Sleepyhead family expands bed-making empire

Sleepyhead's headquarters in Otahuhu, Auckland. Photo / Brett Phibbs

New Zealand Comfort Group, the Turner family company that owns the Sleepyhead brand, has agreed to buy bed and furniture manufacturer Dunlop Living.

The purchase, which needs Commerce Commission approval, comes a month after the Turner family completed its A$55 million acquisition of Australian businesses Dunlop Foams and Sleepmaker from Pacific Brands Group. As part of the deal, NZ Comfort Group sold its Wonderlay carpet underlay business to Pacific Brands.

Wellington-based investment company Rangatira, which holds 70 per cent of Dunlop Living, said its subsidiary entered into an agreement to sell all of its holding.

It is unable to comment further until the deal goes unconditional, according to a statement lodged with the Unlisted exchange.

Rangatira has two classes of shares listed on the unregulated stock trading platform.

The A shares last traded on November 24 at $6, while the B shares last traded on February 15 at the same price.