Private equity firm Wynnchurch Capital LP has invested in bedding retailer Mattress Warehouse and two of its members will serve on the retailer’s board. Specifics of the deal were not released.
Mattress Warehouse, founded in 1989 and based in Fredrick, Maryland, has more than 300 retail locations throughout the Mid-Atlantic region.
“We are very excited about the investment in the Mattress Warehouse team by Wynnchurch Capital. With over $4 billion under management, Wynnchurch brings a wide range of expertise and a focus on accelerating growth across companies in the consumer space as we strive toward our goal to reach over 500 locations,” said Bill Papettas, president and chief executive officer of Mattress Warehouse.
Russ Gehrett, Wynnchurch Capital partner, and Mike MacKay, Wynnchurch vice president, will join the retailer’s board. “This team brings to the board significant experience in the consumer and retail (sectors) and will be focused on accelerating the company’s overall growth, including enhancing Mattress Warehouse’s existing digital and omnichannel capabilities,” according to a news release announcing the deal.
Gehrett added that Mattress Warehouse’s “unique heritage as a family-oriented and founder-run business is truly differentiating in today’s world. This investment is another example of Wynnchurch’s ability to identify and execute on unique opportunities in the consumer space.”
Wynnchurch Capital has headquarters in the Chicago suburb of Rosemont, Illinois, with offices in New York and California, and an affiliate in Canada. It was founded in 1999 and is a leading middle market private equity investment firm.
Lowenstein Sandler LLP served as legal counsel and Barclays served as financial adviser to Wynnchurch. Dinan Capital Advisors served as a financial adviser to Mattress Warehouse.