In a battle for hegemony in Canada's retail mattress market, Casper has surrendered to the home team, Sleep Country Canada Holdings.
Sleep Country has agreed to acquire 100% ownership of all of the Canadian assets of Casper for $20.6M. Sleep Country also will get a $4.5M marketing transition fee from Casper during the next four years and receive three-year warrants that the company could convert into a 1% stake in Casper.
Sleep Country also invested $20M in five-year convertible notes that could convert into about 5% of Casper's shares, according to a report in Chain Store Age.
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