Thomas H. Lee Agrees to Buy Simmons
- Share via
Thomas H. Lee Partners, the world’s second-biggest buyout firm, agreed to buy Simmons Co. in a transaction valuing the maker of Beautyrest and BackCare mattresses at $1.1 billion.
Simmons was started 132 years ago by Zalman Simmons to build wooden cheese boxes. Today, the Atlanta-based company is the second-largest bedding maker, after Sealy Corp. Simmons had earnings of $24 million in 2002 and revenue of $670 million.
Thomas H. Lee is acquiring more than 80% of Simmons from buyout firm Fenway Partners Inc. Fenway bought Simmons for about $513 million in 1998. Fenway, with offices in New York and Los Angeles, will retain 10% of Simmons, whose management will own less than 10%.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
