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Ohio Mattress Co Licensing & Components Group history
Ohio Mattress Co Licensing & Components Group company history timeline
In 1989, Ohio Mattress was sold to New York-based merchant bank Gibbons, Green, Van Amerongen for $940 million.
In 1989, less than two years after gaining control of the world's largest mattress brand, 67-year-old Ernest Wuliger suffered a heart attack and subsequently announced his intention to sell Ohio Mattress.
In 1990, the Ohio Mattress name was dropped in favor of the Sealy name.
In 1991 the Clipper Group swapped its $400 million in Sealy junk bonds for an additional 53.6 percent of the mattress-maker's equity, effectively buying out Gibbons Green van Amerongen.
In 1992 Candlish announced that he would leave Sealy by year's end, citing conflicts with the new board, dominated by First Boston.
But Wuliger--along with many of his top managers--resigned less than three months after the deal was completed, "angrily proclaiming he was being ignored," as Plain Dealer analyst Marcus Gleisser reported in 1993.
Prior to the sale, Ronald L. Jones of High Point, NC, became president and chief executive and in 1998 announced that Sealy would be moving its headquarters from Cleveland to High Point.
In 2004, Sealy Corp., still the world's largest bedding maker, was acquired by Kohlberg, Kravis, Robert, & Co. for $1.5 billion.
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Ohio Mattress Co Licensing & Components Group may also be known as or be related to OHIO MATTRESS CO LICENSING & COMPONENTS GROUP and Ohio Mattress Co Licensing & Components Group.