Scoop: Quiet juggernaut Ashley Furniture makes $1B acquisition
Ashley Home Furnishings last week announced an acquisition of Resident Home, an Indiana mattress maker that primarily sells via direct digital marketing. The big picture: Few media outlets picked up on it, likely because Ashley neglected to mention that it paid nearly $1 billion. Details: The deal was financed via around $680 million in cash and a $300 million seller note, per multiple sources.- That's a king-sized payday for Resident's venture backers, including Ion Crossover Partners, Nexus Capital Management, Baron Capital, Data Point Capital, Eastward Capital Partners, and Glynn Capital.
- The company raised less than $10 million between its 2017 founding and 2021, when it raised $130 million.
