Anatomic Global reorganizes, gets cash influx

Anatomic Global, a maker of memory foam mattresses based in Corona, Calif., has re–formed under a new corporation and inked a deal that will provide up to $20 million to help reduce debt, fund working capital, launch new branding and merchandising programs and invest in new equipment.

A new corporation, Anatomic Holdings Inc., has been formed. FXI Holdings Inc., the investor group that controls foam supplier FXI in Media, Pa., is part of the new enterprise.

Anatomic Global said its sales have grown more than 50% annually in the past two years.

“It is a good problem to have, but a challenging one nonetheless,” said David Farley, Anatomic Global chairman and chief executive officer. “This agreement will allow us to relieve all of our short–term cash burdens and to pick up the pace of investment in our brand and infrastructure. Having the ability to bring in additional funding beyond the initial tranche over the next five years based on our performance makes this deal a real home run.”

The reorganization will allow the company to reduce a multimillion dollar credit obligation to a key supplier, dating back to the launch of its consumer business two years ago, the company said.

Anatomic Global plans “significant product introductions” at the Las Vegas Market in August and will undertake a comprehensive rebranding in early 2012. The company also expects to add manufacturing equipment to increase operational performance.

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