Tempur Sealy re-acquires Sealy brand in the UK
Tempur Sealy has re-acquired the Sealy brand in the UK, after 47 years of it being held by Silentnight Group.
The group has formed a 50/50 partnership with its long-standing Asian joint venture partner, the Dyer family, to ‘develop, expand and reposition Sealy products in one of the largest bedding markets in Europe.’
Sealy United Kingdom Limited is a 50/50 joint venture between the Company and its Asian joint venture partners.
‘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,’ says Scott Thompson, Tempur Sealy chairman and ceo.
‘I would also like to acknowledge the Silentnight Group for its 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.
Tempur Sealy said it estimated Sealy’s UK market share was ‘low-single digits’ in 2019 and that 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. Over the past 20 years, the Sealy Asian joint venture has grown net sales at an annual compounded growth rate of about 36%, it says, and opened seven manufacturing facilities.
The deal also includes the Stearns & Foster brand.