Dreams to be acquired by Tempur Sealy
Sun European Partners is to sell bed and mattress retailer Dreams to bedding products manufacturer Tempur Sealy for an expected purchase price of around £340 million.
Dreams’ management team, including its chief executive Mike Logue, will stay in place following the acquisition.
With 2,000 employees across the UK, Dreams sells 11,500 mattresses, bases and headboards per week through its network of over 200 stores and online. The company makes all of its own-brand mattresses at its factory in Oldbury and currently makes 290,000 mattresses and over 160,000 divan bases a year. It also has 11 delivery centres and fleet of 140 vehicles.
Dreams has achieved six years of consecutive growth and generated sales of approximately £327 million in 2020.
Logue said: “We are delighted to be joining the Tempur Sealy family. 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. With Tempur Sealy we expect to drive our growth strategy and build on our position as the most recommended, specialist bed retailer.”
The transaction is expected to close in the third quarter of 2021, subject to receipt of regulatory approval from the Financial Conduct Authority.
Tempur Sealy chairman and 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 organisations stronger, better positioned to service customers and bring innovative products to market. We look forward to welcoming the entire Dreams organisation to the Tempur Sealy family.”