Simpson Thacher represented Sealy Corporation in connection with its initial public offering of common stock, which closed on April 12, 2006. The transaction comprised of a $320 million primary offering and a $195.2 million secondary offering (including full exercise of the overallotment option). Its shares are now listed on the New York Stock Exchange under the symbol “ZZ”.
The firm also represented an affiliate of Kohlberg Kravis Roberts & Co. L.P. as a selling stockholder. KKR continues to own a majority equity interest in Sealy.
Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc. and Banc of America Securities Inc. acted as representatives of the underwriters.
Sealy is the largest bedding manufacturer in the world with sales of nearly $1.5 billion in 2005. It manufactures and markets a broad range of mattresses and foundations under the Sealy®, Sealy Posturepedic®, Stearns & Foster®, and Bassett® brands.
The Simpson Thacher team for this transaction included Ed Tolley, Joe Kaufman, James Cross, Scott Fisher, Reza Odouli, Ian Ho and Andrew Hecht (Corporate); Jonathan Cantor and Diane Gipstein (Tax); and Adeeb Fadil and Michael Isby (Environmental). Invaluable assistance was provided by former summer associate David Weiner and paralegal Scott Cross.