Corsicana has made a major move to capitalize on the under $1,000 mattress market with the acquisition of Symbol Mattress.
The deal closed on April 28, and the transaction creates the nation’s largest manufacturing organization serving the under-$1,000 category. Now a unified powerhouse, the two manufacturers operate 16 factories and employ more than 1,300 people.
“We are aggressively pursuing our House of Brands strategy and Symbol—with its robust product offering and extensive distribution presence—will immediately have an accretive impact on our business,” says Corsicana CEO Mike Thompson, who will lead the combined company. “Moreover, the combination of our companies further solidifies our leadership position serving independent bedding retailers with the mattresses most sought after by American consumers, namely those priced under $1,000.”
Industry estimates for 2019 place Corsicana’s revenue at $297 million and Symbol’s at $138 million. That’s $435 million in sales, which would make the newly combined company one of the top six mattress producers in the U.S. behind Sleep Number, Tempur-pedic, Serta, Simmons, and Sealy.
Corsicana operates 10 facilities across the U.S., while Richmond, Virginia-based Symbol operates six factories. Symbol produces mattresses under a variety of brands including Luuf, Tommy Copper, and SleepFresh.
In 2020, Corsicana invested more than $8.6 million to open a 165,000-square-foot factory in La Porte, Indiana. That operation houses the company’s boxed-bed manufacturing where they were forecasted to produce 1,500 units per day.
Based in Dallas, Texas Corsicana is owned by Long Point Capital, a private equity group focused on founder-, family-, and management-owned companies. In addition to owning Corsicana, Long Point Capital has active investments in UMA Enterprises, a full-service importer and wholesaler of home décor products, CentriLogic, a global provider of managed IT solutions, and Hire Counsel & Metsel, leaders in temporary attorney staffing and legal placement.
Be sure to subscribe to The FAM and we’ll keep you updated.
