BOCA RATON, Fla.—Sleep Innovations Inc. will acquire virtually all the assets of Flexible Foam Products Inc.
A portfolio company of Sun Capital Partners Inc., Sleep Innovations will expand not only its entire operation, but it also will further add to its base in the original equipment market with the purchase, officials at Sun Capital said. The transaction closed on March 31. Terms of the deal were not disclosed.
The acquisition was made to support the growth of Sleep Innovations in the furniture and bedding markets, according to Marc Leder, co-CEO of Sun Capital.
He said “Flexible Foam's long history of producing top quality polyurethane foam will complement Sleep Innovations' strength in both the retail and original equipment markets.”
It will add more capacity in new geographies for the companies, which for the time being will retain their names.
Sun Capital said it is working to integrate the companies over the next six months, adding that both Flexible Foam and Sleep Innovations have very talented people within their organizations.
Flexible Foam, which has been producing urethane products since 1970, is headquartered in Spencerville, Ohio, and produces polyurethane foam products used in the flooring, bedding, furniture, packaging, retail and automotive industries.
It has an extensive base of manufacturing and sales facilities spread throughout the U.S.—primarily supplying the original equipment market—along with a research and development center located in Baldwyn, Miss. It primarily serves the North American market.
Its other U.S. locations, in addition to its headquarters plant in Ohio, are in Texas, Florida, Colorado, Indiana, Illinois, Tennessee, Mississippi, North Carolina, Washington and Pennsylvania.
A combined Sleep Innovations/Flexible Foam operation will have about 20 sites in critical regions, “which will ensure our ability to both serve customers locally and grow for the future,” Sun Capital said.
West Long Branch, N.J.-based Sleep Innovations is a designer, manufacturer and marketer of memory and conventional foam used for bedding, furniture, medical, bath and pet products.
It makes standard and specialty polyurethane foam, which is sold for use in bedding, furniture, automotive, packaging and consumer products. It also sells the foam through its retail division. It has a significant presence in both the OEM and retail channels for bedding and comfort products.