Category: SSB

Transaction Expected to Reduce Net Debt by Approximately $400 Million

Provides $200 Million in New Capital to Increase Financial Strength and Support Acceleration of Business Transformation Plan

ATLANTA – June 8, 2020 – Serta Simmons Bedding, LLC (“SSB” or the “Company”), the largest manufacturer and distributor of mattresses in North America, today entered into a transaction support agreement with a majority of its First Lien and Second Lien Term Loan Holders to recapitalize the Company. The transaction is expected to reduce net debt by approximately $400 million, and further provides for $200 million in new capital to increase its financial strength and support the acceleration of SSB’s business transformation plan.

“The agreement with our lenders announced today is further validation of our business and transformation strategy as well as our leadership team,” said SSB Chairman and CEO David Swift. “The transaction set out in this agreement will deliver value to our stakeholders and provide the Company with increased financial flexibility as we continue to navigate the current macroeconomic challenges, implement our ongoing growth initiatives, and offer customers the leading products they have come to expect from SSB. We are appreciative of our lenders for their support and confidence in our long-term success.”

The transaction, once finalized, will amend certain existing loan documents to permit the following:

• New Money Tranche: $200 million of newly funded super-priority “first out” debt ranking ahead of the Existing First Lien Term Loans.

• Exchange Tranche: $875 million of super-priority “second out” debt ranking ahead of the Existing First Lien Term Loans in exchange for certain Existing First Lien Term Loans and Existing Second Lien Term Loans:
  
  
  • Exchange ratio of $74 of new super-priority “second out” debt in exchange for each $100 of Existing First Lien Term Loans; and
  • Exchange ratio of $39 of new super-priority “second out” debt in exchange for each $100 of Existing Second Lien Term Loans.

• An additional basket for super-priority “third out” debt that would rank ahead of the Existing First Lien Term Loans that can be used for future exchanges of Existing First Lien Term Loans and Existing Second Lien Term Loans.

• The use of certain assets for future liquidity enhancing and/or liability management transactions.

The transaction will be subject to certain closing conditions including the implementation of the agreed terms pursuant to definitive documents.

About Serta Simmons Bedding, LLC

Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Simmons® and Tuft & Needle® direct-to-consumer mattress brands. SSB operates 28 plants in the U.S. and Canada. For more information about SSB and its brands, visit www.sertasimmons.com

Forward Looking Statements

Certain statements herein are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect current expectations or beliefs concerning future events, and actual results of operations may differ materially from historical results or current expectations. Any such forward-looking statements are subject to various risks and uncertainties, including risks related to the terms of and potential transactions contemplated by the Transaction Support Agreement (“TSA”), the ability to comply with the terms and conditions of the TSA, the ability to satisfy all the requirements necessary to finalize the Transaction, the ability to successfully execute the Transaction contemplated by the TSA, financial condition or results of operations of the Company, the actions and decisions of creditors that may be inconsistent with the Company’s operational and strategic plans, the ability of the Company to continue as a going concern, financing and operational relationships and to retain key executives. Forward-looking statements are also subject to various risks and uncertainties related to the Company’s business, such as its ability to anticipate and timely respond to changes in trends and consumer preferences, the strength of the global economy, competitive market conditions, its ability to attract and retain key personnel, its ability to successfully develop, launch and grow its newer concepts and execute on strategic initiatives, product offerings, sales channels and businesses, its ability to implement its growth strategy, material disruption to its information systems, compromises to its data security, its ability to maintain the value of its brands and protect its trademarks, its ability to implement its real estate strategy, changes in demographic patterns, adverse or unseasonable weather or other interruptions in its foreign sourcing, customer call, order fulfillment or distribution operations, increases in the demand for or prices of raw materials used to manufacture its products, trade restrictions or disruptions, the impact of potential global health emergencies such as COVID-19 (coronavirus) pandemic, including potential negative impacts on the global economy, product demand, foreign sourcing and operations generally. Because of the factors described above and the inherent uncertainty of predicting future events, the Company cautions you against relying on forward-looking statements. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Ed Trissel / Kate Thompson / Sophie Throsby Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

SEATTLE (PRWEB) May 22, 2020

Relief Bed International announces its continued collaboration with Serta Simmons Bedding (SSB) to donate more than 12,000 pillows to major U.S. relief organizations during the COVID-19 pandemic. These donations follow the two organizations’ earlier collaboration to donate Serta Relief Beds to hospitals and other medical facilities across the country.

Facilitated by Relief Bed International, Serta Simmons Bedding suppliers, including GBS Enterprises/Healthy Sleep, Softex and Hollander Sleep Products, generously donated the pillows for distribution to hospitals, veteran homes, homeless shelters and other relief organizations across the country.

“We are pleased to have the opportunity to help these critically important relief organizations with pillow donations and could not have done it without the generous support of our supply partners,” said Melanie Huet, Chief Marketing Officer for Serta Simmons Bedding. “We are grateful to Relief Bed International for helping connect us with these deserving charities.”

The donations were purposefully focused on some of the hardest hit areas in the U.S. and benefitted organizations like The Bowery Mission, who serves the homeless and hungry in the heart of New York City, The Union Rescue Mission, one of the largest missions in the country located in downtown Los Angeles, and World Vision, a humanitarian organization focused on both domestic and international relief efforts.

“Homeless shelters are some of the hardest hit organizations in the country due to the close proximity of their guests and vulnerable health conditions,” said Scott Smalling, founder of Relief Bed International. “Shelters were forced to significantly expand their operations to comply with distancing regulations which puts a further strain on their limited resources. This valuable collaboration between Relief Bed International and Serta Simmons Bedding is an enormous boost to their efforts.”

About Relief Bed International

Relief Bed International provides strategically built beds to homeless shelters in the United States and to disaster relief victims in emerging countries through their network of international relief partners around the world. For more information and how to partner with Relief Bed, please visit http://www.reliefbed.com

About Serta Simmons Bedding, LLC

Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Simmons® and Tuft & Needle® direct-to-consumer mattress brands. SSB operates 27 plants in the U.S. and Canada. For more information about SSB and its brands, visit https://www.sertasimmons.com.

Seasoned retail business executive brings extensive industry background to a newly broadened role for
Serta Simmons Bedding (“SSB”) and Tuft & Needle (“T&N” / tuftandneedle.com)

ATLANTA – May 4, 2020 – Serta Simmons Bedding, LLC (“SSB”), the largest manufacturer and distributor of mattresses in North America, has announced the appointment of Shelley Huff as CEO of Tuft & Needle (“T&N” / tuftandneedle.com) and Executive Vice President of Direct to Consumer (DTC) for SSB. Huff will assume the role effective July 1 and report to SSB Chairman and CEO David Swift. She will be based in Phoenix where Tuft & Needle is headquartered.

Huff brings more than 15 years of experience in retail business and a passion for consumers and emerging trends in digital integration, building and leading high-performing teams and delivering financial results. She previously served as President and CEO of Hayneedle.com, a Walmart-owned online home furnishings retailer. Prior to her role with Hayneedle.com, she started and spent much of her career with Walmart, serving in a number of leadership roles across both Walmart U.S. and Walmart eCommerce.

In this newly broadened role, Huff will lead T&N as CEO while also serving as a critical member of SSB’s executive leadership team, overseeing the ongoing digital transformation of the total enterprise.

“Shelley brings a unique perspective to both SSB and Tuft & Needle and will foster an even stronger connection between our Phoenix operations and Atlanta headquarters, helping our entire portfolio of brands become more consumer-facing,” said SSB chairman and CEO David Swift. “This appointment is a direct reflection of the important role of direct to consumer to our business—now more than ever—and also highlights how critical the Phoenix DTC team is to our future success.”

“We couldn’t be more excited to welcome Shelley to the Tuft & Needle and SSB family,” said JT Marino, co-founder of Tuft & Needle and chief disruption officer for SSB. “Nearly eight years ago, we started this company to bring high-quality products and an exceptional experience to customers. Her addition to the team will bring the strategy and perspective we need to continue this journey of digital and direct to consumer growth.”

In addition to her previous roles with Walmart, Huff also served as director of home for J.C. Penney & Co. She earned her bachelor’s degree with a technology emphasis in retailing and consumer sciences from the University of Arizona in Tucson, and her master’s degree from the Sam M. Walton School of Business at the University of Arkansas.

About Serta Simmons Bedding, LLC
Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Simmons® and Tuft & Needle® direct-to-consumer mattress brands. SSB operates 28 plants in the U.S. and Canada. For more information about SSB and its brands, visit www.sertasimmons.com

About Tuft & Needle
Tuft & Needle (“T&N” / tuftandneedle.com) is a Phoenix-based company that is the pioneer and leader among direct-to-consumer mattress startups. The company was founded in 2012 by JT Marino and Daehee Park to create exceptional mattress and bedding products and revolutionize the customer sleep experience. T&N has served more than 1 million happy sleepers and was named as Entrepreneur’s Best Company Culture in 2017 and one of TIME’s best inventions. T&N is proud to have earned the highest customer loyalty score (Net Promoter Score® of 74) in the mattress market, with over 95% of customers loving their mattress. In September of 2018, T&N merged with Serta Simmons Bedding (SSB), making the combined company the largest sleep brand in the world. T&N stores are available in Scottsdale, Gilbert, Seattle, Kansas City, Raleigh and Portland. For more information, visit www.tuftandneedle.com.

Top U.S. bedding producer acts as healthcare system prepares to confront capacity shortage

ATLANTA (March 25, 2020) – Serta Simmons Bedding (SSB), the nation’s largest bedding manufacturer, will donate 10,000 mattresses to New York City hospitals and temporary medical facilities fighting the COVID-19 pandemic, and it is calling on its peers to do the same.

While the healthcare system’s shortages of masks and ventilators have been heavily publicized, bedding is also expected to soon be dangerously scarce as the coronavirus spreads and hospitalizations surge. That is particularly the case in New York, where Gov. Andrew Cuomo on Tuesday said the state would soon require as many as 140,000 additional hospital beds; it currently has 53,000 in use.  

Beyond its 10,000 mattress donation, SSB also offered additional assistance, noting that its factories and expansive distribution network are capable of producing up to 20,000 beds per day at the lowest possible cost if needed.

“As the largest American producer of mattresses, Serta Simmons Bedding is committed to ensuring those who are hospitalized have a bed available where they can receive care and heal,” SSB Chairman and CEO David Swift said. “We’re calling on our peers in the bedding industry to join us in addressing this need.”

SSB’s donation, which is valued at $2 million, is being facilitated through its relationship with Relief Bed International, a nonprofit organization that provides beds to impoverished people and disaster victims around the world.

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About Serta Simmons Bedding LLC
Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Simmons® and Tuft & Needle® direct-to-consumer mattress brands. SSB operates 28 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com.

About Relief Bed International
Relief Bed International provides strategically built beds to homeless shelters in the United States and to disaster relief victims and emerging countries through their network of international relief partners around the world. For more information and how to partner with Relief Bed please visit www.reliefbed.com.

Top U.S. bedding producer acts as healthcare system prepares to confront capacity shortage

ATLANTA (March 25, 2020) – Serta Simmons Bedding (SSB), the nation’s largest bedding manufacturer, will donate 10,000 mattresses to New York City hospitals and temporary medical facilities fighting the COVID-19 pandemic, and it is calling on its peers to do the same.

While the healthcare system’s shortages of masks and ventilators have been heavily publicized, bedding is also expected to soon be dangerously scarce as the coronavirus spreads and hospitalizations surge. That is particularly the case in New York, where Gov. Andrew Cuomo on Tuesday said the state would soon require as many as 140,000 additional hospital beds; it currently has 53,000 in use.  

Beyond its 10,000 mattress donation, SSB also offered additional assistance, noting that its factories and expansive distribution network are capable of producing up to 20,000 beds per day at the lowest possible cost if needed.

“As the largest American producer of mattresses, Serta Simmons Bedding is committed to ensuring those who are hospitalized have a bed available where they can receive care and heal,” SSB Chairman and CEO David Swift said. “We’re calling on our peers in the bedding industry to join us in addressing this need.”

SSB’s donation, which is valued at $2 million, is being facilitated through its relationship with Relief Bed International, a nonprofit organization that provides beds to impoverished people and disaster victims around the world.

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About Serta Simmons Bedding LLC
Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Simmons® and Tuft & Needle® direct-to-consumer mattress brands. SSB operates 28 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com.

About Relief Bed International
Relief Bed International provides strategically built beds to homeless shelters in the United States and to disaster relief victims and emerging countries through their network of international relief partners around the world. For more information and how to partner with Relief Bed please visit www.reliefbed.com.

Groundbreaking Collaboration Unlocks Research and Development in Mattress Sector  

CARLSBAD, Calif. — January 6, 2020 — SleepScore Labs, the company behind the world’s most comprehensive suite of data-backed sleep solutions, today announced its partnership with Serta Simmons Bedding (SSB), the world’s leading bedding company providing great sleep experiences. The two companies, which are committed to positively impacting the way the world sleeps, partnered on a first–of–its–kind sleep study, exploring the effects of sleeping on the iComfort by Serta® CF4000 mattress and its ability to create comfortable and restful sleep.  

SleepScore Labs and SSB partnered to put consumers at the center of mattress research and development. Leveraging SleepScore technology powered by ResMed, the SleepScore Labs study provided SSB with objective and self-reported sleep data on how these materials impacted sleepers throughout the night – a key component of consumer-focused innovation. Based on self-reported data, 80% of study participants felt sleeping on the iComfort mattress improved their overall sleep. Participants also reported falling asleep faster and achieving better sleep throughout the night without waking up compared to their original foam mattress. Factors such as feeling cool when getting into bed contributed to the iComfort’s high scores.  

Throughout this sleep study, SleepScore Labs utilized SleepScore technology powered by ResMed to track and analyze non-contact measurements from participants’ sleep. This allowed participants to remain sleeping in the comfort of their own homes on the new iComfort CF4000 mattress which features AirSupport™ Foam that smartly contours around your body to help alleviate aches and pains caused by pressure points.  

“A study like this opens a lot of doors for further research and development of not only mattresses, but other bedding products in the market,” said Colin Lawlor, CEO at SleepScore Labs. “We’re thrilled to partner with Serta Simmons Bedding on future studies to bring this type of research into their future product development.”  

 As SleepScore Labs and SSB aim to enhance the lives of millions of people around the world through sleep, the two brands will continue partnering to measure the impact of varying mattresses on sleep in an effort to bring future sleep enhancing products to market.  

“Research and development in the bedding industry has been strong in material science and self-reported customer experience, but often failed to include objective sleep measures, for the simple reason that traditional sleep measurement is specialized, costly and cumbersome to implement,” said Roy Raymann, Chief Scientific Officer at SleepScore Labs. “With our proprietary technology and research services, we delivered the objective sleep measurement that Serta Simmons Bedding was looking for.”  

“As the leading bedding company, we’ve always been focused on providing better sleep, and we want to understand how to take that further with our products to unlock the true potential behind a great night of rest,” said JD Velilla, Head of Sleep Experience at Serta Simmons Bedding. “It’s about understanding and exploring new ways to really impact someone’s sleep health and recovery.”   

SleepScore Labs is backed by over a decade of research and millions of hours of sleep data and is committed to helping the world’s biggest brands develop new products and determine their efficacy even before going to market. SSB continues to put consumers at the forefront of their innovation and invested over one million dollars in research and development to bring the new iComfort by Serta® line to market in October 2019. The new iComfort foam line can be found at furniture and bedding retailers nationwide, and on serta.com. SSB will be making an appearance at CES alongside SleepScore Labs and can be found at booth 44149 in the Sands Expo Hall.  

About SleepScore Labs 

We’re the sleep company changing the world by improving sleep, based on science and leading-edge technology. SleepScore Labs was founded in 2016 by a team of sleep experts from companies, institutions and organizations such as ResMed, Apple, Philips, and Harvard. Together, we enable leading companies and organizations to strengthen their health and wellness offerings, proven through better sleep. After studying millions of hours of sleep for over a decade, we created the world’s most comprehensive suite of services which help consumers improve their sleep and companies to improve their offerings in the space. Initially a Joint Venture between ResMed, Dr. Mehmet Oz, and Pegasus Capital Advisors L.P, the company has grown to include other strategic partners and investors. Headquartered in Carlsbad, CA, with an office in Dublin, Ireland, we’ve developed SleepScore™ technology powered by ResMed to offer the world’s most accurate sleep app. SleepScore Labs’ ecosystem also provides data insights, product evaluation tools, and technology licensing opportunities for companies developing products and solutions in the sleep industry. 

SleepScore does not provide medical advice, diagnosis, or treatment through its service or its available functions. The content and service provided are intended solely as a resource and informational tool to improve your sleep. Always seek the advice of a physician or qualified health provider for any questions you may have regarding a medical condition. 

About Serta Simmons Bedding, LLC  

Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns the Tuft & Needle® original direct-to-consumer mattress brand. SSB operates more than 30 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com. 

Top finance executive brings extensive transformation experience to leading bedding company

Atlanta (August 1,  2019) – Serta Simmons Bedding, LLC (“SSB”), the largest manufacturer and distributor of mattresses in North America, has announced the appointment of Barry Canipe as chief financial officer, following an extensive search.  The appointment is effective August 26.  Canipe will report to SSB Chairman and CEO Dave Swift.

Canipe brings 30 years of finance experience to SSB, including a strong track record of value creation and driving large-scale transformation.  He most recently served as chief administrative officer and chief financial officer of Carestream Health, an international medical imaging systems company.

 “Barry is a great fit for SSB and I look forward to working with him as a strategic partner as we transform to become a truly consumer-centric company,” Swift commented in making the announcement.  “I look forward to his contributions in retaining and growing SSB’s market leading position,” he added.

“SSB’s brands have a strong history respected for quality and innovation.  The company is led by an experienced team with supportive owners, all of whom are passionate about driving the company forward.  I am excited to join such a dynamic group of leaders,” Canipe said.

In addition to Canipe’s role with Carestream Health, other experience includes increasingly progressive finance roles with Allied Signal, Honeywell and American Standard Brands, among other organizations. He earned a bachelor’s degree in Business Administration from James Madison University and a

Master of Business Administration from the Darden Graduate Business School at the University of Virginia.

About Serta Simmons Bedding, LLC
Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Tuft & Needle®, the original direct-to-consumer mattress brand. SSB operates more than 30 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com.

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Media Contact:

Serta Simmons Bedding

Noreen Pratscher, VP of Corporate Communications

npratscher@sertasimmons.com

770-730-1822

Event at New Assembly Development Included Governor Kemp, Doraville Mayor Pittman, Atlanta Business and Civic Leaders, Serta Simmons Bedding Employees

ATLANTA, MAY 7, 2019 — Serta Simmons Bedding (SSB), the largest manufacturer and distributor of mattresses in North America, has officially opened its new headquarters in Doraville, Georgia at the new Assembly Yards development. On Friday, May 3, Georgia Governor Brian Kemp and Doraville Mayor Donna Pittman joined SSB Chairman and CEO Dave Swift at the grand opening and welcomed the company’s Atlanta employees.

The new five acre, 210,000 square foot facility is the new workplace for approximately 500 Serta Simmons Bedding employees as the company combines its four U.S. office locations into one space. The new location allows room for expansive showrooms to showcase its products to retail partners and suppliers. The site features new, on-site innovation and product development facilities to create state-of-the-art products and deliver greater value to customers.

“We are excited to have our corporate and brand teams together in this beautiful new campus in Doraville,” said Serta Simmons Bedding CEO David Swift. “We expect to reap the benefits of better collaboration and building community within Serta Simmons Bedding, and with the broader Doraville area.  As the leading sleep company in North America, we are proud to be the first corporate resident in Assembly Yards, and confirm our commitment to Georgia.”

The 165-acre Assembly project is at the site of the former General Motors Assembly plant along I-285 near the I-85 exchange. SSB selected the location because of its access to public transportation and expansive space for both the corporate headquarters and the research and innovation facility. The mixed use development is already the home of Third Rail Studios and will eventually be the home of additional businesses, residential units, restaurants and parks.

“Serta Simmons Bedding bringing their leadership team to our state is proof that Georgia is open for business. I look forward to working with them in the future to provide more jobs for hardworking Georgians and more investment for local communities, and I thank them for their commitment to the Peach State.” said Georgia Governor Brian Kemp.

About Serta Simmons Bedding

Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Tuft & Needle® direct-to-consumer mattress brand. SSB operates more than 30 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com.

Contact:
Noreen Pratscher
Vice President, Corporate Communications
Serta Simmons Bedding, LLC
Mobile: 470-303-4937
npratscher@sertasimmons.com

Michael Traub to Leave SSB, Executive Chairman Dave Swift to Assume CEO Role

ATLANTA, April 10, 2019 — Serta Simmons Bedding, LLC (“SSB”), the largest manufacturer and distributor of mattresses in North America, has announced that Michael Traub will step down as Chief Executive Officer and member of the Board of Directors, effective April 17, 2019. Effective April 18, 2019, David L. Swift, Executive Chairman of SSB’s parent Board of Directors, will assume the role of SSB Chairman and Chief Executive Officer.

Swift is Executive Business Partner at Advent International and has served as Chairman of the Board of Directors for Serta Simmons Bedding since April 2013. He has more than 30 years of experience leading private equity-owned and public entities.

“On behalf of the Company’s Board of Directors, I want to thank Michael for his many contributions to SSB,” said Swift. “Since joining SSB as president of Serta, Inc. in 2014 and becoming CEO of SSB in 2016, Michael has led the company through a period of unprecedented market disruption and transformation. He has positioned SSB for future growth and value creation through the integration of the Serta and Simmons brands, modernizing our manufacturing network and spearheading our merger with Tuft & Needle.”

“While the Board is grateful to Michael for his many contributions, we believe the time is right for this transition,” Swift continued. “We remain committed to creating new growth opportunities for employees and partners, delivering innovative products and a great sleep experience for our consumers, and creating long term value for our shareholders.”

About Serta Simmons Bedding, LLC
Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Tuft & Needle®, the original direct-to-consumer mattress brand. SSB operates more than 30 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com.

Media Contact:
Serta Simmons Bedding
Noreen Pratscher, VP of Corporate Communications npratscher@sertasimmons.com
770-730-1822

Atlanta (April 3, 2019) – Serta Simmons Bedding, LLC (“SSB”), the largest manufacturer and distributor of mattresses in North America, has announced the appointment of Derek Miller as chief sales officer. Miller reports to SSB CEO Michael Traub.

In this role, Miller directs all sales channels, leads and develops the Sales organization and drives SSB’s sales strategy to expand relationships with retail partners and customers. A 20+ year veteran of SSB, Miller first joined the company in 1998 in its Dallas, Texas factory. He became part of the SSB Sales organization in 2000 and rose through the ranks in various account management roles. Most recently, Miller served as Senior Vice President of Sales, responsible for the company’s national account channel.

“With increasing competitiveness in the bedding market, it’s more important than ever before that our sales strategy is focused on win-win partnerships that ultimately benefit end consumers,” said SSB CEO Michael Traub. “Derek brings an enormous amount of energy and passion to this role, and I am extremely confident in his ability to work with our valued retailers to position SSB for continued growth.”

Miller earned a Bachelor of Arts degree in Communication Studies from the University of North Texas.

About Serta Simmons Bedding, LLC
Serta Simmons Bedding, LLC is the leading sleep company and the largest manufacturer, marketer and supplier of mattresses in North America. Based in Atlanta, SSB owns and manages the two best-selling bedding brands in the mattress industry: Serta®, which has five other independent licensees, and Beautyrest®. The brands are distributed through national, hospitality, and regional and independent retail channels throughout North America. SSB also owns Tomorrow® and Tuft & Needle® direct-to-consumer mattress brands. SSB operates more than 30 manufacturing plants throughout the United States and Canada. For more information about SSB and its brands, visit www.sertasimmons.com.

Media Contact:
Serta Simmons Bedding
Noreen Pratscher, VP of Corporate Communications
npratscher@sertasimmons.com
770-730-1822