Steinhoff International, an integrated retailer that manufactures, sources and sells furniture, household goods and clothing in Africa, Australia and Europe, has purchased a majority stake in mattress manufacturer Sherwood Bedding, based in Orlando, Florida.
The investment in Sherwood marks an expansion of Steinhoff North American operations in the mattress category, specifically in its manufacturing division, the Johannesburg-based company said in a news release. Last year, the company acquired Houston-based Mattress Firm, the largest sleep shop chain in the United States.
Sherwood, a third-generation, independently owned bedding manufacturer, operates four manufacturing facilities across the United States, with plans to open more in the Northeast and Northwest, the company said.
“We are extremely excited to partner with Steinhoff to continue to grow our mattress business,” said Neil Ellman, co-president of Sherwood.
“With their deep industry experience, we will focus on accelerating our growth plans and further integrating vertically into raw materials.”
Lance Ellman, also co-president of Sherwood, added: “This was an opportunity to take on a partner that will work with Sherwood and our management team to expand for the future. Existing management, along with Neil and I, will continue to operate the business, and we are excited about the long-term growth of the company. Steinhoff brings a worldwide network of suppliers to the table. We believe this will enable us to continue to offer exceptional value to all of our customers.”