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February 20, 2019 12:00 AM

Tempur Sealy bids $26 m to buy Innovative Mattress Solutions

Simon Robinson
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    Lexington, Kentucky — Tempur Sealy is bidding about $26m to buy Innovative Mattress Solutions (IMS).

    IMS entered Chapter 11 bankruptcy protection on 11 January 2019. Shortly afterwards, Tempur Sealy made a $14m cash injection into the company. It is has a stake in IMS as debtor in possession.

    If successful, the bidder will gain most of IMS assets and related contractual rights. In exchange, the mattress manufacturer will make a credit bid of the amount it has already paid in to IMS and the balance of the assets' value.

    Professional fees and some financial obligations incurred by IMS before Chapter 11 will bump up the price. This could take the cost of the bid to about $26 m.

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