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Thursday, September 4, 2014

Mattress Firm to purchase Sleep Train to expand in West Coast, (NASDAQ: MFRM)

Mattress Firm Holding Corp said it would purchase privately held bedding retailer The Sleep Train Inc for $425 million, its sixth and largest acquisition announced in the past year, to expand its presence on the West Coast.Mattress Firm, which reported a better-than-expected quarterly profit on Thursday, said it would also acquire The Sleep Train's liabilities of about $15 million.The Sleep Train has about 310 stores in California, Oregon, Washington, Idaho, Nevada and Hawaii and the company posted net sales of $471 million for its fiscal 2013.Its founder and Chief Executive Dale Carlsen will take over as Mattress Firm's president after the closure of the deal, expected in the fourth quarter ending January.

Mattress Firm Holding Corp. (Mattress Firm) is a specialty retailer of mattresses and related products and accessories in the United States. Shares of MFRM fell by 0.42% or $-0.24/share to $56.81. In the past year, the shares have traded as low as $29.29 and as high as $57.99. On average, 212861 shares of MFRM exchange hands on a given day and today's volume is recorded at 235311.