Sleep Innovations to Explore Possible Sale
WEST LONG BRANCH, N.J.-Sleep Innovations has hired the investment banking firm of Sawaya Segalas & Co. to serve as an advisor as it explores a possible sale of the business.
In an interview with HFN, Michael Thompson, Sleep Innovations' president and CEO, said a sale of the business is "a very strong possibility," although he added that the company and Sawaya Segalas would explore other alternatives. A sale "would allow us to have a potential lower cost of capital, which would allow us to invest back in the business," Thompson said. It would enable the company to invest in product development, innovation, marketing, personnel and technologies, he added.
"We'd like to get to market quicker rather than slower," he said. "Lower cost of capital would allow us to do that."
A Sleep Innovations statement said the company is looking for ways to reward its current investors for "the value created over the last two years, while attracting longer-term investors committed to the company's growth plans."