by AVONDALE, Ariz. — Asia-based omnichannel mattress resource AI Dream has acquired King Koil, a leading U.S. manufacturer of premium mattresses, from KPS Berhad, a Malaysia-based investment holding company.
The companies did not reveal a purchase price or other details of the transaction, which officials said, “will accelerate the U.S. domestic growth of King Koil while providing AI Dream expansion opportunities in new markets outside of Asia.”
In a release, officials said that all of King Koil’s current management team will remain with the company and the company will retain its name.
Formed in 2018 and acquired by Singapore-based private equity firm Hillhouse Investment in 2021, AI Dream is a multibrand sleep solution platform distributing global premium mattress brands King Koil, Serta and Ruf Betten in Asia and Europe. AI Dream’s product line includes mattresses, bed frames, smart beds and customized bedroom solutions.
“Our strategy of developing King Koil as a premium brand with exceptional design and innovation has been recognized internationally. AI Dream’s investment will provide us with the capital to make strategic decisions to accelerate our growth,” said David Binke, chief executive officer of King Koil.
Edward Wu, chief executive officer of AI Dream, said the acquisition is part of AI Dream’s strategic plan to acquire and develop a self-owned premium brand.
“Going forward we envision enhancing King Koil’s global digital channels, introducing smart products and optimizing the brand’s operations to accelerate its growth,” Wu said.
Sean Carney, partner and head of global investment at Hillhouse Investment, added, “AI Dream has the capital and strategic vision to support King Koil’s future growth. The acquisition also serves as an important step forward for AI Dream as it expands its footprint internationally.”
“King Koil and its current management team have made tremendous strides to become a leader in the luxury mattress segment and we are very happy to have played an important role in that growth and development,” said Ahmad Fariz Hassan, KPS Berhad’s managing director/group chief executive officer. “With the new ownership having vast business exposure and deep sector experience, there will be greater opportunity for King Koil’s growth and will put the brand on a higher growth trajectory, while creating lasting value for its stakeholders.”
