TORONTO — Sleep Country Canada Holdings Inc. has signed a deal to buy Hush Blankets, a direct-to-consumer seller of weighted blankets, pillows, sheets and bed-in-a-box mattresses.
Under the deal, Sleep Country will acquire a 52 per cent stake in Hush for $25 million.
The company has also agreed to buy the other 48 per cent in annual 16 percentage point stake increments starting March 31, 2023, at a price based on the business's financial performance.
Hush was founded in 2017 by Lior Ohayon and Aaron Spivak and launched a weighted blanket in Canada in 2018.
Sleep Country says Hush will continue to operate as an independent business led by Ohayon and Spivak and a board including senior management from Sleep Country and Hush.
The deal is expected to close on Oct. 22.
This report by The Canadian Press was first published Oct. 19, 2021.
Companies in this story: (TSX:ZZZ)
The Canadian Press