Simmons, the bedding giant, has been in a hurry in recent months, and bankruptcy rumors continue to exist. After months of speculation and uneasiness, Simmons finally said at the end of September that it had signed an acquisition agreement with an investment group. In this way, a generation of legendary brands will once again change hands. The acquired investment groups are Ares Asset Management (AresManagement) and Ontario Teachers' Pension Plan, which are the owners of the third-largest bedding giant Serta. [Related News: Simmons Bankruptcy Latest Report: Will Sell the Company and Its Subsidiaries] The completion of this transaction means that Sealy, the bedding leader for more than a decade, has handed over the throne of the first bed vendor to the owner of the Serta brand. . However, according to the owner of Serta, the two brands will still operate separately after the acquisition. In order to successfully complete the reorganization, Simmons indicated that it will confirm the advance planning within 30 to 40 days in accordance with the bankruptcy law. Although this bankruptcy does not include Simmons' subsidiaries in Canada and Puerto Rico, the two companies will be acquired in accordance with the terms of the acquisition. Simmons said that this restructuring can reduce its total debt of about $1 billion to about 450 million. After the reorganization, the company's revenue and expenditure will improve and financial flexibility will also increase. [Related News: The world's largest mattress business, Mengsi filed for bankruptcy and the second recession of the US dollar] The total target of the transaction is estimated at 760 million US dollars, including the equity of the acquirer, the equity of some Simmons creditors, and the creditor's rights of some creditors. Wait. Simmons President Steve Fendrich commented: "This acquisition contract is a reflection of the Simmons brand value, affirmation of our strong position in the market, and affirmation of our market strategy and the value of business, personnel and operational investments." He said: "Simmins bedding is one of the unshakable leaders of the industry. According to this acquisition plan, this status will continue to be maintained, while enhancing the company's revenue and continuing to maintain our commitment to customers and consumers. The acquisition plan also protects our existing employees, creditors and suppliers, etc. According to the acquisition plan, all of Simmons' trade suppliers, employees and senior bank creditors will receive full payment. Simmons' senior non-priority ticket holders will receive a total of $190 million in cash compensation on a pro rata basis. Simmons coupon holders will receive a total of $15 million in cash compensation on a pro rata basis. Ares Asset Management and Ontario Teacher Pension Investment Planning are preparing to operate Simmons and Serta as two separate companies, and the two brands will continue to compete in the market. The company's main body, brand, product line and management team will maintain the status quo. Bennett Rosenthal, senior partner of Ares Asset Management, said: "The brand of Simmons has a huge amount of gold, creative products, strong management team and experienced experience. It is also an indispensable foundation for the industry. All this constitutes an attractive attraction. The object of investment. Therefore, our aim is to build on its strengths, maintain the identity of its independent company, and form a complement to our existing Serta brand in investment. We believe that in today's turbulent environment The performance of Simmons symbolizes the vitality of the brand.†Erol Uzumeri, Senior Vice President of Teachers Private Capital, added: “As long-term investors, we are looking for those who have been tested by the market and have a strong presence. A company specializing in brands. According to our core investment standards, Simmons has an excellent track record, so we are convinced that this transaction will surely achieve sustained value growth.†Sealy is the first bedding brand for many years, ranking second and The combination of the two major brands did not show tension. Sealy CEO Larry Rogers said: "Their transactions will not change the direction of our company, we still aim to be the best bedding company. This means we have the best products, the best service and Continuous product innovation.†He also analyzed: “If the fact that Serta and Simmons are still operating independently, then the current market structure will not change. Even if the two brands eventually merge, or become a cooperative brand, Our competitors remain unchanged. Given our international quality products and the market's number one brand, Sealy will face a reasonable situation with fewer retailers and consumers choosing. In either case, I will We are more satisfied with our current status.†Serta officially said that it will not comment directly on this acquisition. An official said: "For the moment, Serta is still focusing on 'daily operations' and does not think there will be any changes in the overall business. We will continue to invest in our own brands and create the world's most Good mattresses further expand our relationship with dealers, suppliers, employees and, most importantly, consumers.†Ares and Ontario Teacher Pension Investment Planning acquired Serta in August 2005.
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