Sleep Country Canada Files Papers for IPO on Toronto Exchange

Sleep Country Canada Holdings Inc., the nation’s largest mattress retailer, filed documents with Canadian regulators for an initial public offering on the Toronto Stock Exchange.

Sleep Country, a former income trust that was bought by a group of investors led by Birch Hill Equity Partners Management Inc. in 2008, plans to use the proceeds to acquire shares of its business from existing investors, according to a filing dated June 5 with Canadian regulators.

Sleep Country had 215 stores, including 47 in Quebec under the brand name Dormez-vous?, and 16 distribution centers across the country as of March 31, according to the filing from the Toronto-based company. The IPO is being led by Toronto-Dominion Bank and Bank of Montreal.

Sleep Country plans to raise at least C$100 million ($81 million), people familiar with the transaction said last month.

Founded by Stephen Gunn, Christine Magee and Gord Lownds in Vancouver in 1994, the company began trading on the Toronto Stock Exchange in 2003 following a C$135.2 million IPO.

Birch Hill, a Toronto-based private equity firm, and Westerkirk Capital Inc. agreed to buy Sleep Country Canada Income Fund for C$356 million including debt in August 2008.

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