Select Comfort Corp., a manufacturer and retailer of Sleep Number beds based in Plymouth, recently bought South Carolina-based Comfortaire Corp. in a deal valued at $15.5 million, Twin Cities Business reports.
“This investment progresses our role as the leader in delivering innovative products as part of an individualized sleep experience, while also strengthening our company's competitive advantages. Specifically, with Comfortaire, we anticipate benefits from the convergence of intellectual property,” President and CEO Shelly Ibach said in a news release. “We also are pleased that the second-largest adjustable air-bed company, with its experienced team and shared commitment to quality, innovation and individualization, is now part of Select Comfort.”
Select Comfort will continue to operate the Comfortaire business through an independent subsidiary.
Last week, Select Comfort said its fourth-quarter earnings fell 19 percent. Net income was $12.5 million, down from $15.4 million in the same quarter last year. However, sales soared 17 percent to a record $221 million.