Business Description
Blue Bell Mattress Company is the largest domestic licensee of the King Koil brand and sells both King Koil and private label inner spring and hybrid mattresses to bedding and furniture retailers throughout the Northeast and Mid-Atlantic regions.
Background
The two principals, based on their potimistic outlook for both the industry and their business, wanted to monetize their ownership in the company and find a strong partner for future growth of the company.
Solution
Carter Morse & Mathias, as Blue Bell’s exclusive financial advisor, executed a parallel process for the Company, helping them explore both a recapitalization and sale transaction simultaneously. The transaction with Longroad Asset Management, a well-known private equity investor, gave the owners their desired balance between immidiate liquidity and equity growth for the future. While a majority equity stake was sold, the owners retained a meaningful share, they continue to manage the day-to-day operations of the business and now have access to additional financial resources to fund internal and external growth. In addition to managing a parallel process, CMM also arranged the senior debt financing for the buyer, structured management's continued equity position, and supported the management team through extensive due diligence, documentation and closing process.
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