Somnigroup takes minority stake in Kingsdown.
MEBANE, N.C. – Somnigroup International is again expanding its reach in the mattress sector by taking a “passive minority” stake in mattress maker Kingsdown.
Company executives said the investment represents Somnigroup’s “belief in Kingsdown’s heritage, brand and future.” While details of the investment size were not disclosed, Novacap, the private equity firm that has held majority ownership of Kingsdown since 2018, retains its majority stake.
“Somnigroup’s investment represents a powerful endorsement of Kingsdown’s Style & Substance brand and our proven ability to scale the artistry and innovation that have defined our company for over 120 years,” said Frank Hood, CEO of Kingsdown. “As a passive investor, Somnigroup’s confidence in Kingsdown underscores the strength of our business model, our leadership team and our growth trajectory.”
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Hood told Furniture Today that he doesn’t expect industry partners or Kingsdown’s employees to see any changes in how the company is managed and operates on a daily basis. Currently, Kingsdown has products in some Mattress Firm stores, and Hood said the company will continue to compete for floor space along with other manufacturers selling the industry’s largest retailer.
“We are proud to partner with Kingsdown, whose long-standing reputation for quality and innovation align closely with our own values,” said Scott Thompson, Somnigroup chairman and CEO. “Kingsdown’s tailored product range complements our existing portfolio, broadening our reach across key consumer segments. This investment demonstrates our disciplined capital allocation strategy, confidence in the Kingsdown team and our expectations of long-term growth in the U.S. and Canadian bedding markets.”
In the past five years, Somnigroup, formerly Tempur Sealy International, has acquired or invested in a number of sleep affiliated companies. Early this year, the company closed on its acquisition of Mattress Firm, and in May, as part of an expanded distribution agreement between Purple and Mattress Firm, Somnigroup was granted 8 million equity warrants for Purple stock.
Other acquisitions by the company include Sherwood in 2020; a $20 million investment in 2022 in Bryte, a sleep tech company; the 2021 acquisition of U.K.-based retailer Dreams; and the recent investment in Fullpower-AI, a tech company focused on AI-powered biosensing tools for sleep and health.
“For our employees, suppliers and retail partners, it’s better business as usual,” Hood said. “This investment doesn’t define Kingsdown; it affirms confidence in our future and the enduring strength of our brand.”
Hood said he welcomes the investment and the confidence in Kingsdown. “These guys (Somnigroup) aren’t making bad decisions right now,” he added.
The Kingsdown Group was established in 2018 through Novacap’s acquisition of Zedbed International and the merger of Canadian Owen & Co. with Kingsdown Inc.
