Melbourne, 18 April 2011: Reflecting the experience of the Clayton Utz Melbourne Corporate team on strategically significant M&A transactions in the manufacturing sector, Clayton Utz has advised privately owned mattress manufacturer Sleepyhead on its acquisition from Pacific Brands of two signature brands.
The deal, which completed on Thursday 31 March, saw Sleepyhead acquire Pacific Brands' Dunlop Foams and Sleepmaker businesses for approximately $55 million. The deal also involved Pacific Brands acquiring Sleepyhead's Wonderlay carpet underlay business in Australia.
Sleepyhead has been family owned for three generations and is already the leading bed maker in New Zealand. This transaction provides it with a solid platform for future growth in Australia.
Clayton Utz Melbourne Corporate senior associate Sam Cottell, with support from partner
Nick Miller, were the key legal advisers to Sleepyhead on the transaction. Simpson Grierson, Clayton Utz's affiliate firm in New Zealand, led the legal work on Sleepyhead's financing for the transaction.
Commenting on the transaction, Nick said: "Clayton Utz is pleased to have worked alongside Sleepyhead in successfully completing what is a strategically very significant transaction for the business. We have advised on a number of M&A transactions in the manufacturing sector over the years; our understanding of the key issues and drivers were invaluable in helping us to achieve Sleepyhead's commercial objectives."