- BedTimes Supplies Guide
Sealy is pursuing an initial public offering of common stock to raise as much as $402.5 million. In an announcement made June 30, the Archdale, N.C.– based bedding maker said that its parent company, Sealy Corp., had filed a registration statement with the U.S. Securities and Exchange Commission.
The company said it would use proceeds from the IPO to pay down debt, fund global operations and pay private equity firm Kohlberg Kravis Roberts to “terminate our future obligations under our management services agreement.”
According to a news release, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. will act as book runners for the proposed offering.
Sealy was purchased in April 2004 by KKR and a team of Sealy management. That deal was valued at $1.5 billion.
Sealy’s initial steps toward an IPO came just weeks after Simmons announced it was withdrawing its IPO registration statement because of “market conditions and for strategic reasons.”