Deal creates nation’s largest manufacturer of mattresses under $1,000
DALLAS – Corsicana Mattress Co. has acquired Richmond, Virginia-based Symbol Mattress, in a transaction that creates the nation’s largest manufacturing organization serving consumers looking to purchase mattresses for under $1,000, which remains the most popular buying segment in the industry. Together, the company will operate 16 manufacturing centers and employ more than 1,300.
Terms of the transaction were not disclosed by the private companies. All employees of Symbol will join the new organization.
Mike Thompson, chief executive officer of Corsicana, will continue to lead the combined company. “We are aggressively pursuing our ‘House of Brands’ strategy and Symbol, with its robust product offering and extensive distribution presence will immediately have an accretive impact on our business. Moreover, the combination of our companies further solidifies our leadership position serving independent bedding retailers with the mattresses most sought after by American consumers, namely those priced under $1,000,” said Thompson. “Symbol Mattress is a talented team of exceptional leaders with a demonstrated track record of profitable growth. Along with our combined manufacturing infrastructure and operating capabilities we will accelerate our transformation initiatives.”
“We are so excited to be a part of the Corsicana team. The merger now allows Symbol to grow nationally and satisfy the heavy demand for our key brands, like Tommie Copper, SleepFresh, and Luuf,” said Mike McQuiston, Symbol’s current president.
“By acquiring Symbol Mattress, Corsicana is now able to expand strategically into new key distribution channels and to create a broader footprint,” added Ira Starr, founding partner at Long Point Capital, a private equity firm that led the recapitalization of Corsicana in 2015.
Symbol Mattress is a top 10 bedding producer founded in Richmond, Virginia over 50 years ago. Symbol Mattress was incorporated in 1961 as Eastern Sleep Products with the business plan to provide low cost, value driven products to the retail bedding trade. Today, Symbol Mattress produces a broad line of bedding products ranging from promotional to premium retail price points and a broad spectrum of comfort and support features. Recently, the company also launched Luff, a direct-to-consumer boxed bed brand. In addition, Symbol has expanded its offerings to include sleep products for the health care, dormitory, rent to own and hospitality industries.
Founded in 1971 in Corsicana, Texas, Corsicana Mattress operates factories across the country and has become one of the mattress industry’s largest manufacturers. The company offers a full range of promotional and step-up products that feature the latest in sleep technology, including innerspring, memory foam and hybrid models. The company also has a mattress-in-a-box line that simplifies delivery. Corsicana leverages its national manufacturing presence to provide industry-leading quality, value, delivery and customer service. Its mission is to provide hard-working Americans with innovative and affordable sleep products that improve their quality of life.