loan. The failed deal, known as "burning bed", led to a dramatic slow-down in leveraged buyouts. Gibbons Green dissolved and First Boston was forced into the arms of Credit Suisse. In 1990, Ohio Mattress assumed the Sealy name that it had acquired when it purchased Sealy Inc. In 1998 Sealy announced that it was moving from Cleveland to the High Point, North Carolina area. Bain Capital and a team of Sealy's senior executives acquired the company in 1997. In 2004, the company was acquired by Kohlberg Kravis Roberts and a team of Sealy management. The deal was valued at $1.5 billion but included significant debt. The company operated as a privately held corporation until 2005. On June 30 of that year, it announced an initial public offering of common stock. The company said proceeds from the IPO would go to paying down debt, funding global operations and paying private equity firm Kohlberg Kravis Roberts to "terminate our future obligations under our management services agreement." In September 2012, Tempur-Pedic International (TPX) announced an agreement to purchase Sealy (NYSE:ZZ) for about US$229 million. Sealy's corporate headquarters are located in Trinity, North Carolina. Although Sealy's website claims that they are the largest manufacturer of mattresses in the world, Tempur-Pedic had greater revenue than Sealy in 2011. Sealy has 25 U.S. plants and a 17.8 per cent share of the country’s mattress sales. Sealy sells the majority of its mattresses under its three main brands: Sealy Posturepedic, Stearns & Foster, and Bassett. Overseas markets There are licensees operating in Australia, Argentina, Bahamas, Colombia, Israel, Jamaica, Japan, New Zealand, South Africa, Thailand and the United Kingdom. In 1995, direct export business began to South Korea. In 1996, Sealy began manufacturing and selling in Mexico. In 2001, Sealy began manufacturing and selling in its brand South Africa. In 2011, Sealy opened its first manufacturing plant in China. The 100,000-square-foot factory outside Shanghai is a joint venture of Sealy China, which is owned and operated by Sealy Inc., and licensee Sealy Australia. References Sealy background information External links Sealy India Official Website Companies formerly listed on the New York Stock Exchange Manufacturing companies based in North Carolina Manufacturing companies established in 1881 Austin County, Texas Randolph County, North Carolina Private equity portfolio companies Bain Capital companies 1881 establishments in Texas 1997 mergers and acquisitions 2004 mergers and acquisitions 2012 mergers and acquisitions 2005 initial public offerings Mattress