Sleep Country Canada
Encyclopedia
Sleep Country Canada is a major mattress
retailer in Canada
, with over 140 stores operating in British Columbia
, Alberta
, Saskatchewan
, Manitoba
and Ontario
.
The company was ranked one of the top 50 companies to work for in Canada by the Globe and Mail
. It is best known for its radio jingle
, "Why buy a mattress anywhere else?"
describes the company's beginnings like this,
Lownds went on to say,
In 1994, the three partners Christine Magee, Steven Gunn and Gordon Lownds launched the first four Sleep Country locations in Vancouver
. By 1996 the chain had expanded to Toronto
with 19 new stores. Growth continued at quick rate. By 2001, the company had 72 stores in six regional markets and an estimated 40% of the market in regions where it operated. In 2003, Sleep Country converted in to an income trust
. This raised nearly $130 million (C$) in an initial public offering.
In 2006 the company made two acquisitions. In January, it purchased Dormez-vous Sleep Centres Inc. with five stores in Montreal
. In March, it added 32 stores in the US through the completion of an acquisition of Sleep America Inc., the leading mattress retailer in Arizona
.
On August 14, 2008, The Canadian Press reported that two Toronto-based investment firms, Birch Hill Equity Partners Management Inc. and Westerkirk Capital Inc., made a friendly takeover offer worth $356 million (CAD) for all the units of the Sleep Country Canada Income Fund, the parent company of Sleep Country Canada.
Mattress
A mattress is a manufactured product to sleep or lie on, consisting of resilient materials and covered with an outer fabric or ticking. In the developed world it is typically part of a bed set and is placed upon a foundation....
retailer in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, with over 140 stores operating in British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
, Alberta
Alberta
Alberta is a province of Canada. It had an estimated population of 3.7 million in 2010 making it the most populous of Canada's three prairie provinces...
, Saskatchewan
Saskatchewan
Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota....
, Manitoba
Manitoba
Manitoba is a Canadian prairie province with an area of . The province has over 110,000 lakes and has a largely continental climate because of its flat topography. Agriculture, mostly concentrated in the fertile southern and western parts of the province, is vital to the province's economy; other...
and Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
.
The company was ranked one of the top 50 companies to work for in Canada by the Globe and Mail
The Globe and Mail
The Globe and Mail is a nationally distributed Canadian newspaper, based in Toronto and printed in six cities across the country. With a weekly readership of approximately 1 million, it is Canada's largest-circulation national newspaper and second-largest daily newspaper after the Toronto Star...
. It is best known for its radio jingle
Jingle
A jingle is a short tune used in advertising and for other commercial uses. The jingle contains one or more hooks and lyrics that explicitly promote the product being advertised, usually through the use of one or more advertising slogans. Ad buyers use jingles in radio and television...
, "Why buy a mattress anywhere else?"
History
In an interview with Business Edge News Magazine, Gordon LowndsGordon Lownds
Gordon Lownds , co-Founder of Sleep Country Canada and Listen Up! Canada, is a successful Canadian entrepreneur.Gord Lownds was born and raised in Toronto, Canada...
describes the company's beginnings like this,
"My business partner Steve GunnSteven GunnStephen K. Gunn is Chairman, Chief Executive Officer and co-Founder of Sleep Country Canada Inc. As of 2006, the company had 111 stores across Canada and 32 stores in the US .- Early life :Gunn grew up in Montreal and Kingston...
and I were involved in investment banking, and one of the transactions that we had done was the leveraged buyout of the Simmons Canada mattress company. We bought that company in 1990 with the financial backing of CIBC Wood GundyCIBC Wood GundyCIBC Wood Gundy is the is the Canadian retail brokerage division of CIBC World Markets, a division of the Canadian Imperial Bank of Commerce.CIBC Wood Gundy maintains a network of 1,400 brokers working in over 100 branches across Canada...
and the Mannix family of CalgaryCalgaryCalgary is a city in the Province of Alberta, Canada. It is located in the south of the province, in an area of foothills and prairie, approximately east of the front ranges of the Canadian Rockies...
. Through our involvement with that, we focused on the fact that the distribution channels to the consumer (for mattresses) were not particularly effective. So, we decided to sell out ownership in Simmons in 1994 and set up Sleep Country Canada."
Lownds went on to say,
"We had known ChristineChristine MageeChristine Magee is a well known spokesperson for and President of Sleep Country Canada. In October 1994, she co-founded the company with Steven Gunn and Gordon Lownds. By 2004, the company had expanded to 89 stores, with over 600 employees and operations in three provinces...
in her days as a banker at National Bank, where she was actually a lender for a couple of buyout transactions we had done. For a number of reasons, we were looking for a third partner who longer-term could take over and run the business on a permanent basis. She fit the bill on a number of fronts. I was convinced that she wasn't a lifelong banker because she had more entrepreneurial spirit than I would expect in a banker."
In 1994, the three partners Christine Magee, Steven Gunn and Gordon Lownds launched the first four Sleep Country locations in Vancouver
Vancouver
Vancouver is a coastal seaport city on the mainland of British Columbia, Canada. It is the hub of Greater Vancouver, which, with over 2.3 million residents, is the third most populous metropolitan area in the country,...
. By 1996 the chain had expanded to Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
with 19 new stores. Growth continued at quick rate. By 2001, the company had 72 stores in six regional markets and an estimated 40% of the market in regions where it operated. In 2003, Sleep Country converted in to an income trust
Income trust
An income trust is an investment that may hold equities, debt instruments, royalty interests or real properties. The trust can receive interest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital.The main attraction of income...
. This raised nearly $130 million (C$) in an initial public offering.
In 2006 the company made two acquisitions. In January, it purchased Dormez-vous Sleep Centres Inc. with five stores in Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
. In March, it added 32 stores in the US through the completion of an acquisition of Sleep America Inc., the leading mattress retailer in Arizona
Arizona
Arizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...
.
On August 14, 2008, The Canadian Press reported that two Toronto-based investment firms, Birch Hill Equity Partners Management Inc. and Westerkirk Capital Inc., made a friendly takeover offer worth $356 million (CAD) for all the units of the Sleep Country Canada Income Fund, the parent company of Sleep Country Canada.
Awards
- 1997, 1998 ranked as one of the Top 50 Best Managed Companies based on a survey conducted by international consulting firm Hewitt AssociatesHewitt AssociatesHewitt Associates , based in Lincolnshire, Illinois, United States was a global human resources outsourcing and consulting firm delivering a complete range of integrated services to help companies manage their total HR and employee costs, enhance HR services, and improve their workforces.Hewitt...
and co-sponsored by the Globe and Mail newspaper - 2004, 2005, 2006, ranked amongst the "50 Best Employers in Canada" by international consulting firm Hewitt AssociatesHewitt AssociatesHewitt Associates , based in Lincolnshire, Illinois, United States was a global human resources outsourcing and consulting firm delivering a complete range of integrated services to help companies manage their total HR and employee costs, enhance HR services, and improve their workforces.Hewitt...
and co-sponsored by the Globe and Mail newspaper. - 2006 Christine Magee and Stephen Gunn were awarded the Henry Singer Award by the Canadian Institute of Retailing and Services (CIRAS).
Community service
Sleep Country supports numerous charities and community initiatives across Canada. Some of the programs in which they are involved include:- Donated Bed Program - As part of their delivery service, Sleep Country Canada provides the removal of an old mattress. These mattresses are when possible donated to those in need, however not all mattresses can be reused, so Sleep Country also has a large number of mattresses that are disposed of in an environmentally friendly way. (Due to the high costs of recycling, Sleep Country now charges $10.00 for the recycling fee to all customers who request their old mattress to be removed.)
- Give a Kid a Coat Program - Sleep Country Canada accepts donated coats and assists in distributing them.
- Backpack for Kids - Aid the Calgary Police Association in providing school supplies for underprivileged children. Citizens of Calgary dropped off backpacks full of school supplies at local Sleep Country locations.
- Sponsor of 2010 Winter Olympics2010 Winter OlympicsThe 2010 Winter Olympics, officially the XXI Olympic Winter Games or the 21st Winter Olympics, were a major international multi-sport event held from February 12–28, 2010, in Vancouver, British Columbia, Canada, with some events held in the suburbs of Richmond, West Vancouver and the University...
- Supporter of SchoolBOX (http://www.schoolbox.ca)