Two major online furniture sellers will join in a deal announced by Ashley Home and Resident Home on March 5. The transaction will see Ashley Home acquire Resident Home, bringing Resident’s mattress and bedding accessory brands, including Awara, DreamCloud, Nectar and Siena, under new ownership.
Under the terms of the deal, which was approved by both companies’ boards, Resident co-founders and co-CEOs, Eric Hutchinson and Ran Reske, are expected to stay in their current roles.
Ashley Home’s affiliate company, Ashley Furniture, ranks No. 140 in the Top 1000, Digital Commerce 360’s ranking of the largest online retailers in North America. Resident is No. 123. Both appear in the Housewares & Home Furnishings category.
The acquisition’s importance for Resident
“Ran and I are thrilled that Resident will now be part of the Ashley family,” Hutchinson said in the acquisition announcement. “This partnership marks a significant milestone for our team and our journey. We believe that together, we can achieve even greater heights and deliver unparalleled value to our customers. Joining forces with Ashley enables new opportunities for growth and our team is excited about the possibilities ahead.”
Resident sells its mattresses online, as well as through 2,500 retailers in the U.S., Canada and the U.K., according to the company.
What Ashley acquiring Resident means for international availability
Ashley will expand the Resident brand’s reach across a global footprint. The acquiring company’s presence extends online and through physical stores at 1,125 locations in 67 countries, Ashley’s announcement states.
“We are incredibly excited about the possibilities that Resident brings to Ashley,” said Ashley Home CEO Todd Wanek. “In only a few years, Resident has established itself as a premier destination for mattresses, and we believe this merger will strengthen both companies and accelerate our growth trajectories, together bringing more products to more homes.”
The two companies expected the deal to close by March 6.
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