Sleep Country Canada Holdings Inc. completed the acquisition of Canadian assets of Casper Sleep Inc. for $20.6 million.
Sleep Country Canada Holdings Inc. (TSX:ZZZ) completed the acquisition of Canadian assets of Casper Sleep Inc. for $20.6 million on April 14, 2023. Sleep Country has acquired substantially all of the assets of Casper Sleep Inc.'s Canadian operations for $20.6 million in cash at close and has invested US$20 million in five-year convertible notes which will have the option of converting into ~5% of Casper Sleep Inc.'s shares. Sleep Country will receive a cumulative US$4.5 million marketing transition fee from Casper Sleep Inc. over the next four years and receive three-year warrants which would convert into a ~1% stake in Casper Sleep Inc. upon exercise. Jennifer Grossklaus, Daniel Pearlman, Paul Watkins, Eric Freilich, Sumeet Dang, Paul Capparelli, Stefanie Milner, Paul Lamarre and Seann McAleese of Davies Ward Philips & Vineberg LLP served as legal counsel for Sleep Country Canada, and Jamie Koumanakos, Anne-Marie Panzini, Nicolas Karsenti, Joshua Laxer of Stikeman Elliott LLP served as legal counsel to Casper Sleep Inc. Joshua Kogan, Michael Kim, Jason Kanner, James B. Dickson, David M. Grenker of Kirkland & Ellis LLP acted as legal advisors for Casper Sleep Inc.