// Dreams to be acquired by Tempur Sealy from Sun European Partners for an expected approx. £340m
// Dreams will remain a standalone, independent business unit, led by existing management team
// Acquisition comes after the bedding retailer’s execution of turnaround strategy since 2013
Dreams is to be acquired by Tempur Sealy from Sun European Partners for an expected purchase price of approximately £340 million.
No jobs cuts or store closures have been made and Dreams’ management team will also stay in place, led by Mike Logue who was appointed in 2013.
The bedding and mattress retailer will also continue its day-to-day operations and said it would remained committed to its business strategy.
READ MORE: Dreams directors exit due to coronavirus crisis
With 2000 staff across the UK, Dreams sells 11,500 mattresses, bases and headboards per week through its network of over 200 stores and ecommerce site.
It also makes all of its own-brand mattresses at its factory in Oldbury and delivers to customers via its 11 delivery centres and fleet of 140 vehicles.
The takeover by Tempur Sealy, a US-based mattress and bedding giant, comes after Dreams delivered six years of consecutive growth and generated sales of approximately £327 million excluding VAT in 2020.
“Today marks a milestone for Dreams. It is recognition of the transformation we have delivered, and is an endorsement of our customer-focused strategy, our culture and our values,” Logue said.
“With Tempur Sealy we expect to drive our growth strategy and build on our position as the most recommended, specialist bed retailer.
“I would like to take this opportunity to thank our 2000 colleagues for their hard work, dedication and commitment.
“Together we will continue to improve what we make, sell and deliver, to provide better sleep for all our customers.”
Tempur Sealy chief executive Scott Thompson said: “Dreams has created a strong brand and business model, known for its outstanding products and customer service.
“We have partnered with Dreams for many years and they are one of the most talented retailers we work with, consistently demonstrated best-in-class web marketing and sales capabilities.
“This acquisition makes both organizations stronger, better positioned to service customers and bring innovative products to market.
“We look forward to welcoming the entire Dreams organization to the Tempur Sealy family.”
Thompson added: “This transaction is consistent with our stated strategy of acquiring companies when we see their addition as mutually beneficial and accretive to long-term shareholder value.
“We expect over time to realize synergy opportunities and long-term sales growth.”
The transaction is expected to close in the third quarter of this year, subject to receipt of regulatory approval from the Financial Conduct Authority.
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