KURL-ON ACQUIRES INTERNATIONAL MATTRESS BRAND SPRING AIR

Acqusition to boost Kurl-on’s revenue to Rs. 2,200 crores in the next two years. End Quote

(1888PressRelease) April 17, 2019 - Kurl-on, India’s leading brand of mattresses, furniture and furnishing products, today announced the acquisition of Spring Air, the leading International brand and amongst the top 10 manufacturers of bedding products in the world, for an undisclosed amount. The acquisition covers Spring Air’s operations across India, Bangladesh, Srilanka and Pakistan. With this acquisition, Spring Air and Englader brand of mattresses will now be under the Kurl-on umbrella. The acquisition will strengthen Kurl-on’s presence in the premium bedding segment, besides enabling them penetrate the fast growing demand in the hospitality sector and is in line with Kurl-on’s aggressive expansion strategy of both its product portfolio and retail presence.

Spring Air’s product portfolio of niche, specialised products ranging across the premium and luxury category will now be available across Kurl-on’s 1300+ exclusive franchise outlets and 7000+ multi-brand outlet across the country, besides its 93 Kurl-on Home Komfort stores, providing its high-end customers a wider choice. In addition, it will continue to be retailed at Spring Air’s 400 high end retail stores. Under the terms of the sale agreement, Spring Air will continue to manufacture its bedding products from its two manufacturing centres, complementing Kurl-on’s existing ten manufacturing facilities.

Announcing the details of the acquisition at a press conference here in Mumbai, Mr. Sudhakar Pai, Chairman & Managing Director, Kurl-on, said “At Kurl-on, we are focused on enhancing our product portfolio backed by R&D and new technologies. While Kurl-on regularly invests on R&D, we are also open to exploring newer avenues for technological advancements and it is here, where we saw a fitment with Spring Air.” “The acquisition will contribute to Kurl-on crossing the Rs. 2,000 crore revenue mark in the next two years. We are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers”, he further added.

“Retail expansion continues to be one of the key imperatives for Kurl-on. With this acquisition, Kurl-on will now be able to offer the premium range of mattresses across the length and breadth of the country” added Ashutosh Vaidya, Chief Marketing Officer – Kurl-on.
“Given the increasing consumer spend on home furnishing and decor, we see significant premiumisation in this sector in line with international markets. This deal adds premium international brand of Spring Air and Englader to Kurl-on’s existing portfolio. We have planned a well thought out transition plan to fully harness the synergies and will work together to achieve the same”, said Ashok Kumar, CEO & Member of the Board, Spring Air Bedding Company India Ltd and Spring Air Middle East.

Over the last one year, Kurl-on has made significant investments in R&D and new technologies. The introduction of the sofa range for the untapped semi-premium market; the introduction of innovative products – “STR8” (India’s first Sag Proof Mattress); Mattress In A Box” (Snooze Centre) and “Kooler mattress top” – lends credence to Kurl-on’s thrust and focus to offer innovative home comfort products.

The mattress industry has undergone a profound transformation in recent years. Currently at INR 10,000 crore, the mattress industry is projected to reach INR 14,000 crore by 2021, according to statistics provided, with a CAGR of 9%. According to some studies, consumer preferences have also witnessed a marked shift in preferences wherein consumers are willing to spend higher amounts for quality mattress.

KPMG Corporate Finance was the transaction advisor for this deal.

About Kurl-on:
Kurl-on is India's leading brand of mattresses, furniture and furnishing products in India. The brand is available across India through 7000+ multi brand outlets, 1300+ franchise outlets and 102 exclusive brand outlets across the country today. Kurl-on has 10,000+ dealers, 72 branch and stock points and 10 strategically located manufacturing facilities across Karnataka, Orissa, Madhya Pradesh, Uttaranchal and Gujarat. With state-of-the-art technology, Kurl-on endeavors to improve standards in the Indian mattress and furniture industry besides being in tune with the changing needs of Indian consumer. For more information, please do visit http://www.kurlon.com/

About Spring Air:
Spring Air is a leading and amongst top 10 manufacturers of bedding products in the world specializing in orthopaedic beds and based in USA. With their extensive global presence in the Bedding Industry, they have manufacturing units all over the world and has marked their presence in India as well. Spring Air has earned a reputation over the years for continuous product improvement. Their free-end offset coil design, which adjusts each sleeper's sleight, is today the most copied design in the industry. The company carried innovation a step with its Health Centre Mattress, featuring zones of comfort for different areas of the body. For more information, please do visit http://www.springair.in/

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