SSB closes T&N merger
ATLANTA – Serta Simmons Bedding (SSB), which is believed to be the largest manufacturer and distributor of mattresses in North America, has finalised its acquisition of e-commerce mattress retailer Tuft & Needle.
In a statement, the company said now that the merger is complete, SSB will begin integrating the direct-to-consumer features refined by Tuft & Needle across its brands: Serta, Beautyrest, Simmons and Tomorrow.
It is also promising retailers that customer-centric innovations will become the standard for the entire SSB house of brands. Additionally, value-add services will be developed and piloted for SSB’s key retail partners. By accelerating its direct-to-consumer reach and capabilities, SSB will continue to lead in transforming the industry to one that is customer focused.
Tuft & Needle co-founders JT Marino and Daehee Park have been appointed to expanded roles within SSB: Marino is named chief strategy officer and Park is appointed chief growth officer. Both will report to SSB chief executive officer Michael Traub.
“As the leader, we will drive the shift in our industry to one that listens to customers, meets their expectations, and truly serves them. We are excited to merge with Tuft & Needle to create the number one customer-centric sleep company with the broadest reach, best-in-class manufacturing and over 150 years of experience,” said Traub.
“We have opened a new chapter in the mattress industry. Over the coming months, we will begin to showcase to our customers and retail partners key changes in how we operate and go to market. Also, we will offer retail partners new services and tools to support their success in the evolving market. SSB is clearly taking a strong industry-leading position by recognizing the future as delivering best-in-class experiences for customers wherever they choose to shop,” added Marino.
Unlike many of its major competitors in the U.S. – including Casper, Purple and Saatva – the Phoenix, Arizona-based Tuft & Needle doesn’t sell directly to consumers in this country. Instead, its product assortment is offered on Amazon’s Canadian platform.
According to Internet Retailer, T&N is one of the fastest growing direct-to-consumer mattress retailers in the U.S. and estimated its sales last year at US$160 million.
Owned by Advent International, the Boston-headquartered private equity group, SSB operates more than 30 manufacturing plants throughout Canada and the U.S. Its sales for 2017 were estimated at US$3.3 billion.
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