Tempur Sealy International, Inc, the world's largest bedding manufacturer, is reacquiring the rights and assets to manufacture, market, and distribute Sealy- and Stearns Foster-branded products in the UK from its current licensee, Silentnight Group. The company has entered into a new 50/50 joint venture (Sealy United Kingdom Ltd) to develop, expand and reposition Sealy products in one of the largest bedding markets in Europe.
Sealy United Kingdom Ltd is a 50/50 joint venture between the company and its Asian joint venture partners. According to Tempur Sealy, the joint venture in Asia has been successful in establishing Sealy in its markets as a premium brand with innovative innerspring products and strong retailer relations, and, over the last 20 years, has grown net sales at an annual compounded growth rate of approximately +36%, opened seven new manufacturing facilities, and increased consideration for Sealy-branded products across the Asia Pacific region.
Tempur Sealy chairman and CEO Scott Thompson states: “We identified that the premium innerspring segment in the UK market is not being fully served. We believe we have brought together the right people, brands and strategy to satisfy the market’s needs. Sealy is the number-one brand in the US, and we believe this transaction will significantly improve our competitive position in the UK for generations to come.
"I would also like to acknowledge the Silentnight Group for their strong management of the Sealy brand in the UK over the last 47 years, and thank our joint venture partners, the Dyer family, for working with us on this new growth opportunity.”
