Sleep Country to buy Casper’s Canadian operations for $20.6 million

TORONTO –

Sleep County Canada Holdings Inc. says it can purchase Casper Sleep Inc.’s Canadian operations.

Toronto-based mattress retailer Sleep Country says it can pay US$20.6 million for the U.S. mattress-in-a-box firm’s Canadian belongings.

Sleep Country will obtain a US$4.5 million advertising transition payment from Casper over the subsequent 4 years and three-year warrants which might convert right into a one per cent stake in Casper.

Sleep Country says it has additionally invested US$20 million in five-year convertible notes, which will be transformed into about 5 per cent of Casper shares.

The deal comes because the variety of e-commerce firms promoting compressed and rolled mattresses in containers that ship on to prospects has soared in recent times.

Sleep Country purchased on-line mattress agency Endy for $88.7 million in 2018.

This report by The Canadian Press was first printed April 10, 2023.