Tuft & Needle’s founders JT Marino and Daehee Park declared the integration with the established mattress firm Serta Simmons Bedding on August 21, 2018. This announcement was quite unexpected for the mattress industry. Although the merger was confirmed by both entities, they opted to withhold the details of the agreement. It is anticipated to be finalized within the next 60 days.
About Tuft & Needle
Tuft & Needle, launched in 2012 by JT Marino and Daehee Park, is a Phoenix-based enterprise that was self-financed and boasts over 1 million satisfied sleepers, with locations in Scottsdale, Gilbert, and Seattle. In the year 2017, it was honored with Entrepreneur’s Best Company Culture award among other notable recognitions.
Without ever accepting venture capital or other external funding, this merger with Serta Simmons Bedding marks the company’s first such consolidation. Tuft & Needle stands out in the direct-to-consumer mattress sector and has been instrumental in the sector’s transformation and rapid growth. Read this article to explore the Tuft & Needle products review.
About Serta Simmons Bedding
Furthermore, the renowned Serta Simmons Bedding has been producing superior mattresses for nearly 150 years.
This company is the premier producer and distributor of mattresses in North America. Owned majorly by the private equity company Advent International, it still possesses and operates North America’s top-selling sleep brands, Serta and Beautyrest. Based in Atlanta, SSB manages over 30 outlets across Canada and the United States.
Reasons For The Merger
Until now, no specific reasons for the merger have been disclosed by either company. However, industry experts suspect the following motives:
- A primary motive for the merger could be to enhance service delivery to customers both online and via physical stores.
- Additionally, the recent downgrade of Serta Simmons Bedding’s corporate rating from B3 to B2 by Moody’s Investors Service might have spurred them to take significant measures to uphold their market stature and reputation.
The merger unites the top manufacturer, distributor, and marketer of mattresses with a leader in the direct-to-consumer sleep products sector. Serta Simmons Bedding will preserve the Tuft & Needle brand, and its founders, Marino and Park, will assume prominent positions in SSB’s management with the task of bolstering its e-commerce presence. JT Marino has been appointed as the Chief Strategy Officer, and Daehee Park as the Chief Growth Officer. Both will report to Serta Simmons Bedding’s CEO Michael Traub. Their roles are designed to actively and continually drive the transformation of Serta Simmons Bedding into a customer-oriented and Omnichannel enterprise.
The merger aims to magnify Serta Simmons Bedding’s market leadership and expand its portfolio in the direct-to-consumer segment. Moreover, customer-driven innovations will set new standards within the firm, and SSB will develop multiple offerings for its major retailers. The merger will also equip Serta Simmons Bedding’s retail partners with new opportunities including enhanced store traffic, sophisticated consumer insights, and customer-oriented innovations, all contributing to growth in the rapidly changing market.
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Tuft & Needle merges with Serta Simmons
Serta Simmons Bedding, LLC To Merge With Tuft & Needle
Serta Simmons sews up deal with Tuft & Needle
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