TAMPA, FL — Ashley Home Inc. and Resident Home Inc. today announced the signing of an agreement under which Ashley Home., an affiliate of Ashley Global Retail, will acquire Resident Home Inc. (“Resident”). The transaction, which was unanimously approved by both companies' boards of directors, provides Resident, a leading digital retailer and wholesaler of mattresses and bedding accessories, the opportunity to expand its home furnishings offering and global footprint. do. Through Ashley's affiliate company, Ashley Furniture Inds., Resident will experience sourcing and efficiency improvements that will drive further growth in both its direct-to-consumer and wholesale businesses.
Resident has established itself as a leading online seller of mattresses and bedding accessories through its award-winning Nectar, DreamCloud, Awara and Siena brands. Resident's success is driven by his deep expertise in data science and analytics, performance marketing, and e-commerce technology. In addition to Resident's digital presence, Resident's mattresses are also sold in his more than 2,500 retail stores across the country, as well as in Canada and the United Kingdom. As part of the transaction, Resident co-founders and co-CEOs Eric Hutchinson and Lan Leske will remain with the company. position after the trade ends.
“Lan and I are excited for Resident to become part of the Ashley family. This partnership marks an important milestone for our team and our journey. Together, we look forward to further We believe we can achieve great heights and deliver unparalleled value to our customers. Joining forces with Ashley will enable new growth opportunities and our team is excited about the possibilities ahead.” said Hutchinson.
“We are very excited about the possibilities that Resident brings to Ashley. In just a few years, Resident has established itself as a leading destination for mattresses, and this merger strengthens both companies and provides even more We believe this will bring more products to more households and accelerate our growth trajectory,” said Todd Wanek, CEO of Ashley.
The parties expect the transaction to close on March 6th.
BofA Securities served as financial advisor, Holland & Knight LLP served as legal advisor to Ashley, and Sidley Austin LLP served as legal advisor to Resident in connection with the transaction. Avid Capital Advisors LLC also advised Resident on the transaction.
