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STEINHOFF International Holdings NV has acquired an unspecified majority stake in Sherwood Bedding, one of the largest mattress makers in the U.S.

 

The deal—terms of which were not disclosed—marks the furniture, bedding and general merchandise conglomerate's first investment into U.S manufacturing.


Steinhoff entered the U.S retail market when it acquired Mattress Firm, the country's largest bedding retailer, last year.


Sherwood is a third-generation privately-owned bedding manufacturer that operates four production facilities with plans to open more in the Northeast and Northwest. It claims to be the fifth largest mattress maker in the country and it serves as a manufacturing partner for a number of retailers.


It is run by co-presidents Neil Ellman and Lance Ellman, both of whom will continue to work with the company.

Neil Ellman said: "We are extremely excited to partner with Steinhoff to continue to grow our mattress business. With their deep industry experience, we will focus on accelerating our growth plans and further integrating vertically into raw materials.”


Lance Ellman said: "This was an opportunity to take on a partner that will work with Sherwood and our management team to expand for the future. Existing management along with Neil and I will continue to operate the business and we are excited about the long-term growth of the company. Steinhoff brings a worldwide network of suppliers to the table. We believe this will enable us to continue to offer exceptional value to all of our customers.”



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