Investor Group to Acquire 1800Mattress.com
March 16, 2009
Bedding retailer 1800mattress.com, Long Island City, N.Y., announced on Friday it had signed a letter of intent to sell the company to Dial Mattress Acquisition LLC, a group led by mattress industry veteran Ken Mazda.
Under terms of the agreement, both parties have committed to a swift due diligence process after which the new group will make a capital infusion into the company to continue to grow the brand.
Following the closing, Mazda will serve as the chief executive of the company. Upon the signing of the letter of intent, he assumed responsibility for day-to-day operations of the company. Napoleon Barragan, who founded the company more than 30 years ago, will serve as a consultant and advisor to the new company, as well as focusing efforts on international business development.
"1800mattress.com is one of the nation's best known brands, and we believe the only truly iconic brand in the mattress industry," Mazda said in a release. "Everyone knows the slogan and leaving the last 's' off for savings, which we believe presents a significant market opportunity for us in the future."
"Personally, I am very excited about this opportunity for our customers, employees and vendors," Barragan said. "The experience the new investment group brings from both the manufacturing and retail perspective will make the company and our brand stronger in the future."
Mazda is best known for building Nationwide Discount Sleep Centers into the 60-store dominant mattress retailer in the Philadelphia market, which he and his partners sold to Mattress Giant in the late '90s. He joined 1800mattress.com in the summer of 2008 in a senior role, ultimately overseeing day-to-day operations of the company.
Founded in 1976, 1800mattress.com is a leading national multi-channel retailer of mattresses, box springs and bedding products. It features products by Sealy, Serta, Simmons, Tempurpedic and King Koil among others, including custom sizes, sofa beds, Murphy beds, futons, and adjustable and organic beds.
The company was the first mattress retailer to introduce a two-hour delivery window, and fast national and international delivery of its products. Its business-to-business sales division supplies schools, hospitals, hotels and other institutions.
Under terms of the agreement, both parties have committed to a swift due diligence process after which the new group will make a capital infusion into the company to continue to grow the brand.
Following the closing, Mazda will serve as the chief executive of the company. Upon the signing of the letter of intent, he assumed responsibility for day-to-day operations of the company. Napoleon Barragan, who founded the company more than 30 years ago, will serve as a consultant and advisor to the new company, as well as focusing efforts on international business development.
"1800mattress.com is one of the nation's best known brands, and we believe the only truly iconic brand in the mattress industry," Mazda said in a release. "Everyone knows the slogan and leaving the last 's' off for savings, which we believe presents a significant market opportunity for us in the future."
"Personally, I am very excited about this opportunity for our customers, employees and vendors," Barragan said. "The experience the new investment group brings from both the manufacturing and retail perspective will make the company and our brand stronger in the future."
Mazda is best known for building Nationwide Discount Sleep Centers into the 60-store dominant mattress retailer in the Philadelphia market, which he and his partners sold to Mattress Giant in the late '90s. He joined 1800mattress.com in the summer of 2008 in a senior role, ultimately overseeing day-to-day operations of the company.
Founded in 1976, 1800mattress.com is a leading national multi-channel retailer of mattresses, box springs and bedding products. It features products by Sealy, Serta, Simmons, Tempurpedic and King Koil among others, including custom sizes, sofa beds, Murphy beds, futons, and adjustable and organic beds.
The company was the first mattress retailer to introduce a two-hour delivery window, and fast national and international delivery of its products. Its business-to-business sales division supplies schools, hospitals, hotels and other institutions.
