Toronto, January 4, 2023 /CNW/ – Sleep Country Canada Holdings (“Sleep Country” or “Company”) (TSX: ZZZ), Canada‘The leading U.S. omnichannel specialty sleep retailer today announced the completion of its acquisition. Canada’s The fastest growing consumer sleep brand dedicated to quality sleep and lifestyle products.
Sleep Country acquired substantially all of Silk & Snow’s assets in approximately one year. $24 million Paid in cash at closing, agreed up to additional payment [$1945million[1945万ドル The cash payment will be made in early 2026 based on Silk & Snow achieving specified growth and profitability targets throughout the 2023, 2024 and 2025 financial years. The transaction will be financed through Sleep Country’s cash on hand and a revolving credit facility.
“We are delighted to officially welcome Silk & Snow to our ever-growing family of sleep brands as we continue to build our ecosystem and expand our innovative and sustainable product portfolio.” Stewart Shafer, President and CEO of Sleep Country Canada. “We support Silk & Snow and the team in continuing to win fans. Canada When usa We will drive the further growth of our business,” added Schaefer.
“Today we are delighted to enter into an agreement and join forces with Canadian sleep icons, Sleep Country. Albert Chow, CEO and co-founder of Silk & Snow. “We look forward to continuing to deliver on our promise to provide high quality, thoughtfully crafted sleep products,” added Chow.
“Today, our partnership with Sleep Country is formalized, and with the support of the Sleep Country team and their incredible expertise, we are looking forward to expanding our high-quality products and delivering more value to our customers in the future. to the growth stage of Kenneth MoeCOO, and co-founder.
Silk & Snow will operate as an independent entity within Sleep Country, led by Chow as CEO and Mo as COO. They will join Sleep Country’s senior leadership team.
Davis Ward Phillips & Vineberg LLP acted as legal counsel to Sleep Country Canada, and Stifel GMP acted as exclusive financial adviser to Silk & Snow, and Fasken Martineau DuMoulin LLP acted as legal counsel to Silk & Snow.
About Sleep Country
sleep country Canada’s A leading specialty sleep retailer with a nationwide retail network and multiple robust e-commerce platforms. The company has his 289 company stores and his 20 warehouses. Canada It operates under the retail banner “Sleep Country Canada” and is omnichannel. Canada Excluding Quebec. “Dormeboo” by omni-channel operation in Quebec. “Endy”, Canada’s A leading consumer online sleep solutions retailer.and one of the “hash” Canada’s A fast-growing digital retailer. recognized as one of the Canada’s Named the Most Admired Corporate Culture of 2022 by Waterstone Human Capital, Sleep Country is a purpose-driven organization dedicated to transforming lives by awakening Canadians to the power of sleep, making a difference. We are committed to building a corporate culture of inclusion and diversity that embraces and respects. The company aims to make the environments and communities in which it operates meaningful and meaningful through a comprehensive mattress and foundation recycling program that keeps mattresses out of landfills, and a bed donation program that donates newly used mattresses and foundations to Canadian charities. We actively support it. Families and children in need can sleep soundly. For more information on Sleep Country, visit his website at: www.sleepcountry.ca.
About Silk & Snow
Silk & Snow is a leading digitally native retailer of carefully crafted sleep essentials.Head office location Toronto, the company was founded in 2017 from a successful Kickstarter campaign. Built on three main guiding principles: better materials, thoughtful manufacturing and transparency, Silk & Snow offers quality sleep and lifestyle products made from traceable raw materials and sustainable manufacturing practices. We offer products.Their carefully selected line includes bed sheet, mattress, bed frame, weighted blanketand other household essentials and their line of baths bath towel When robeThe company was named one of the Top 10 Startups for Canadian Businesses list in 2020. Canada’s Fastest Growing Businesses by Globe and Mail in 2021 and 2022. For more information on Silk & Snow, please visit: www.silkandsnow.com.
Non-IFRS and other measures
In this news release, the terms “same store sales” or “SSS”, “EBITDA”, “operating EBITDA” and “operating EBITDA margin” are not recognized by IFRS but have standardized meanings prescribed by IFRS. I am referring to a specific metric that does not have a . “Adjusted Net Income Attributable to Stockholders of the Company,” “Basic Adjusted EPS,” and “Diluted Adjusted EPS.” For more information on these non-IFRS and other measures and their reconciliation to the most similar his IFRS measures, please refer to our MD&A for Q3 2022, “Non-IFRS and See Other Metrics. com.
Forward-Looking Information
Certain information in this news release includes forward-looking information and statements that reflect management’s current views regarding our objectives, plans, objectives, strategies, prospects, results of operations, financial and operating results, prospects and opportunities. It contains forward-looking statements. The words “may”, “will”, “predict”, “intend”, “estimate”, “expect”, “plan”, “believe” and similar expressions are used wherever identifies forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements are not guarantees of future events, performance or results. Nor does it necessarily indicate precisely whether or when such events, performance or results will be achieved. All information in this news release that contains forward-looking information or forward-looking statements is qualified by these cautionary statements.
Forward-looking information and forward-looking statements consist of information available to management at the time they were made, underlying estimates, opinions and assumptions made by management, and future strategies, prospects and assumptions. Based on management’s current good faith beliefs regarding events, performance and performance. They are also subject to inherent risks and uncertainties generally surrounding future expectations. Such risks and uncertainties include those set forth in the “Risk Factors” section below and in our 2021 Annual Information Form (“AIF“) March 3, 2022A copy of the AIF can be accessed through SEDAR’s company profile at: www.sedar.comOther risks and uncertainties that we are not currently aware of or that we currently do not believe to be material may also adversely affect us.
Readers are urged to carefully consider risks, uncertainties and assumptions when evaluating forward-looking information and forward-looking statements. We do not undertake to update such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
SOURCE Sleep Country Canada Holdings Inc. Information for investors
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