Sun European Partners, LLP (“Sun European Partners” or “Sun European”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that its affiliate has signed a definitive agreement to sell Dreams (“the Company”) to Tempur Sealy International (NYSE: TPX), a global manufacturer of mattresses and bedding products.
Founded in 1985 and based in High Wycombe, Dreams is the leading bed and mattress specialist in the UK. The Company sells 11,500 mattresses, bases and headboards per week in the UK through its store network of over 200 sites and online. Dreams was acquired by an affiliate of Sun European in 2013.
Mike Logue, CEO of Dreams said “Our partnership with the Sun European team has been a great success, and today we are extremely proud that Dreams is the UK’s most recommended, specialist bed retailer. Our shared values and focus on delivering a customer-first strategy, combined with Sun European’s operational knowledge and our deep retail expertise, enabled the transformation of the business. With Tempur Sealy, we expect to drive our growth further and build on our position as the UK’s leading bed retailer”.
During Sun European’s ownership period, Dreams improved its digital capabilities, streamlined the logistics network and product offering, increased operational efficiencies and strengthened the senior leadership.
“We are extremely pleased that our strategy and the application of our deep operational capabilities have been borne out as Dreams has evolved into a major retail brand with consistent, strong growth and a market-leading position,” said Marc Leder, Co-CEO of U.S.-based Sun Capital Partners, Inc., an affiliate of Sun European Partners. “We’re confident that Dreams will continue to enjoy success under the ownership of Tempur Sealy.”
“Our work with Dreams underscores our strength in partnering with outstanding management teams to accelerate value creation,” said Paul Daccus, Managing Director, Sun European Partners, LLP. “We are very pleased that our extensive experience in enhancing operations and capitalizing on new opportunities allowed us to achieve this positive outcome for Dreams and our investors.”
Candice Adam / Julia Tilley
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