Mattress Firm Holding to Buy Rival Sleep Train
The Mattress Firm Holding Corporation, one of the country's biggest sellers of Sealy and Serta mattresses, has agreed to acquire a West Coast rival, the Sleep Train chain, for about $425 million, solidifying its position as the biggest mattress retailer in the country. The deal will create a larger competitor to face off against department stores and online powerhouses like Amazon.com, but the combined company plans to continue to operate both brands. Sleep Train operates about 310 stores, mostly in California, Oregon and other Western states. The company, which is private, had revenue of $471 million last year.