Canadian mattress company Endy to be acquired by Sleep Country Canada in landmark $89 million deal
Endy, Canada’s leading online mattress brand, today announced it has signed an agreement with Sleep Country Canada Holdings Inc. (“Sleep Country” or “Sleep Country Canada”) (TSX: ZZZ) to be acquired for approximately $89 million. This acquisition represents a landmark deal in Canadian e-commerce.
A groundbreaking partnership between Canadian leaders in sleep
Sleep Country has agreed to a deal valued at $88.7 million, a major win for the Canadian startup and e-commerce space. The deal is comprised of $63.7 million in cash to be paid at closing, and up to $25 million in cash to be paid in early 2021 based on the achievement of certain growth and profitability targets in 2020.
“We launched Endy as a disruptor in the Canadian e-commerce space three years ago, and this announcement today is a testament to the incredible dedication of the entire Endy team,” said Rajen Ruparell, co-founder and Chairman of Endy and the company’s majority shareholder. “This acquisition will allow Endy to continue to grow rapidly and exceed customer expectations in a rapidly evolving retail climate, while remaining separate.”
“Since starting Endy, our mission has been to help all Canadians get a better night’s sleep,” said Mike Gettis, co-founder and CEO of Endy. “After getting to know the Sleep Country team, we can think of no better partner to help us achieve the dream we set out to accomplish when we founded Endy. By remaining a deeply rooted Canadian company, we can continue to scale our business and raise the bar even further as champions for our customers.”
Canadian success story
Endy, launched in 2015, is one of Canada’s fasting-growing startups and an innovator in the Canadian e-commerce space.
Following three years of exponential growth, Endy was named Canada’s fastest growing retail company on the 2018 Startup 50 list, compiled by Maclean’s and Canadian Business. The company has achieved this explosive growth while taking on very minimal external investment.
The brand’s award-winning Endy Mattress has changed the way Canadians sleep. Engineered to offer the perfect balance of comfort and support, the Canadian-made Endy Mattress ships for free to every province in a box the size of a hockey bag. Designed to relieve pressure points, eliminate motion transfer, and release body heat faster than conventional foam, Endy has grown to become one of the leading online mattress brands in Canada.
Endy’s expanded assortment includes The Endy Pillow, The Endy Sheets, and The Endy Mattress Protector.
With thousands of 5-star customer reviews, Endy has built a brand based on customer obsession and product innovation. Over the past three years, countless influential athletes, olympians, and notable Canadians have turned to Endy as their sleep surface of choice. This high-profile list includes the brand’s first external investor, former Toronto Blue Jays star Jose Bautista, who announced his investment in the company this past August.
The brand’s mission — to help all Canadians get a better night’s sleep — extends beyond its customers. Endy has donated thousands of mattresses since launch to families and individuals in need across the country. To learn more about the company’s charity partnerships and mattress donation program, visit endy.com/socialmission.