West Long Branch, New Jersey -- Sleep Innovations Inc., which makes polyurethane foam products for the comfort market, announced 12 Jan that it has hired New York based investment banking firm Sawaya Segalas & Co. llc to explore strategic opportunities that could include the sale of the business.
Sleep Innovations was set up in 1996 and makes memory foam mattress toppers, pillows, mattresses and speciality products sold to leading US retailers. It also produces bulk materials and fabricated components for original equipment manufacturers (OEMs) in the bedding, furniture, automotive, marine, medical and packaging markets.
Sleep Innovations' statement said its board believes the company's success since 2009 "offers an opportunity for current investors to realise the benefits of the value created over the past two years." The move could attract longer-term investors committed to its aggressive growth plans, the company adds.
Sleep Innovations has grown in a challenging economic environment by innovations including development of gel-infused memory foam, which has gained wide consumer acceptance. Its innovation centre has developed new products accounting for nearly 20 percent of revenues annually, the company said.
The company said it has invested in a state-of-the-art foam-pouring facility in Baldwyn, Massachusetts, as well as in lean deployment and high productivity, which it claims results in efficient manufacturing, improved quality, delivery and reduced costs.
"We are a significantly transformed business as a result of implementing our strategic plan that focuses on innovation, customer collaboration and operational excellence," said Michael Thompson, president and ceo, in the announcement.
"Sleep Innovations has an extremely talented team of nearly 800 employees who are dedicated to continuous improvement and are enthusiastic about the possibility of accelerating our growth initiatives including the introduction of a robust pipeline of new products."
Sleep Innovations said it expects rapid process in its plans and does not plan to comment further until its review of strategic opportunities is finished.