Canada-based retailer Sleep Country Canada Holdings has completed the acquisition of online mattress brand Endy for approximately C$89m ($66.98m).
The deal complements the business of both companies in sleep and positions, allowing them to serve Canadian customers through online and in-store services.
As part of the deal, Sleep Country offered C$63.7m ($47.94m) in cash at closing, as well as agreed to pay up to C$25m ($18.81m) in cash in early 2021, subject to certain growth and profitability achievements in 2020.
Endy co-founder and chairman Rajen Ruparell said that the announcement “marks a major milestone for Endy, as we begin this new chapter as part of the Sleep Country family and continue on our mission to change the way Canadians sleep.
“We are thrilled to have a partner that is truly best-in-class as we strive to provide Canadians with a better night’s sleep, and a more convenient way to buy a mattress.”
Sleep Country and Endy will now continue to operate separately as agreed during the announcement of the acquisition. All employees of Endy and Sleepy County will be retained.
A board featuring senior management of Sleep Country and Endy will offer general oversight of the Endy business. This board will be chaired by Ruparell. Endy CEO Mike Gettis will continue in his role.
Established in 2015, Endy offers a range of mattress brands including Endy Mattress, The Endy Pillow, The Endy Sheets, and The Endy Mattress Protector through its online platform.
Sleep Country currently operates a network of 264 stores and 16 distribution centres across Canada. It also offers white glove home delivery service.