling, adding that a redacted version of his full decision will be released Tuesday.
When the deal was first announced in May 2023, Tempur Sealing said it expected the deal to close in the second half of last year.
The FTC sought to block the deal, citing “multiple deal documents” that showed Tempur Sealy’s plans to limit rivals’ access to Mattress Firm and lose access to the single most important retail channel.
“We are pleased the court ruled in favor of completing our previously announced transaction with Tempur Sealy, which we expect to close in the near future,” Mattress Firm Chief Executive John Eck said in a statement to Seeking Alpha.
“We are pleased that the United States District Court for the Southern District of Texas has declined to enjoin our acquisition of Mattress Firm,” Tempur Sealy said in a statement to Seeking Alpha. “Despite the FTC’s ongoing efforts to block the transaction, we will make every effort to close it as soon as possible.”
The FTC did not immediately respond to a request for comment by Seeking Alpha.
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