Early Termination of HSR Waiting Period Granted by FTC for Acquisition of Simmons by Ares & Teachers'
ATLANTA -- Simmons Bedding Company ("Simmons" or the "Company"), a leading manufacturer of premium-branded bedding and an indirect subsidiary of Simmons Company, along with Ares Management LLC ("Ares") and Ontario Teachers' Pension Plan ("Teachers'"), today announced that each has received notice from the Federal Trade Commission ("FTC") granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR"). The notice relates to the potential acquisition of Simmons and all of its subsidiaries, as well as its parent Bedding Holdco Incorporated, by certain affiliates of Ares and Teachers' Private Capital, the private investment department of Teachers', which was announced on September 25, 2009 (the "Transaction"). With this notice from the FTC, all waiting periods under applicable antitrust and competition regulations in the U.S. and Canada have either terminated or expired and the parties have now satisfied one of the key conditions to consummating the Transaction.
As previously announced on October 13, 2009, the Transaction remains subject to, among other things, the effectiveness of a plan of reorganization under chapter 11 of the U.S. Bankruptcy Code (the "Plan") with respect to which Simmons Company and Simmons are currently soliciting acceptances from creditors. Votes from creditors must be received by Epiq Bankruptcy Solutions, LLC, Simmons' voting agent, before November 12, 2009. For more information, please refer to the Disclosure Statement, dated October 13, 2009, available at www.sec.gov or contact Epiq Bankruptcy Solutions, LLC at (646) 282-2500 or www.epiqbankruptcysolutions.com.
Throughout the restructuring process, Simmons expects to continue normal operations under its current ownership structure and does not anticipate any changes to its overall business or its ability to meet its customers' needs.
About Simmons Bedding Company
Atlanta-based Simmons Bedding Company is one of the world's largest mattress manufacturers, manufacturing and marketing a broad range of products including Beautyrest®, Beautyrest Black®, Beautyrest Studio(TM), ComforPedic by Simmons(TM), ComforPedic Loft(TM), Natural Care®, Beautyrest Beginnings(TM) and BeautySleep®. Simmons Bedding operates 19 conventional bedding manufacturing facilities and one juvenile bedding manufacturing facility across the United States, Canada and Puerto Rico. Simmons Bedding also serves as a key supplier of beds to many of the world's leading hotel groups and resort properties. Simmons Bedding is committed to developing superior mattresses and promoting a higher quality sleep for consumers around the world. For more information, visit Simmons Bedding's website at www.simmons.com.
About Ares Management
Ares Management is an SEC-registered investment adviser and alternative asset manager with total committed capital under management of approximately $30 billion as of September 2009. With complementary pools of capital in private equity, private debt and capital markets, Ares Management has the ability to invest across all levels of a company's capital structure - from senior debt to common equity - in a variety of industries in a growing number of international markets. The Ares Private Equity Group has a proven track record of creating value with its flexible capital and partnering with high quality, middle-market companies such as Serta. Other notable current investments include General Nutrition Centers, Inc., Hanger Orthopedic Group, Inc. and Maidenform Brands, Inc. The firm is headquartered in Los Angeles with approximately 250 employees and professionals located across the United States and Europe. For more information, visit the Ares website at www.aresmgmt.com.
About Teachers' Private Capital
Teachers' Private Capital is one of the world's largest private equity investors. It is the private investment department of the Ontario Teachers' Pension Plan, the largest single-profession pension plan in Canada. The Ontario Teachers' Pension Plan is an independent corporation responsible for investing the fund and administering the pensions of Ontario's 284,000 active and retired teachers. For more information visit www.otpp.com.