Advent International, the owner of the Serta and Simmons brands in the United States, has acquired a majority interest in King Koil Shanghai Sleep System Co. Ltd., known as King Koil China.

Advent acquired the stake in the Shanghai-based manufacturer and retailer of mattresses from CITIC Capital Partners, according to media reports.

King Koil China’s management team will retain a minority stake in the company and continue to lead the business following the completion of the transaction. Financial terms were not disclosed, the reports said.

“The mattress market in China is large and fragmented but growing,” said Stephen Wang, CEO and co-founder of King Koil China. “With Advent’s support, we will continue to focus on our core competencies that drive growth and operational efficiency, allowing us to consolidate the market and further increase both our footprint and market share in the premium mattress segment.”

King Koil China is a licensee of several international mattress brands, including King Koil, Aireloom and Life Balance in China.

(Source: furnituretoday.com  Author: David Perry)