TORONTO -- Sleep Country Canada Holdings Inc. says it will acquire online mattress retailer Endy for nearly $89 million.
The Toronto-based company says it has signed a definitive agreement to acquire the mattress-in-a-box firm, a Canadian start-up that launched in 2015.
Sleep Country Canada will pay $88.7 million, with $63.7 million cash at closing and up to $25 million more in cash in early 2021 if certain growth and profitability targets are achieved in the previous year.
The company's revolving credit facility will be upsized by $60 million to $210 million to finance the transaction.
The deal is subject to customary closing conditions and expected to close on Dec. 6 of this year.
Sleep Country already sells a mattress-in-a-box product, Bloom, which comes in four different styles and price levels.
