Rochester-based bed brand Sleepeezee has been acquired by the Adova Group of France, which has pledged to invest £5m in the business over the next four years.
Adova currently operates through six brands in France – Dunlopillo, Simmons, Treca, Bliss, Diva and Steiner – where it operates from six production sites, and boasts a European turnover of €235m.
The group says it plans to invest in Sleepeezee's multichannel sales and marketing, equipment, infrastructure and IT to 2022, with a view to doubling the company's revenue over the four-year period vis three paths: growth of Sleepeezee's £15m export business and greater leverage of the brand's Royal Warrant; incremental UK growth; and the introduction of a US bed-in-a-box offer, Beautyrest by Simmons, which will be manufactured in the UK.
The group has appointed Joe Wykes, who has a background in private equity-backed businesses in the UK and France, as CEO of Adova UK. Joe will work alongside Sleepeezee's Howard Wilson and Steve Warren to manage the interplay between Adova's UK and French operations.