Private equity firm Advent International has agreed to buy a majority stake in AOT Bedding Super Holdings, the parent company of mattress-makers Serta and Simmons.
Though terms of the deal were not disclosed, The New York Times reports the transaction is valued at $3 billion. AOT’s current investors, Ares Management and the Ontario Teachers’ Pension Plan, will retain a “significant equity stake” in the company, according to the deal announcement from Advent.
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