SOVA, Sweden's largest retail chain within beds and Tempur Sealy, the world's largest manufacturer of mattresses and pillows, has entered into an agreement to create a joint Swedish company through a Joint Venture. The new company, where Tempur Sealy will be the majority owner, initially takes ownership of eight of the 26 SOVA stores.
Today, SOVA is privately owned with founder Anders Davidsson as the majority owner. Through Tempur Sealy, the company now has a long-term ownership partner in the retail business.
"It is very exciting that Tempur Sealy has chosen Sweden and the SOVA stores when evaluating investment within retail. We are very familiar with Tempur Sealy, they have for a long period of time been one of our suppliers and we are looking forward to working closely together," says Anders Davidsson, founder of SOVA.
The collaboration does not mean any changes for SOVA's daily operations in Sweden, but the company is getting a stable long-term ownership partner.
”We have a long relationship with SOVA and we have great respect both for their employees and for the company's retail experience," said Scott Thompson, Chairman, CEO and President of Tempur Sealy International, IncTempur Sealy International, Inc.
SOVA has undergone reconstruction in the last year and in connection to this, the organization has been adapted to the consumption patterns of today with more focus on e-commerce and fewer but more strategically located stores. Next year, SOVA has existed for 30 years, and the company's ambition is to develop the bed stores of the future, both as physical stores and online.
“I am very pleased with this exciting new cooperation. Now, SOVA becomes a part of a larger group, which will provide opportunities for further development, both for SOVA as a company and for our employees,” says Peter Andersson, CEO of SOVA.
Initially, the joint venture will own eight of SOVA Group's 26 stores. The ambition is that the new joint venture will, over time, own more of SOVA’s stores.
”Recovery, rest and sleep is becoming more and more important in our connected world, and therefore the bedroom and the bed become even more important factors both to perform and to get much needed recovery for people in all ages. We believe that the next 30 years will be even more exciting than the 30 we have already existed and look forward to an exciting and inspiring future with our employees, customers, suppliers and our new partner," says Anders Davidsson.
The SOVA group consists of SOVA AB, that owns the 26 stores, SOVA Logistics and SOVA Ecommerce.
For further information, please contact:
Magnus Lunderquist Johan Eklöf
Spokesperson, SOVA Managing Director Nordics, Tempur Sealy
+46(0) 73-151 4247 +46 (0)70-824 8103
SOVA was founded in 1989 and has during the last 30 years provided Swedes from north to south with beds, bedroom furnishings, mattresses, quilts and pillows. Since 2018, sales are conducted through 26 SOVA stores in strategic locations around Sweden and on sova.se. The company's headquarters is located in Vellinge.
About Tempur Sealy
Tempur Sealy International, Inc. (NYSE: TPX) develops, manufactures and sells mattresses, substrates, pillows and other products. The company's product portfolio includes many well-known brands, such as Tempur®, Tempur-Pedic®, Sealy® featuring Posturepedic® Technology, and Stearns & Foster®. The company's global headquarters, Tempur Sealy International, is located in Lexington, Kentucky, USA. For more information, go to www.tempursealy.com.