New York, New York – Casper Sleep, one of the pioneers of the direct-to-consumer bed-in-a-box mattress, is being sold to private equity company Durational Capital Management.
The company went public in February 2020, and the deal will take it private once more.
Durational is to pay $6.90/share for the business, which represents a 94% premium on the closing price the day before the announcement was made. It was unanimously approved by Casper’s board of directors.
The deal is expected to close in the first quarter of 2022, subject to stockholder approval and other customary closing conditions. It will remain New York-based.
Emilie Arel, the company’s president and CCO, has been made its new CEO, replacing Philip Krim. He was one of the business’s co-founders.
The company reported a loss of $25.3m in the third quarter of 2021, up almost 60% on the $15.9m loss the company made in the same quarter in 2020.