Steinhoff shares jump as the Mattress Firm plans to go public in New York

Multinational retailer Steinhoff announced that shares in one of its largest remaining assets will be listed on the New York Stock Exchange. Mattress Firm, the largest speciality mattress chain in the US, was bought by Steinhoff in 2016 for $3.8bn. At the time, the buyout was double the market capitalisation of the Mattress Firm, with Steinhoff paying a premium in excess of 100% for control of the business. Mattress Firm grew aggressively, growing its store footprint across the US. However, the growth was funded by debt, which proved unsustainable. The US-based retailer emerged from bankruptcy in 2018 but remains highly indebted, as does Steinhoff. Steinhoff’s share price has continued to soar. The number of shares to be offered and the price range of the initial public offering is yet to be determined, although, the prospectus outlined that the firm is seeking to raise $100m. This will provide Steinhoff with much-needed liquidity, another tailwind for the embroiled retailer. Steinhoff’s ownership stake in the Mattress firm stands at approximately 50.1%. – Justin Rowe-Roberts

Steinhoff media statement

Mattress Firm files registration statement on Form S-1 for proposed Initial Public Offering

Steinhoff International Holdings (“Steinhoff” and with its subsidiaries, the “Group”) advises that, further to the announcement made on 20 September 2021, Mattress Firm Group (“Mattress Firm”) announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) for a proposed initial public offering of its common stock. The shares of common stock to be sold in the offering will be sold by existing stockholders of Mattress Firm. The number of shares to be offered and the price range for the offering have not yet been determined. Mattress Firm intends to apply to list its common stock on the New York Stock Exchange, subject to notice of official issuance, under the symbol “MFRM.”

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

The proposed offering will be made only by means of a prospectus. Once available, a copy of the preliminary prospectus related to the offering may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at [email protected]; Barclays Capital Inc., c/o Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at 1-888-603-5847 or by email at [email protected]; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, New York 10022, by telephone at (877) 821-7388, or by email at [email protected]

Mattress Firm is the largest omni-channel mattress specialty retailer in the United States (based on US retail mattress revenue).

Steinhoff has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the JSE Limited.

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