After all those podcast ads, Casper sells to a private equity firm
Tech News

After all those podcast ads, Casper sells to a private equity firm

Casper Sleep is being acquired by private equity firm Durational Capital Administration, which can take the boxed mattress firm private, the businesses announced Monday. The deal is predicted to shut within the first quarter of 2022.

Based in 2014, Casper was considered one of a handful of firms whose adverts had been ubiquitous on podcasts and that bought its merchandise straight to customers.

The corporate went public in February 2020, with plans to expand from its primary business of direct-to-consumer (D2C) gross sales of boxed mattresses into merchandise that “promote the best atmosphere for sleep,” in accordance to its S-1 prospectus. That listing of merchandise included sleep monitoring units, bedside clocks, sleep providers like digital apps and counseling, and even sleep dietary supplements. However in addition to mattresses and issues that go on mattresses — like sheets and pillows — essentially the most notable product Casper has produced to date is its Glow bedside lamp.

Casper started adding retail locations in 2018 and bought its merchandise at retailers like Goal and Mattress Warehouse, however struggled to flip a revenue within the more and more crowded direct-to-consumer (D2C) mattress market.

On Monday, Casper reported that it lost $25.3 million in its third quarter, in contrast to a lack of $15.9 million within the year-ago quarter. The corporate additionally introduced that its president and chief business officer Emilie Arel has been appointed CEO, taking on from Casper co-founder Philip Krim.

Casper’s board of administrators unanimously permitted the acquisition, which awaits approval by Casper stockholders.

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