Casper Sleep Inc. (“Casper” or the “Company”) announced that its all-cash acquisition by Durational Capital Management, LP (“Durational”) has been completed. The acquisition was previously announced on November 15, 2021. Under the terms of the merger agreement, Casper stockholders will receive $6.90 per share in cash. In connection with the completion of the transaction, Casper common stock ceased trading and will be delisted from the New York Stock Exchange.
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“I am looking forward to working with the talented and committed team at Durational”
Casper will operate as a privately held company and will remain headquartered in New York City.
“I am looking forward to working with the talented and committed team at Durational,” said Emilie Arel, President and Chief Executive Officer of Casper. “The partnership allows us the unique opportunity to execute a long-term strategy that builds on the company’s legacy and unlocks the full potential of Casper as a leading sleep brand.”
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“Today’s closing signifies a new era of growth and innovation for Casper, and we are thrilled to have successfully completed this transaction in partnership with the Company,” said Eric Sobotka and Matthew Bradshaw, Managing Partners of Durational Capital Management. “We are excited to begin working with the Casper team to strengthen their position as a category-changing brand.”
KKR provided financing in support of the transaction from its private credit funds and accounts. “We have had a long standing relationship with Durational and are thrilled to be able to support their team and the Company with a bespoke asset-based lending solution designed to meet their long-term objectives,” said Dan Pietrzak, Co-Head of Private Credit at KKR.
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