Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, August 2, 2024

Article Excerpt

SLEEP COUNTRY CANADA HOLDINGS INC., $34.92, symbol ZZZ on Toronto, is Canada’s dominant specialty mattress retailer. The company operates 307 stores nationwide, along with 18 distribution centres. Its product offerings include mattress sets and sleep-related accessories such as bed frames, pillows, mattress pads, sheets, duvets, headboards, footboards and platforms. Stephen Gunn, Christine Magee and Gord Lownds founded Sleep Country in Vancouver in 1994. In 2003, the company, then an income trust, began trading on the Toronto exchange at $10 a unit. Toronto-based firms Birch Hill Equity Partners Management Inc. and Westerkirk Capital Inc. took Sleep Country private after acquiring it in 2008. In 2015, they re-listed the company on the Toronto exchange through an initial public offering, or IPO. The public bought a total of 17.65 million shares at $17 each. On July 22, 2024, Sleep Country announced that it had agreed to be acquired by a subsidiary of Fairfax Financial Holdings Limited (symbol FFH on Toronto) for $35 a share. The deal values Sleep…