PE firms looking to buy stake in Kurlon

Kurlon logo

Kurlon stake sale talks before IPO

Global private equity buyout funds Carlyle, KKR, Blackstone, Bain, TA Associates and Warburg Pincus are looking to buy a controlling stake in India’s leading mattress maker Kurlon. Motilal Oswal PE (MOPE) invested Rs 90 crore or $13.5 million in Kurlon valuing it at around Rs 1,000 crore in September 2015.

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After the successful listing of Kurlon’s peer company, Sheela Foams, the valuation in the segment has been rich and hence investors want to cash in on that. Sheela Foams that sells the Sleepwell brand of mattresses and was listed in 2016. Its shares have almost doubled since listing.

Started in 1962 by Manipal Group’s Ramesh Pai, Kurlon claims to be India’s largest selling mattresses company manufacturing 126 different configurations. It has more than 7,000 dealers and 72 offices across 2,800 towns in India. Currently, it manufactures from seven facilities including two each in Bangalore and Tumkur besides those in Bhubaneswar, Gwalior and Uttaranchal.

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