Serta Simmons Bedding (Advent LBO)

bankrupt

Consumer Brands — Advent International

Deal Terms

Entry Year2012

Entry EV$3B

Entry Multiple8x

Leverage6x

Debt Amount$2.3B

Outcome

Exit Year2023

Risk Metrics

LTV (est.)77%

Debt / EV0.77x

Notes

Advent-backed Serta Simmons Bedding — combined two PE-ravaged mattress brands. $2.3B debt. DTC mattress startups (Casper, Purple, Tuft & Needle) disrupted the industry. Filed Chapter 11 Jan 2023. Fifth PE owner of Simmons since 1986. Over $2B in value destroyed across multiple PE ownership cycles. Mattress industry's PE curse continued.

Sponsor

Advent International$90B AUM