Montreal-based private equity firm Novacap has financed the merger of Owen & Co. Ltd./Kingsdown Canada, which it added to its portfolio April 2017, with mattress maker Kingsdown Inc.
Terms of the transaction were not disclosed.
According to a news release, Toronto-based Owen & Co. is the exclusive owner of the Kingsdown brand name in Canada. Now, with the merger of Owen & Co. and Mebane, North Carolina-based Kingsdown, the brand is under a single ownership “with a manufacturing and distribution footprint around the world,” the release said.
Novacap will continue “growing the Kingsdown Group” globally and use the existing Kingsdown network to grow distribution of specialty sleep brand Zedbed. Novacap acquired Shawinigan, Quebec-based Zedbed earlier this year.
“We are excited about the growth trajectory of this business combination, both in North America and abroad,” said Marc Paiement, Novacap senior partner. “Our vision for this industry is to become one of the premier and most recognized brands around the world, and we will support the team in reaching that vision.”
Mike James, president and chief executive officer of Owen & Co., said: “With Kingsdown Canada, we have built one of the strongest mattress brands in Canada, and we were looking to further expand our business into the U.S. market. Our recent partnership with Zedbed, and now our merger with Kingsdown USA, will accelerate this growth plan and give all of our brands better access to our large network of retailers. Our customers and clients will all benefit from this merger through improved service and distribution capabilities throughout North America, and access to unique handcrafted products made by our skilled workers throughout North America.”
Commenting on the deal, Frank Hood, Kingsdown Inc. president and CEO, said: “Over our 100-year history, Kingsdown has become one of the most beloved brands in the U.S. and abroad. We are now stronger than ever and are looking forward to pursuing our current development plan with our great new partners, as the reunification with the Canadian family will make our company even stronger than the sum of its parts.”
Founded in 1995, Owen & Co. distributes the Kingsdown brand at major retailers and sleep shop chains across Canada and has manufacturing facilities in Calgary, Alberta; Toronto; and Vancouver, British Columbia. Privately held Kingsdown Inc. was founded in 1905 and has manufacturing facilities in California, Florida, North Carolina, Texas and Virginia. It exports product and has a network of international licensees.