Bedding manufacturer Spring Air Co., headquartered in Elk Grove Village, Ill., has merged with its largest licensee, Consolidated Bedding Inc. of Tampa, Fla.
The merger simultaneously brings six other Spring Air licensees—operating eight mattress plants in the United States—into the new company. The acquired manufacturing facilities are located in Atlanta; Birmingham, Ala.; Chelsea, Mass. (near Boston); Denver; Phoenix; St. Louis; Salt Lake City; and Lacey, Wash. (near Seattle).
They join Consolidated’s facilities in Columbus, Ohio; Carrollton, Texas (near Dallas); City of Industry, Calif. (near Los Angeles); New Brunswick, N.J.; and Tampa.
The newly configured Spring Air will employ 1,150 people in 14 locations and will be headquartered in Elk Grove Village, a Chicago suburb.
Jim Nation, the current president of Spring Air, retains his title as president.
Bob Hellyer has been named chief executive officer. Hellyer has been working as a consultant to the bedding industry and previously was president of Simmons. He also has worked for Sealy, as head of national sales for the Stearns & Foster brand.
Steve Antinori, chairman and CEO of Consolidated Bedding, has assumed the title of chairman of the Spring Air board.
H.I.G Capital LLC, a global private equity investment firm based in Miami, provided the equity funding for the transaction. Terms of the deal were not disclosed. H.I.G. began a relationship with Spring Air in 2005 when it funded the merger of American Bedding Industries and Spring Air Partners, then the two largest Spring Air licensees.
There have been other changes to the Spring Air senior leadership team, as well.
Kevin Damewood has been named executive vice president of sales. He joined Consolidated Bedding in 2006 after a five–year stint as a sales executive at Simmons.
Jan Wettergren, who joined Consolidated Bedding in 2006 after serving as Serta International’s director of manufacturing systems and controls, has been named vice president of manufacturing.
Ron Lueptow will serve as chief financial officer. Lueptow joined Consolidated Bedding in 2005 after serving as group vice president of finance at Circor International.
“It is an exciting time for the Spring Air family of customers, employees, vendors and suppliers,” Hellyer said. “We have a unique opportunity to grow a national, value–oriented ‘S’ brand, and these industry leaders will be on the front lines of delivering value to our customers and people everyday.”