Group buys Simmons for $510M

Article Abstract:

Fenway Partners, a New York-based investment group, acquired 72% of bedding manufacturer Simmons Co.'s stock for $510 million. Twenty-three percent of the stock is owned by a group of Simmons managers and an Employee Stock Ownership Plan while the remaining 5% is owned by its former majority shareholder Investcorp. Simmons chairman Zenon Nie said that the firm, which has a very conservative capital structure, gives it higher leverage. Fenway provided $177 million while the rest was financed with $218 worth of senior bank loans, $40 million worth of junior subordinated notes and payment-in-kind notes as well as a $75 million bridge loan.

Comment:

Acquires 72% of bedding manufacturer Simmons Co's stock for $510 million

Acquisitions & mergers, Other Financial Vehicles, Investors NEC, Investors, Fenway Partners Inc.

---

Simmons up for sale again

Article Abstract:

Simmons is again up for sale after having four majority owners in the past 12 years. The bedding firm has employed investment firm Goldman Sachs to explore other alternatives, in addition to an initial public offering it is currently considering. However, Goldman could recommend to Simmons to do nothing and continue with its existing current ownership structure, which is controlled by Investcorp, an international investment banking firm which purchased the stake for around $250 million in March 1996.

Comment:

Is again up for sale after having four majority owners in the past 12 years

---

Similar abstracts:

• Abstracts: John Madden touts Simmons' Olympic Queen. Bedding producers plan to be aggressive. Dramatic presentation wins attention for Alperts
• Abstracts: Faux suedes a real hit. Sleeker recliners loading up on leather. Leather on recliners: a perfect fit
• Abstracts: Bestar net earnings decline 46.2% in 1Q. Shermag earnings tumble 98% as sales decline in 1Q. Bestar earnings fall 97.1% as revenue declines 17.1% in 3Q
• Abstracts: IFDA to honor Segal. Weir's promotes Moore. Kimbrell heads RoomStore
• Abstracts: America Log sold to Verlindens. Lehigh files Chapter 11: compaany up for sale

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.