According to a Reg D filing with the US Securities and Exchange Commission, 85 investors bought the debt offering. On January 21, 2010, the Atlanta-based company closed a $760 million deal to sell Simmons Bedding Company and related entities, ending the bankruptcy.
As Citybizlist reported, affiliates of private-equity fund Ares Management of Los Angeles, and Teachers’ Private Capital, the private investment arm of Canada’s Ontario Teachers’ Pension Plan, bought the units.
Simmons had filed a Chapter 11 reorganization plan in September 2009, listing assets between $500 million and $1 billion, and liabilities of more than $1 billion. Its business had a down fall in the ongoing recession as consumers cut back on purchases of expensive brand-name mattresses.
Simmons, based in Atlanta, sells Beautyrest, Pocketed Coil, Hide-a-Bed, HealthSmart Natural Care, ComforPedic, and Simmons Kids mattresses.
