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Kingsdown Inc. and Owen & Company ("Kingsdown Canada") Merge

April 3, 2018

Owen & Company, a leading manufacturer of handcrafted luxury mattresses, operating in Canada primarily under the Kingsdown brand, is pleased to announce its merger with its US counterpart Kingsdown Inc., one of the most renowned mattress manufacturers in America. The transaction is supported by Novacap, a Canadian leader in private equity, though its Industries IV fund.

Until now, Owen & Company was the exclusive owner of the Kingsdown brand in Canada. This merger will see the 114-year-old Kingsdown brand, which started in Mebane, North Carolina in 1904, back under common ownership, with a manufacturing and distribution footprint around the world.

Novacap is excited to work alongside the talented management teams at Kingsdown Inc. and Kingsdown Canada and will continue to invest in growing the Kingsdown Group globally, all while providing the highest quality handcrafted mattresses and sleep products. Novacap also plans to use the Kingsdown distribution network to further develop Zedbed, a Quebec-based manufacturer of memory foam mattresses and accessories, throughout the North American market, which was also recently acquired.

"We are excited about the growth trajectory of this business combination, both in North America and abroad," said Marc Paiement, Senior Partner at Novacap. "Our vision for this industry is to become one of the premier and most recognized brands around the world, and we will support the team in reaching that vision."

"With Kingsdown Canada, we have built one of the strongest mattress brands in Canada, and we were looking to further expand our business into the U.S. market," said Mike James, President and CEO of Owen & Company. "Our recent partnership with Zedbed, and now our merger with Kingsdown USA will accelerate this growth plan and give all of our brands better access to our large network of retailers.  Our customers and clients will all benefit from this merger through improved service and distribution capabilities throughout North America, and access to unique handcrafted products made by our skilled workers throughout North America."

"This partnership represents a turning point in our company's history," said Frank Hood, President and CEO of Kingsdown Inc. "Over our 100-year history, Kingsdown has become one of the most beloved brands in the U.S. and abroad. We are now stronger than ever and are looking forward to pursuing our current development plan with our great new partners, as the reunification with the Canadian family will make our company even stronger than the sum of its parts."

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