SCC closes Endy purchase
TORONTO – Sleep Country Canada Holdings (SCC), parent to this country’s largest specialty mattress retailer, has closed its previously announced acquisition of e-commerce purveyor Endy Sleep, saying the deal brings together two Canadian leaders in sleep and positions both to better serve Canadian customers coast-to-coast, online and in-store.
SCC acquired all of Endy’s assets for $88.7 million – $63.7 million in cash at closing, with up to an additional $25 million in early 2021 should certain growth and profitability targets be achieved in 2020.
“This is an exciting day for all of us at Sleep Country and Endy,” SCC chief executive officer Dave Friesema said in a statement. “We truly feel that our organisations complement each other perfectly in our entrepreneurial spirit, approach to sleep, operations, culture and dedication to customers. We look forward to a bright future alongside Endy.”
“Today's 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,” Endy’s co-founder and chairman Rajen Ruparell added. “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.”
Moving forward, SCC two’s banners – Sleep Country Canada and Dormez-Vous – will continue to operate separately from Endy. All existing employees will remain with both companies. The only structural change will be that general oversight of the Endy business will be provided by a board comprised of the SCC’s senior management and Endy. This group will be chaired by Ruparell.
Endy’s other co-founder, Mike Gettis, will continue to serve as its CEO.
As of 30 November 2018, SCC operated 264 stores and 16 distribution centres across the country.