Online mattress brand Casper Sleep acquired by Carpenter Company
Casper Sleep, the online mattress brand previously acquired by Durational Capital Management in 2022, has been sold to Carpenter Co., a prominent manufacturer of polyurethane foams, turning Casper into a Carpenter subsidiary.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Acquisition
Investors: Carpenter Co.
Casper has experienced significant transformations over the past five years. Initially a celebrated direct-to-consumer (DTC) brand, Casper went public in early 2020, just before the pandemic’s impact on the market. Its initial public offering (IPO) was among the first in a wave of IPOs from DTC brands. However, by late 2021, Casper announced its acquisition by private equity firm Durational Capital Management, which took the company private again. Alongside this transition, Philip Krim, Casper's co-founder and then-CEO, stepped down, with President and Chief Commercial Officer Emilie Arel assuming leadership.
Under Arel, Casper focused on streamlining its product range and reducing costs to drive profitability. She notably shifted the brand's positioning from a lifestyle brand to a more targeted mattress retailer, stating in 2022 that “VC money is not falling from the ceiling anymore, we need to be very specific on what we’re working on.”
Casper's restructuring continued with the sale of its Canadian operations to Sleep Country for $20.6 million in April 2023. The leadership shift followed in January 2024, when former Purple CEO Joe Megibow took over as CEO.
In announcing the acquisition, Carpenter Co. indicated that it plans to support Casper in refining its growth and profitability strategy and exploring suitable future market channels. Further details on the acquisition terms have not been disclosed by Carpenter, Casper, or Durational Capital Management.
