Nantong, Jiangsu – China’s mattress maker Healthcare Co., also known as Mlily, plans to buy 80% to 85% of US furniture retail chain Mor Furniture For Less.
The price of the transaction, which includes debt is $68.4m, said an announcement by Healthcare Co. on September 21.
‘[The transaction] is another significant strategic move by the company. It follows the acquisition of Spain’s Maxcolchon,' said the announcement. Healthcare has also opened manufacturing in Serbia, the US and Thailand.
September 19 saw the companies sign a Letter of Intent and they plan to complete the deal by 19 October 2019.
Mor Furniture For Less is headquartered in San Diego, California. It has 50 furniture, mattresses and home decor stores. These are in California, Arizona, Oregon, Idaho, Nevada, New Mexico and Washington states.
Healthcare said the transaction would help it rapidly gain market share and promote its brands in the US West coast market.