CORONA, Calif.–FXI Holdings, parent company of Foamex, has purchased a stake in memory-foam mattress manufacturer Anatomic Global.
Under the terms of the agreement, a new corporation called Anatomic Holdings has been formed, with David Farley, chairman and CEO of Anatomic Global, remaining in those posts. A spokesman for Anatomic said the two companies did not disclose how large a stake FXI has in the new company.
The agreement includes the provision of $20 million to help Anatomic reduce debt, fund working capital, launch new branding and merchandising programs, and invest in new equipment. An Anatomic statement said the investment from FXI will help the newly formed company meet the challenges presented by its recent growth (50 percent sales growth in each of the past two years, the statement said).
Specifically, this investment will help the company reduce a multimillion-dollar credit obligation to a key supplier (unnamed in the statement), dating back to the launch of its consumer business two years ago.