by ARCADIA, Wis. — Ashley Home Inc. has completed its acquisition of bedding and bedding accessories resource Resident Home Inc.
Officials did not reveal a purchase price or other terms of the transaction, which was unanimously approved by the board of directors of both companies.
However, the companies noted the purchase provides Resident, a digital retailer and wholesaler of mattresses and bedding accessories, an opportunity to expand its home furnishings assortment and its global footprint. Through Ashley’s affiliate company, Ashley Furniture Industries LLC, officials said, Resident also will gain “improved sourcing and efficiencies to foster additional growth in both its direct-to-consumer and wholesale businesses.”
Resident’s brands include Nectar, DreamCloud, Awara and Siena, which are sold on its website, www.residenthome.com. Resident’s products also are sold at more than 2,500 retailers in the U.S., Canada and the U.K.
Resident co-founders and co-chief executive officers Eric Hutchinson and Ran Reske will remain in their positions post-closing.
“Ran and I are thrilled that Resident will now be part of the Ashley family,” Hutchinson said. “This partnership marks a significant milestone for our team and our journey. We believe that together, we can achieve even greater heights and deliver unparalleled value to our customers. Joining forces with Ashley enables new opportunities for growth and our team is excited about the possibilities ahead.”
Todd Wanek, chief executive officer of Ashley Furniture, said that the company is “incredibly excited about the possibilities that Resident brings to Ashley.”
“In only a few years, Resident has established itself as a premier destination for mattresses, and we believe this merger will strengthen both companies and accelerate our growth trajectories, together bringing more products to more homes,” Wanek said.
In connection with the transaction, BofA Securities served as financial advisor and Holland & Knight LLP acted as legal counsel to Ashley, while Sidley Austin LLP acted as legal counsel for Resident. Avid Capital Advisors LLC also advised Resident on the transaction.
