In connection with the closing of its acquisition of Mattress Firm, Tempur Sealy International, Inc. has announced it will change its name to Somnigroup International Inc. (Somnigroup), effective from 18 February 2025.
Chairman and CEO Scott Thompson said, “We are thrilled to announce a new name to our expanded vision. The name Somnigroup is derived from the Latin somn meaning sleep, omni meaning all, and “group” to represent our omni-channel strategy.
“The name Somnigroup International reflects our position as a global holding company and provider of sleep solutions with a portfolio of outstanding businesses – Tempur Sealy, Dreams and Mattress Firm – as well as the future direction of the company. We look forward to continuing to improve people’s lives through better sleep for the next 100 years and beyond.”
Mattress Firm, Dreams and Tempur Sealy will operate as decentralised business units under Somnigroup. Mattress Firm and Dreams will continue to operate as multi-branded retailers and Tempur Sealy, primarily a manufacturer, will continue to serve third-party retailers as well as Mattress Firm, Dreams and Tempur Sealy direct-to-consumer channels.
The Company aims to deliver long-term growth for shareholders while serving the evolving needs of consumers worldwide through innovation, industry expertise and its portfolio of award-winning brands.
Furthermore, the group has now completed its previously announced acquisition of Mattress Firm Group Inc., the USA’s largest mattress specialty retailer.
On a pro forma basis for the acquisition of Mattress Firm, the Company generated approximately $8 billion in sales over the previous twelve months ending December 31, 2024, net of intercompany sales. This implies sales of approximately 85% in North America and 15% in International geographies, with approximately 65% of sales from direct-to-consumer channels and 35% from third-party retailers.
Chairman and CEO Scott Thompson said: “We have collaborated with Mattress Firm for over 35 years, and we are thrilled to welcome them into the Tempur Sealy, soon Somnigroup, organization. The addition of Mattress Firm will unlock incremental benefits for all stakeholders by accelerating our U.S. omni-channel strategy. This transaction creates a leading global bedding company with extensive manufacturing capabilities and a broader U.S. retail footprint. Together, the companies are positioned to facilitate enhanced product innovation, improve the customer buying experience, and ensure high-quality, durable products are brought to market.
“We would like to extend our heartfelt thanks to all Tempur Sealy and Mattress Firm employees and suppliers for their unwavering dedication, hard work, and continued support every day. Your commitment to our mission to deliver better sleep is the cornerstone of our success. We also wish to express our deep gratitude to our legal counsel, financial advisors, and lenders, all of whom provided exceptional expertise and best-in-class capabilities that have been invaluable throughout this transaction.
“Finally, we would like to recognize our shareholders for their steadfast support of this transaction and their continued belief in our long-term strategy, a confidence that is clearly reflected by the 80% increase in our stock price since the transaction was announced.”
