Simmons Bedding Company
Encyclopedia
Simmons Bedding Company is a major manufacturer of mattress
es and related bedding products. The company is founded in 1870. Simmons' flagship brand is Beautyrest, and it is one of the oldest companies of this type in the USA. According to a Simmons press release, net sales
for 2005 were $855 million.
and Ontario Teachers' Pension Plan
(TPC). If approved by the bankruptcy court, the deal will reduce the total debt from about $1 billion to $450 million. The bankruptcy will not include subsidiaries in Canada and Puerto Rico, but those units will be included in the deal with Ares Management and TPC.
Ares
and TPC
are also the owners of the Serta brand name under National Bedding Company LLC. They plan to operate Serta and Simmons Bedding as independent entities that will continue to compete with one another.
Mattress
A mattress is a manufactured product to sleep or lie on, consisting of resilient materials and covered with an outer fabric or ticking. In the developed world it is typically part of a bed set and is placed upon a foundation....
es and related bedding products. The company is founded in 1870. Simmons' flagship brand is Beautyrest, and it is one of the oldest companies of this type in the USA. According to a Simmons press release, net sales
Net profit
Net profit or net revenue is a measure of the profitability of a venture after accounting for all costs. In a survey of nearly 200 senior marketing managers, 91 percent responded that they found the "net profit" metric very useful...
for 2005 were $855 million.
History
- In 1870 Simmons was founded by Zalmon G. SimmonsZalmon G. SimmonsZalmon Gilbert Simmons was a businessman, manufacturer, Wisconsin legislator, and Mayor of Kenosha, Wisconsin....
with its first factory in Kenosha, WisconsinKenosha, WisconsinKenosha is a city and the county seat of Kenosha County in the State of Wisconsin in United States. With a population of 99,218 as of May 2011, Kenosha is the fourth-largest city in Wisconsin. Kenosha is also the fourth-largest city on the western shore of Lake Michigan, following Chicago,...
. Simmons started off by producing wooden insulators and cheese boxes. It is one of the oldest companies in the country. - In 1876 started producing wire-woven mattresses.
- In 1916 Simmons began advertising nationally.
- By 1919 growth was fast. In response, Simmons acquired manufacturing plants in San Francisco, CaliforniaSan Francisco, CaliforniaSan Francisco , officially the City and County of San Francisco, is the financial, cultural, and transportation center of the San Francisco Bay Area, a region of 7.15 million people which includes San Jose and Oakland...
; Los Angeles, CaliforniaLos Angeles, CaliforniaLos Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
; Montreal, Quebec; Toronto, Ontario; Winnipeg, Manitoba; Vancouver, British Columbia; Elizabeth, New JerseyElizabeth, New JerseyElizabeth is a city in Union County, New Jersey, United States. As of the 2010 United States Census, the city had a total population of 124,969, retaining its ranking as New Jersey's fourth largest city with an increase of 4,401 residents from its 2000 Census population of 120,568...
; Seattle, WashingtonSeattle, WashingtonSeattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...
; and Atlanta, GeorgiaAtlanta, GeorgiaAtlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
. - In 1925 Simmons' engineer, John Franklin Gail, invented a machine that could mass-produce the coils and insert them into fabric "encasements". This made mass-production of the previously luxury-only product possible.
- During World War IIWorld War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
Simmons produced parachutesParachutesParachutes is the debut album by English alternative rock band Coldplay, released by the record label Parlophone on 10 July 2000 in the United Kingdom. The album was produced by the band and British record producer Ken Nelson, excluding one track which was produced by Chris Allison...
, bazookaBazookaBazooka is the common name for a man-portable recoilless rocket antitank weapon, widely fielded by the U.S. Army. Also referred to as the "Stovepipe", the innovative bazooka was amongst the first-generation of rocket propelled anti-tank weapons used in infantry combat...
rockets and 2700 other products for the US military. - In 1975 Simmons moved to its present day headquarters in Atlanta, GeorgiaAtlanta, GeorgiaAtlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
. - In 1979, Simmons was purchased by Gulf+WesternGulf+WesternGulf and Western Industries, Inc., for a number of years known as Gulf+Western, was an American conglomerate.- History :Gulf and Western's prosaic origins date to a manufacturer named Michigan Bumper Co. founded in 1934, though Charles Bluhdorn treated his 1958 takeover of what was then Michigan...
. - In 1985, Gulf+Western sold Simmons to Wickes Corporation.
- In 1991, Merrill Lynch Capital Partners, Inc. acquired a majority interest in the company.
- In 1995, Simmons launched a commercial for the Simmons Beautyrest using the "bowling ballBowling ballA bowling ball is a spherical ball made from plastic, reactive resin, urethane or a combination of these materials which is used in the sport of bowling. Ten-pin bowling balls generally have a set of three holes drilled in them, one each for the ring and middle finger, and one for the thumb;...
" demonstration. The demonstration remains a registered trademark. - In August 2006 Simmons sold its chain of retail stores to The Sleep TrainThe Sleep TrainSleep Train is one of the top three mattress retailers in the United States and the largest on the West Coast. It was founded by Dale Carlsen in June 1985. Sleep Train stores carry mattresses manufactured by Sealy, Stearns & Foster, Simmons, Vera Wang by Serta, and Tempur-Pedic...
of Citrus Heights, CA. - In 2006, Simmons introduced the NaturalCare latex line of mattresses.
- In 2007 Simmons launched the first mattresses with GEL Technology.
- In 2007 Simmons releases the ComforPedic by Simmons line.
- In 2009, Simmons introduced the ComforPedic Loft line.
Bankruptcy
On September 25, 2009, Simmons announced a Chapter 11 restructuring plan and signed a purchase agreement with an investor group led by Ares ManagementAres Management
Ares Management LLC, an SEC registered investment adviser, is a leading investment firm focused on alternative credit-based strategies, including private equity, private debt, and capital markets activities...
and Ontario Teachers' Pension Plan
Ontario Teachers' Pension Plan
The Ontario Teachers' Pension Plan , commonly referred to as Teachers, is the organization responsible for administering pensions for public school teachers of the Canadian province of Ontario. The OTPP also invests the plan's pension fund, making it one of the largest and most powerful investment...
(TPC). If approved by the bankruptcy court, the deal will reduce the total debt from about $1 billion to $450 million. The bankruptcy will not include subsidiaries in Canada and Puerto Rico, but those units will be included in the deal with Ares Management and TPC.
Ares
Ares Management
Ares Management LLC, an SEC registered investment adviser, is a leading investment firm focused on alternative credit-based strategies, including private equity, private debt, and capital markets activities...
and TPC
Ontario Teachers' Pension Plan
The Ontario Teachers' Pension Plan , commonly referred to as Teachers, is the organization responsible for administering pensions for public school teachers of the Canadian province of Ontario. The OTPP also invests the plan's pension fund, making it one of the largest and most powerful investment...
are also the owners of the Serta brand name under National Bedding Company LLC. They plan to operate Serta and Simmons Bedding as independent entities that will continue to compete with one another.
External links
- Simmons' web site
- Simmons Company Records, 1892-2000
- Julie Creswell, Buyout Firms Profited as a Company’s Debt Soared, The New York Times, October 4, 2009