Tempur Sealy International, Inc.’s £340 Million Acquisition Of Dreams

In UK Cleary Gottlieb Steen & Hamilton, Kirkland & Ellis, Travers Smith, advised on the matter.

Cleary Gottlieb Steen & Hamilton advised Tempur Sealy International with a team including Paul Gilbert (Competition Law), Tihir Sarkar (Corporate M&A), Richard Sultman (Tax M&A and Deal Advisory).

Kirkland & Ellis advised Sun European Partners LLP with a team including Mark Gardner (Competition Law), David Higgins (Corporate M&A), Tom McCarthy (Corporate M&A), Susannah Amini (Finance), Lisa Cawley (Finance), Alexander van der Gaag (Finance), Timothy Lowe (Tax M&A and Deal Advisory).

Travers Smith advised Dreams with a team including Mohammed Senouci (Picture – Corporate M&A), Jessica Kemp (Tax M&A and Deal Advisory).

Dreams has been acquired by Tempur Sealy International, Inc. (Tempur) from Sun Capital Partners, Inc. (Sun Capital).

With 2,000 employees across the UK, Dreams sells mattresses, bases and headboards to customers nationwide through its network of over 200 stores and through its online presence.

Following the acquisition, Dreams will continue to be led by the current management team.

The transaction is expected to close in the third quarter of 2021, subject to receipt of regulatory approval from the Financial Conduct Authority.

Tempur Sealy International, Inc. is an American manufacturer of mattresses and bedding products.

Sun Capital Partners, Inc. is a global private equity firm focused on partnering with outstanding management teams to accelerate value creation.

The Travers Smith team was led by Corporate M&A and ECM Partner Mohammed Senouci (Picture) supported by Associates Ella Sharpley and Gavin White. The team also included Tax Partner Jessica Kemp and Associate Katherine Williamson, Incentives & Remuneration Senior Counsel Elissavet Grout, and Employment Senior Associate Katy Carr and Associate Tom Hunt.

The Kirkland team was led by corporate partners Tom McCarthy and David Higgins, associate Chris Connolly and trainee Richard Birch.  The team also included regulatory partner Lisa Cawley and associate Callum Wright, debt finance partners Alexander van der Gaag and Susannah Amini, tax partner Tim Lowe and associate Anthony Antioch and antitrust partner Mark Gardner and associate Sandeep Ravikumar.

The Cleary M&A team was led in the UK by Tihir Sarkar (partner) and Chris Gollop (associate). Paul Gilbert (partner) and Alexander Waksman (associate) are providing advice on antitrust matters, and Ferdisha Snagg (senior attorney) is advising on regulatory matters. Melissa Reid (counsel) advised on employment and benefits matters. Richard Sultman (partner), Jennifer Maskell (counsel) and Beth Leggate (associate) are providing advice on tax matters, and Gareth Kristensen (associate) is advising on intellectual property matters. Amy Shapiro (partner), Declan White (associate) and Lucas Hildebrand (associate) led on US financing matters. Paul Shim (partner), Nicolas Grabar (partner), Jonathan Povilonis (associate) and James Abate (law clerk) advised on US corporate governance and securities matters.  Michael Albano (partner) advised on employment and benefits matters. All are based in New York.

Involved fees earner: Michael Albano – Cleary Gottlieb Steen & Hamilton; Paul Gilbert – Cleary Gottlieb Steen & Hamilton; Christopher Gollop – Cleary Gottlieb Steen & Hamilton; Nicolás Grabar – Cleary Gottlieb Steen & Hamilton; Lucas Hildebrand – Cleary Gottlieb Steen & Hamilton; Gareth Kristensen – Cleary Gottlieb Steen & Hamilton; Beth Leggate – Cleary Gottlieb Steen & Hamilton; Jennifer Maskell – Cleary Gottlieb Steen & Hamilton; Jonathan Povilonis – Cleary Gottlieb Steen & Hamilton; Melissa Reid – Cleary Gottlieb Steen & Hamilton; Tihir Sarkar – Cleary Gottlieb Steen & Hamilton; Amy Shapiro – Cleary Gottlieb Steen & Hamilton; Paul Shim – Cleary Gottlieb Steen & Hamilton; Ferdisha Snagg – Cleary Gottlieb Steen & Hamilton; Richard Sultman – Cleary Gottlieb Steen & Hamilton; Alexander Waksman – Cleary Gottlieb Steen & Hamilton; Declan White – Cleary Gottlieb Steen & Hamilton; Susannah Amini – Kirkland & Ellis; Anthony Antioch – Kirkland & Ellis; Lisa Cawley – Kirkland & Ellis; Chris Connolly – Kirkland & Ellis; Mark Gardner – Kirkland & Ellis; David Higgins – Kirkland & Ellis; Timothy Lowe – Kirkland & Ellis; Tom McCarthy – Kirkland & Ellis; Sandeep Ravikumar – Kirkland & Ellis; Alexander van der Gaag – Kirkland & Ellis; Callum Wright – Kirkland & Ellis; Katy Carr – Travers Smith; Elissavet Grout – Travers Smith; Tom Hunt – Travers Smith; Jessica Kemp – Travers Smith; Mohammed Senouci – Travers Smith; Ella Sharpley – Travers Smith; Gavin White – Travers Smith; Katherine Williamson – Travers Smith;

Law Firms: Cleary Gottlieb Steen & Hamilton; Kirkland & Ellis; Travers Smith;

Clients: Dreams; Sun European Partners LLP; Tempur Sealy International;

Author: Giulia Di Palma