Serta Simmons Bedding (SSB) has entered into a definitive agreement to merge with direct-to-consumer mattress company Tuft & Needle (T&N). Financial terms of the deal were not disclosed, and the merger is expected to close within the next 60 days.
Through this merger, SSB aims to strengthen its position in the market and expand its offerings in the direct-to-consumer segment.
Additionally, SSB’s retail partners will have access to new offerings including consumer insights, methods for generating higher foot traffic and consumer-centric innovations designed to drive growth in the evolving market. SSB plans to launch the retailer program in early 2019; and T&N will lead the development of these omnichannel marketing tools.
As part of the agreement, T&N Co-Founders JT Marino and Daehee Park will report to Michael Traub, CEO of SSB, and join the SSB leadership team. In addition to leading T&N, in their expanded roles they will help drive the continued transformation of SSB into a more omnichannel, consumer-centric company.
Each brand in the SSB portfolio, which includes Serta, Beautyrest, Simmons and Tomorrow, will remain unique and independent in the market and will continue to serve consumers through traditional retail as well as direct-to-consumer channels.