Toronto-based Sleep Country to buy U.S. company Casper’s Canadian assets for $20.6M US | CBC News
Toronto-based mattress retailer Sleep Country says it will acquire the Canadian assets of Casper Sleep Inc., a U.S. mattress-in-a-box company.
Number of direct-to-consumer brands selling compressed mattresses has soared
Sleep County Canada Holdings Inc. says it will acquire Casper Sleep Inc.’s Canadian operations.
The Toronto-based mattress retailer says it will pay $20.6 million US for the Canadian assets of the mattress-in-a-box company, which is headquartered in New York City.
Sleep Country will receive a $4.5 million marketing transition fee from Casper over the next four years and three-year warrants, which would convert into a one per cent stake in Casper.
Sleep Country says it has also invested $20 million in five-year convertible notes, which can be converted into about five per cent of Casper shares.
The deal comes as the number of e-commerce companies selling compressed and rolled mattresses in boxes that ship directly to customers has soared in recent years.
Sleep Country bought online mattress firm Endy for $88.7 million in 2018.
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