Sleep Country Canada Holdings (TSX:ZZZ) is buying a controlling stake in Hush Blankets, a direct-to-consumer seller of weighted blankets, pillows, sheets, and bed-in-a-box mattresses.
Under the deal, Sleep Country will acquire a 52% stake in Hush Blankets for $25 million.
Sleep Country has also agreed to buy the other 48% in annual 16 percentage point stake increments starting on March 31, 2023, at a price based on the business's financial performance.
Hush was founded in 2017 and launched a weighted blanket in Canada in 2018. Sleep Country said in a news release that Hush will continue to operate as an independent business with a new board of directors that includes senior management from Sleep Country and Hush Blankets.
