Casper Sleep has discovered new homeowners.
The net mattress model has turn out to be a subsidiary of Carpenter Co., a producer of polyurethane foams.
“Carpenter will help Casper on a complete development and profitability technique, in addition to the suitable future channels to market,” Carpenter stated in a Tuesday announcement. Carpenter, Casper and Durational Capital Administration didn’t instantly reply to requests from Retail Dive for additional info relating to the acquisition.
Casper, as soon as deemed a DTC darling, has confronted various modifications over the previous 5 years.
The model entered the general public markets in early 2020 earlier than the consequences of the pandemic had been totally realized throughout the trade. Casper’s preliminary public providing additionally got here forward of a wave of IPOs from DTC manufacturers.
However lower than two years after its public debut, Casper introduced it will be acquired by personal fairness agency Durational Capital Administration, taking the model personal as soon as once more. On the identical time, the model’s co-founder and CEO, Philip Krim, stepped down from his function as chief government, with President and Chief Business Officer Emilie Arel changing him.
Below Arel’s management, the model narrowed its product focus and lower prices to prioritize profitability.
“We’re not within the enterprise of not making a living anymore,” Arel stated in August 2022. “VC cash will not be falling from the ceiling anymore, we should be very particular on what we’re engaged on. And so shifting from being a way of life model — being form of the Nike of sleep, promoting to all people — to: ‘We’re a mattress retailer.’”
In April 2023, Casper introduced it bought its Canadian operations to Sleep Nation for $20.6 million.
The model ushered in new management as soon as once more, with former Purple CEO Joe Megibow taking the reins in January, changing Arel.
