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October 2, 2012

How Mitt Romney's Bain "harvested" Sealy mattress company

By Amanda Lang

Sealy was America's number one mattress brand -- until Bain Capital got its hands on it At Wednesday night's presidential debate Mitt Romney will no doubt brag about how, as head of Bain Capital, he built businesses. On his website, Romney says, "In addition to Staples, Bain Capital went on to help launch or acquire Domino's Pizza, Sealy, Brookstone, and The Sports Authority." However, as of last week he'd be unwise to cite Sealy, once America's biggest mattress brand. Relative upstart Tempur-Pedic agreed to buy Sealy this week for $2.20 a share, paying less than $250 million for its stock and assuming its $750 million debt. Sealy executives told me this week that Tempur-Pedic, with its "memory foam" beds, is like the Starbucks of the bedding industry, and there was no stopping its rise. But that's not the full story...

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Sealy was America's number one mattress brand -- until Bain Capital got its hands on it At Wednesday night's presidential debate Mitt Romney will no doubt brag about how, as head of Bain Capital, he built businesses. On his website, Romney says, "In addition to Staples, Bain Capital went on to help launch or acquire Domino's Pizza, Sealy, Brookstone, and The Sports Authority." However, as of last week he'd be unwise to cite Sealy, once America's biggest mattress brand. Relative upstart Tempur-Pedic agreed to buy Sealy this week for $2.20 a share, paying less than $250 million for its stock and assuming its $750 million debt. Sealy executives told me this week that Tempur-Pedic, with its "memory foam" beds, is like the Starbucks of the bedding industry, and there was no stopping its rise. But that's not the full story...

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