Durational Capital Management’s Acquisition of Casper Sleep

Latham & Watkins represented Casper Sleep Inc., while Kirkland & Ellis represented Durational Capital Management in the transaction.

Durational Capital Management LP., an investment firm that invests in high quality consumer companies, announced its acquisition of Casper Sleep Inc. (NYSE: CSPR), the global sleep company. Under the terms of the agreement, Casper common stockholders will receive a cash consideration of $6.90 per share. Upon closing the transaction, Casper will operate as a privately-held company and will remain based in New York. The transaction is expected to close in the first quarter of 2022 and is subject to customary closing conditions.

Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company’s award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.

Based in New York, Durational Capital Management LP is an investment firm that invests in high quality consumer companies. Durational approaches its investments with a strategic mindset and focuses on driving long-term value creation through partnership with top tier management teams and actively supporting management to drive operational improvements. The firm was founded in 2017, and its investment professionals have extensive experience investing in the consumer sector.

Jefferies served as financial advisor to Casper Sleep Inc. 

The Kirkland team was led by corporate partners Francisco Morales Barron (Picture), Jonathan Davis and Joshua Kogan and associate Daniel Yip, investment funds partners David Sherman and Suzannah Hacking and associate Nicholas Giannuzzi, debt finance partners Jason Kanner and James Dickson, and executive compensation partners Michael Krasnovsky and Jared Whalen.  

Latham & Watkins represented Casper in the transaction with a corporate team led by New York partners Marc Jaffe, Justin Hamill, and Josh Dubofsky, with associates Saso Kraner, Wayne Yu, and Junhan Zhang. Advice was also provided on capital markets and public company representation matters by partners Ian Schuman, Adam Gelardi, and Jenna Cooper, with associate Naseem Faqihi Alawadhi; on tax matters by partner Lisa Watts, with associate Alan Kimball; on benefits & compensation matters by partner Bradd Williamson, with associates Alisa Hand and Samantha Voutyras; on antitrust matters by partner Mandy Reeves; on IP matters by partner Jeffrey Tochner, with associate Dewey Kang; on litigation matters by partner Blair Connelly; on finance matters by counsel Ryan deFord; and on data privacy & security matters by counsel Robert Blamires, with associate Samantha Maerz-Boening.

Involved fees earner: Jonathan Davis – Kirkland & Ellis; James Dickson – Kirkland & Ellis; Nicholas Giannuzzi – Kirkland & Ellis; Suzannah Hacking – Kirkland & Ellis; Jason Kanner – Kirkland & Ellis; Joshua Kogan – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Francisco Morales Barron – Kirkland & Ellis; David Sherman – Kirkland & Ellis; Jared Whalen – Kirkland & Ellis; Daniel Yip – Kirkland & Ellis; Robert Blamires – Latham & Watkins; Blair Connelly – Latham & Watkins; Jenna Cooper – Latham & Watkins; Ryan deFord – Latham & Watkins; Joshua Dubofsky – Latham & Watkins; Naseem Faqihi Alawadhi – Latham & Watkins; Adam Gelardi – Latham & Watkins; Justin Hamill – Latham & Watkins; Alisa Hand – Latham & Watkins; Marc Jaffe – Latham & Watkins; Dewey Kang – Latham & Watkins; Alan Kimball – Latham & Watkins; Saso Kraner – Latham & Watkins; Samantha Maerz-Boening – Latham & Watkins; Amanda Reeves – Latham & Watkins; Ian Schuman – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Samantha Voutyras – Latham & Watkins; Lisa Watts – Latham & Watkins; Bradd Williamson – Latham & Watkins; Wayne Yu – Latham & Watkins; Junhan Zhang – Latham & Watkins;

Law Firms: Kirkland & Ellis; Latham & Watkins;

Clients: Casper Sleep; Durational Capital Management;