Clayton Utz has advised privately owned mattress manufacturer Sleepyhead on its acquisition of two signature brands from Pacific Brands, advised by Minter Ellison.
The deal, which completed on 31 March, saw Sleepyhead acquire Pacific Brands' Dunlop Foams and Sleepmaker businesses for approximately $55 million. The deal also involved Pacific Brands acquiring Sleepyhead's Wonderlay carpet underlay business in Australia.
Sleepyhead has been family owned for three generations and is the leading bed maker in New Zealand. According to Clayton Utz, this 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, was the key legal adviser 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.
Commenting on the transaction, Miller said: "We have advised on a number of M&A transactions in the manufacturing sector over the years, [and] our understanding of the key issues and drivers were invaluable in helping us to achieve Sleepyhead's commercial objectives."