M&A

M&A

Sheela Foam to buy 94.66% in rival Kurlon for Rs.2,035-Cr

Press Release   BSE Announcement  

Noida-based, publicly listed Sheela Foam Ltd, the maker of mattress brand Sleepwell, is to acquire a 94.66% stake in Bangalore-based, privately held Kurlon Enterprises Ltd (KEL), for INR 2,035 crore. Kurlon was established in 1962 and reported revenues of INR 808.80 crore for FY22, up from INR 767.25 crore in FY21, but down from INR 995.56 crore in FY20. Kurlon makes products like mattresses, furniture, cushions, pillows and coverings. The acquisition of Kurlon will help Sheela Foam expand its presence in the Southern and Eastern regions of India. With the acquisition, It expects to enjoy a combined market share of around 21% in the country's mattress market.