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Deal Detail

Sealy Corporation to Tempur-Pedic International Inc.

Home & Office Furnishings/Sep 2012
EV / LTM EBITDA
-
EV / LTM Sales
-
Enterprise Value
-
Primary Source
Citi

Comparable Transactions

Home & Office Furnishings transactions announced in the five years to September 2012. 2 with a disclosed multiple.

DateTargetAcquirorEnterprise ValueEV/SalesEV/EBITDAType
Aug 2012AOT Bedding Super Holdings, LLC (Serta/Simmons)Advent International Corporation$3.0B-11.4xFinancial
Sep 2009Simmons Bedding CompanyAres Management LLC / Ontario Teachers Pension Fund$760M-6.4xFinancial

All Observations

Source-specific multiples and notes for this transaction.

CompPrimary?Source TypeSourceSource AdvisorSource YearEV (USD)EV/SalesEV/EBITDAEV/Fwd EBITDANoteCitation
Primaryfairness opinionZZ FOCiti2013----Opinion Recipient: Target Board. Advisor range is Citigroup's applied Firm Value/LTM EBITDA reference range on LTM Adj. EBITDA of $135.9m to 27 May 2012 (implied $1.38-$2.32/sh vs $2.20 consideration). Business Model: Manufacturer. Citi had been paid ~$20.3m by KKR, Sealy's controlling holder, since 2010.Open
-fairness opinionMFRM FOBarclays2016----Third-party FO citation from Barclays' precedent table in the Mattress Firm SC 14D-9 (Aug 2016). No multiple disclosed — Barclays published only the aggregate high/mean/median/low for its set. Valuable as independent confirmation of the 27 Sep 2012 announce date.Open
-fairness opinionZZ FOPerella Weinberg2013----Opinion Recipient: SPECIAL COMMITTEE (the Independent Committee). Fairness addressed to holders OTHER THAN the KKR entities. Advisor range is Perella Weinberg's applied EV/LTM EBITDA reference range on LTM EBITDA to 26 Aug 2012 (implied $1.25-$2.27/sh). Fee $2m, not contingent on closing — unlike Citi's.Open