Steinhoff International Holdings has completed its purchase of Mattress Firm for $2.4 billion.

The total enterprise value of the deal is $3.8 billion, including net debt. Mattress Firm is now a subsidiary of Steinhoff, and the retailer’s management—led by Steve Stagner, executive chairman, and Ken Murphy, president and CEO—remains in place and continues to run Mattress Firm’s day-to-day activities.

“Steinhoff has a proven track record in the global mattress industry, and they share our vision for the growth and expansion of Mattress Firm,” Murphy said. “Our team remains committed to building a national chain under one banner in the U.S. and offering our guests a great night’s sleep.”

(Source: hfndigital.com  Author: David Gill)