Mattress Firm Group, the largest specialty mattress retailer in the US, withdrew its plans for an initial public offering on Monday. It originally filed in January 2022 with an estimated deal size of $500 million. It had not updated its prospectus since February 2022.
Mattress Firm states that it is the largest omnichannel mattress specialty retailer in the US by retail mattress revenue, as well as the number one retailer for Tempur-Pedic, Serta, Sealy, Purple, Stearns & Foster, and Beautyrest brands. The company operates through a network of retail stores nationwide, and digital platforms including MattressFirm.com and Sleep.com.
The primary shareholder is South Africa-based retail holding company Steinhoff International (JSE: SNH), which started exploring strategic options for Mattress Firm late last year. Steinhoff's stock finished 2022 down 90% for the year, including a 64% decline on December 15 when it announced a restructuring plan with creditors.
The Houston, TX-based company was founded in 1986 and booked $4.6 billion in sales for the 12 months ended December 31, 2021. It had planned to list on the NYSE under the symbol MFRM. Goldman Sachs, Barclays, Jefferies, UBS Investment Bank, Guggenheim Securities, Piper Sandler, and Truist Securities were set to be the joint bookrunners on the deal.