JANUARY 18TH, 2022 – Mattress Warehouse recently celebrated its 32nd year in business and the grand opening of its 300th store. Today, the company added another milestone with an investment from Wynnchurch Capital. This investment will help Mattress Warehouse accelerate its growth in addition to adding advisors and board members to help navigate an evolving marketplace.
Despite significant headwinds across the retail industry, Mattress Warehouse and its dedicated team have managed to extend the company’s long-standing history of positive same store sales growth and new store openings. This rich history will now be complemented by an investment from Wynnchurch and the stated goal of opening and operating over 500 stores.
In conjunction with the investment, Bill Papettas, current President of Mattress Warehouse, has been appointed as the company’s Chief Executive Officer. Founder and owner John Ahern will remain with Mattress Warehouse as a key member of the management team and the Board of Directors, with direct responsibility over the real estate growth strategy. Dena Henry, co-founder of Mattress Warehouse, will also serve on the Board. The remainder of the management team remains unchanged.
“I am very excited about this investment in the Mattress Warehouse team by Wynnchurch Capital, and about our teams coming together to write the next chapter in the Mattress Warehouse story,” said Bill Papettas, CEO of Mattress Warehouse. “With over $4 billion under management, Wynnchurch brings a wide range of expertise, and a focus on accelerating growth across many companies in the consumer space.”
Newly appointed to the Mattress Warehouse board will be Russ Gehrett, Partner and Mike MacKay, Vice President at Wynnchurch Capital. This team adds significant experience in the consumer growth and omni-channel retail space and will be a very positive addition to the Mattress Warehouse board of directors.
“I am honored at the opportunity to partner with John, Bill, and the broader Mattress Warehouse team in supporting the company’s next phase of growth,” said Russ Gehrett. “The company’s unique heritage as a family-oriented and founder-run business is truly differentiating in today’s world. Combining this history with additional investments in digital capabilities and omni-channel growth, will continue to differentiate Mattress Warehouse from the competition. We look forward to the continued success and growth of the entire Mattress Warehouse family.”
Mattress Warehouse will continue to focus on what it does best: improving customers’ quality of life through a better night’s sleep. Combined with its low warehouse prices and large warehouse selection, Mattress Warehouse has the technology to help customers make the right choice.
Lowenstein Sandler LLP served as legal counsel while Barclays served as financial advisor to Wynnchurch. Dinan Capital Advisors served as financial advisor to Mattress Warehouse.
About Mattress Warehouse:Founded in 1989 and based in Fredrick, Maryland, Mattress Warehouse is a leading independent retailer of mattresses with over 300 retail locations throughout the Mid-Atlantic region. The Company maintains active relationships with all of the leading mattress manufacturers to provide customers with the broadest offering of products and best possible solutions to help facilitate higher quality sleep. For more information, please visit: Mattress Warehouse.
About Wynnchurch Capital:Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in New York, California, and an affiliate in Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in management buyouts, growth capital, recapitalizations, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com
Contact: Tracy Jones, Vice President of Marketing, Mattress Warehouse ♦ 240-907-5728 ♦ 4949 New Design Road, Frederick, MD 21703