The purchase of Nashville, Tenn.–based mattress producer Southerland through an employee stock ownership plan has been finalized.
The management team includes David Corbin and Steve Russo, who serve as co–presidents. Bryan Smith is executive vice president and chief financial officer. Marty and Trey Southerland, as well as other Southerland family members, remain with the company.
Southerland operates more than 274,000 square feet of combined production and distribution facilities in Nashville, Oklahoma City and Phoenix.
The move from family ownership to an ESOP structure and recapitalization was led by the new executive team. Under the ESOP, employees own 100% of the company.
Southerland will continue to develop its own brands, as well as private–label products for regional bedding retailers. The new management team will focus on innovative, consumer–focused product development; a diversified licensed brand portfolio; optimization of its cost structure through lean practices; strategic sourcing; and value–added sales efforts.
Corbin and Russo have been working as consultants to Southerland since mid–2009. Corbin is a marketing and product development expert and brand management specialist with experience at Procter & Gamble, Pulaski Furniture Corp. and Chromcraft Revington. Russo is an operations specialist with experience running Latex International, Consolidated Bedding and Restonic. Smith is a finance and accounting specialist who has worked with Southerland for many years.
