Owen & Company (“Kingsdown Canada”) and Kingsdown Inc. merge in Novacap backed transaction
April 03, 2018
Montreal, April 3, 2018 – Novacap backed Owen & Company, a leading manufacturer of handcrafted luxury mattresses, operating in Canada primarily under the Kingsdown brand, is pleased to announce its merger with its US counterpart Kingsdown Inc., one of the most renowned mattress manufacturers in America. The transaction is supported by Novacap, a Canadian leader in private equity, though its Industries IV fund.
Until now, Owen & Company was the exclusive owner of the Kingsdown brand in Canada. This merger will see the 114-year-old Kingsdown brand, which started in Mebane, North Carolina in 1904, back under common ownership, with a manufacturing and distribution footprint around the world.
Novacap is excited to work alongside the talented management teams at Kingsdown Inc. and Kingsdown Canada and will continue to invest in growing the Kingsdown Group globally, all while providing the highest quality handcrafted mattresses and sleep products. Novacap also plans to use the Kingsdown distribution network to further develop Zedbed, a Quebec-based manufacturer of memory foam mattresses and accessories, throughout the North American market, which was also recently acquired.
“We are excited about the growth trajectory of this business combination, both in North America and abroad,” said Marc Paiement, Senior Partner at Novacap. “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.”
“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,” said Mike James, President and CEO of Owen & Company. “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.”
“This partnership represents a turning point in our company’s history,” said Frank Hood, President and CEO of Kingsdown Inc. “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.”
The financial terms of the transaction were not disclosed.
ABOUT OWEN & COMPANY LIMITED
Founded in 1995 and operating in Canada under the Kingsdown, Bassett and James & Owen brand names, Owen & Company operates out of three manufacturing facilities strategically located in Toronto, Calgary and Vancouver. The Company, which is supported by a highly experienced and talented management team, benefits from well-established, long-term customer relationships with Canada’s largest mattress retailers. Owen & Company is an industry leader in sleep innovation and holds numerous patents for its products. For more information, please visit www.kingsdown.ca.
ABOUT KINGSDOWN INC.
Headquartered in Mebane, North Carolina, Kingsdown Inc., is a privately-owned manufacturer of fine handcrafted mattresses, originally founded in 1904 by W.W. Corbett and A.N. Scott as “The Mebane Bedding Company”. More than a century later, Kingsdown has expanded its manufacturing and distribution footprint in the U.S. and around the world, but its commitment to handcrafted quality has never wavered. Research and development, training and distribution, and manufacturing are also located in Mebane, with additional manufacturing locations in California, Florida, Texas, and Virginia.
In addition to exporting ‘Made in USA’, Kingsdown is proud to have a network of multi-branded licensee partners around the world who are dedicated to expanding "Sleep, Made Smarter" on a global scale. Each partner is dedicated to ensuring the same stringent U.S. Kingsdown quality standards are maintained in every mattress that is produced and sold within their respective countries. For more information, please visit www.kingsdown.com .
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. The firm has raised over $2.6 billion in capital since its inception. Novacap’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
Source: Owen & Company/Kingsdown Inc./Novacap