Select Comfort sets IPO

Article Abstract:

Select Comfort, a leading manufacturer of airbeds, plans to hold an initial public offering (IPO) in hopes of raising roughly $40 million. In a filing with the Securities and Exchange Commission (SEC), the proceeds from the IPO would be spent for a third manufacturing facility and distribution hub, pay off long-term debt, boost operating capital and finance an imminent drive to expand retail operation. Select badly needed the new facility to allow the company to undertake an aggressive growth plan that includes launching 50 new retail sites in 1999.

Comment:

Plans to hold an initial public offering in hopes of raising roughly $40 mil

Organizational history, Household Furnishings NEC, Home furnishings, Select Comfort Corp.

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American Mattress sold

Article Abstract:

American Mattress has been purchased by Scott Michelsen, Mike Kenna and Frank DeMaio, three retailing experts, who were previously employed by rival, Bedding Experts. The new owners are said to be planning to expand the 23-store bedding specialty chain, which listed $14 million in sales during 1997. DeMaio and Kenna have become vice presidents of American Mattress. Michelsen, who has become the firm's president, said they considered acquiring American Mattress after learning that its founder, David Mitchell, was interested to sell.

Comment:

Has been purchased by Scott Michelsen, Mike Kenna and Frank DeMaio, three retailing experts, from founder David Mitchell

Asset sales & divestitures, Bedspreads, American Mattress

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