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Mattress Firm to acquire 93 stores in $80.5M deals

By: Associated Press
March 10, 2014 Updated: March 10, 2014 at 10:30 am
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HOUSTON — Mattress Firm Holding Corp. announced three deals Monday, valued at about $80.5 million, which will eventually add 93 stores to the number of locations the mattress retailer owns and operates.

The Houston company said it has agreed to buy Sleep Experts Partners, a retailer that runs Sleep Experts stores in Texas. That deal is expected to close by May.

Separately, the company said it completed the acquisition of a franchisee that operated Mattress Firm stores in Colorado and Kansas and stores of another franchisee in Virginia. Those deals were completed on March 3.

CEO Steve Stagner said the deals give the company control of more stores in "key growth markets."

"These opportunities bring us closer to becoming the first national specialty bedding retailer, reaching border to border and coast to coast," Stagner said in a statement.

Mattress Firm, which has more than 1,300 company-owned and franchised stores, said the Sleep Experts deal will add between 3 cents per share and 5 cents per share to its full-year earnings, which runs through Feb. 3, 2015.

Shares of Mattress firm fell $1.08, or 2.4 percent, to $43.90 in midday trading Monday. Its shares have risen more than 50 percent over the past year.

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