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June 10, 2011 -
Anatomic Global, a leading
U.S. manufacturer of memory foam
mattresses, announced today that
it has entered into an agreement
providing funding of up to $20
million to help the fast growing
company reduce debt, fund
working capital, launch new
branding and merchandising
programs and to invest in new
equipment.
In each of the past two
years, Anatomic Global’s sales
have increased more than
50-percent a year. While a
positive sign in the sleep
products industry, where most
companies reported sales
declines or single digit growth
during the same period, the
company’s hyper growth has
presented challenges that the
new investment will correct.
“It is a good problem to
have, but a challenging one
nonetheless; rising sales and
having the funding requirements
to support the growth,” said
Anatomic Global Chairman and CEO
David Farley. “This agreement
will allow us to relieve all of
our short term cash burdens and
to pick up the pace of
investment in our brand and
infrastructure. Having the
ability to bring in additional
funding beyond the initial
tranche over the next five years
based on our performance makes
this deal a real home run.”
Under terms of the
transaction, a new corporation,
Anatomic Holdings, Inc. has been
formed. FXI Holdings, Inc. is a
part of the new enterprise and
Farley remains chairman and CEO.
In terms of debt reduction, the
company will reduce a
multi-million dollar credit
obligation to a key supplier,
dating back to the launch of its
consumer business two years ago.
In terms of corporate
branding, the company is
planning a significant product
introduction at this summer’s
Las Vegas Furniture Market and a
more comprehensive rebranding
for early 2012. Anatomic is also
planning to add equipment to its
manufacturing site to increase
operational performance.
“The memory foam sector
continues to just explode and we
are thrilled by the retailer
consumer response to our
products,” Farley added. “We are
excited by the new structure of
our business as it will assure
our ability to keep pace with
this brisk growth and with our
business plan that has us
breaking through the $100
million sales range during the
next five years.”
Founded in 1989, Corona, California-based Anatomic
Global is a fully integrated, EDI capable globally
positioned distribution, logistics and
fulfillment-company that today incorporates the brand
development and marketing insight of bedding industry
leaders to meet the needs of its customers. Deeply
rooted in the medical mattress industry, in 2008 the
company applied its medical manufacturing expertise and
launched the Ecomfort Mattress brand featuring its
signature, exclusive EcoMemoryFoam™ extreme open-cell
plant-based memory foam.
For more information, visit
www.anatomicglobal.com. |
