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Fairness Opinion Detail

ZZ FOOpen source

Sealy Corporation to Tempur-Pedic International Inc.

Home & Office Furnishings/Sep 2012/Citi, Perella Weinberg

Deal Information

Target
Sealy Corporation
Acquiror
Tempur-Pedic International Inc.
Sector
Home & Office Furnishings
Target Type
Public
Acquiror Type
Strategic
Advisors
Citi, Perella Weinberg

Transaction Metrics

Enterprise Value
EV / LTM Sales
EV / LTM EBITDA
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Citi

Firm Value / LTM EBITDA selected range: 7.5x - 9.5x

9 comps
Aug 2012AOT Bedding Super Holdings
Financial detail not publicly available at announcement; excluded from the observed range.
Advent International----
Sep 2009SimmonsAres Management LLC / Ontario Teachers Pension Fund--7.5x-
Oct 2006Hilding Anders ABCandover Partners--10.8x-
Mar 2004SealyKohlberg, Kravis & Co.--8.7x-
Nov 2003SimmonsThomas H. Lee Partners--9.1x-
Nov 2002Aero Products International, Inc.Investcorp--7.5x-
Oct 2002Tempur-Pedic International Inc.TA Associates--5.6x-
Oct 1998SimmonsFenway Partners--7.5x-
Dec 1997SealyBain Capital LLC--7.6x-
Mean-8.0x-
Median-7.5x-

Advisor: Perella Weinberg

EV / LTM EBITDA selected range: 8.0x - 10.5x

11 comps
Aug 2012AOT Bedding Super Holdings, LLC (Serta/Simmons)Advent International Corporation$3.0B-11.4x-
Sep 2009Simmons Bedding CompanyAres Management LLC$760M-6.4x-
Aug 2005National Bedding Co.Ares Management LLC$830M-9.2x-
Mar 2004Sealy CorporationKohlberg Kravis Roberts & Co. L.P.$1.4B-8.8x-
Nov 2003Simmons CompanyThomas H. Lee Partners$1.0B-10.9x-
Nov 2002Aero Products International, Inc.Investcorp Bank B.S.C.$232M-7.5x-
Oct 2002Tempur-Pedic International Inc.TA Associates Inc.$390M-6.8x-
Jun 2000Crescent Sleep Products CompanySleepmaster L.L.C.$127M-13.6x-
Jul 1998Simmons CompanyFenway Partners, Inc.$496M-8.2x-
Dec 1997Sealy CorporationBain Capital, LLC$805M-7.8x-
Mar 1996Simmons CompanyInvestcorp Bank B.S.C.$272M-6.9x-
Mean-8.9x-
Median-8.2x-