Mattress Firm Holding Corp. to Steinhoff International Holdings N.V.

Deal Information

Target

Mattress Firm Holding Corp.

Acquiror

Steinhoff International Holdings N.V.

Sector

Target Type

Public

Acquiror Type

Strategic

Advisors

Barclays

Enterprise Value

$3.9B

EV / LTM Sales

EV / LTM EBITDA

12.6x

EV / Fwd EBITDA

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

EV / LTM EBITDA selected range: 9.0x - 11.0x

15 comps


Mattress Transactions
	Nov 2015	Sleepy's	Mattress Firm	-	-	-	-
-	Sep 2014	The Sleep Train	Mattress Firm	-	-	-	-
	Sep 2012	Sealy	Tempur-Pedic	-	-	-	-
-	Aug 2012	AOT Bedding	Advent	-	-	-	-
	Apr 2012	Sleepy's	Calera Capital	-	-	-	-
-	Jan 2007	Mattress Firm	J.W. Childs Associates	-	-	-	-
-	Sep 2005	National Bedding Company (Serta)	Ares / Teachers' Private Capital	-	-	-	-
	Apr 2004	Sealy	KKR	-	-	-	-
-	Dec 2003	Simmons Holding Inc.	Thomas H. Lee	-	-	-	-
Other Selected Specialty Retail Transactions
	Nov 2015	Petco	CVC and CPPIB	-	-	-	-
-	Nov 2015	PetSmart	BC Partners	-	-	-	-
-	Feb 2014	National Vision	KKR	-	-	-	-
-	Jun 2012	Party City	T.H. Lee	-	-	-	-
	May 2012	Cost Plus World Market	Bed Bath & Beyond	-	-	-	-
-	May 2011	Academy Sports + Outdoor	KKR	-	-	-	-
		Mean			-	-	-
		Median			-	-	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

No DCF assumptions disclosed in this opinion.