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Joele Frank is working the Chapter 11 filing of Serta Simmons Bedding, which has a 20 percent stake of the US mattress market.
The Doraville, GA-based company says the restructuring will enable it to pare its long-term debt from $1.9B to $300M and make critical investments to grow its Serta, Simmons, Beautyrest and Tuft & Needle brands.
CEO Shelly Huff said Serta Simmons is focused on launching new innovations, building a high-performing and resilient supply chain and expanding its commercial business.
Advent International, private equity firm, acquired Serta Simmons for $3B in 2012.
The mattress maker generated $2.4B in sales for the one-year period ended June 30, 2022.
Joele Frank, Wilkinson Brimmer Katcher’s Ed Trissel, Aaron Palash and Viveca Tress handle Serta Simmons.
Joele Frank handles Crinetics Pharmaceuticals as the specialist for treatments for endocrine diseases agrees to get acquired by Vertex Pharmaceuticals in a deal pegged at $8.8B.
Teneo represents Honeywell spin-off Solstice Advanced Materials as it buys Collected Strategies client Element Solutions in a deal pegged at $14.5B.
Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
Uber’s Mike Lucarelli is moving to NXP Semiconductors as senior VP-investor relations.
