LAW firms Clayton Utz and Minter Ellison have acted on mattress manufacturer Sleepyhead's acquisition of two businesses from Pacific Brands.
Pacific Brands entered into an agreement to divest its Dunlop Foams and Sleepmaker business for gross proceeds of about $55 million in November last year.
Pacific Brands is acquiring Sleepyhead's Australian carpet underlay business, Wonderlay, for what it called a "nominal amount".
Clayton Utz advised Sleepyhead on the deal, completed 31 March. Minter Ellison advised Pacific Brands.
Sleepyhead has been family owned for three generations and is already the leading bed maker in New Zealand, Clayton Utz said in a statement. It said the transaction provides it with a solid platform for future growth in Australia.
Clayton Utz Melbourne corporate senior associate Sam Cottell, with support from partner Nick Miller, were the key legal advisers to Sleepyhead on the transaction. Simpson Grierson, Clayton Utz's affiliate firm in New Zealand, led the legal work on Sleepyhead's financing for the transaction.