Mattress Firm has agreed to buy Sleepy’s and its holding company for about $780 million, officials announced Monday.
Mattress Firm will gain Sleepy’s more than 1,050 stores in 17 states, including those in the Northeast and mid-Atlantic, after acquiring HMK Mattress Holdings LLC, the company said.
The combination of the top two specialty mattress retailers in the country will increase the total of Mattress Firm’s retail stores to 3,500 and its distribution centers to 80 across 48 states, officials said.
It also allows Mattress Firm to take root in Massachusetts, Vermont, New Jersey, Maryland, Connecticut and Rhode Island for the first time, Reuters reported.
The news agency said the deal marks Mattress Firm’s 11th acquisition in two years.
Mattress Firm said it expects to close the deal in early 2016.