Weil, Sullivan & Cromwell Handle $3 Billion Mattress Company Deal

Private equity firm Advent International has agreed to buy a majority stake in AOT Bedding Super Holdings, the parent company of mattress-makers Serta and Simmons.

Though terms of the deal were not disclosed, The New York Times reports the transaction is valued at $3 billion. AOT’s current investors, Ares Management and the Ontario Teachers’ Pension Plan, will retain a “significant equity stake” in the company, according to the deal announcement from Advent.

National Bedding Company, the majority owner of Serta, is based in Hoffman Estates, Ill. and operates 18 manufacturing plants in the U.S. and two in Canada. Products under the Serta brand include Perfect Sleeper, iComfort and iSeries.

Headquartered in Atlanta, Simmons Bedding Company’s products include Beautyrest and ComforPedic. The company is a key mattress supplier to hotels and resorts and has 19 manufacturing facilities in the U.S., Canada and Puerto Rico.

Sullivan & Cromwell represented Ares Management, Ontario Teachers’ Pension Plan and AOT Bedding Super Holdings, with a deal team led by corporate/M&A partner Alison Ressler in Los Angeles with New York partners Neal McKnight, financing; Andrew Mason, tax; Matthew Friestedt, executive compensation and benefits; and Yvonne Quinn, antitrust; and special counsels David Passey, tax; Henrik Patel, executive compensation and benefits; Blaze Waleksi, intellectual property; Eric Queen, antitrust; and Matthew Brennan, environmental. Corporate special counsel Ann Chen worked from Los Angeles.

Advent turned to a Weil, Gotshal & Manges team led by partner Marilyn French, corporate, in Boston; with New York partners Marc Silberberg, tax; and Amy Rubin, benefits/executive compensation. In Washington, D.C. were partners Annemargaret Connolly, environmental; and John Scribner, antitrust; and counsel John O’Loughlin, regulatory. Partner Kelly Dybala advised on financing matters from Dallas, while partner John Brockland did intellectual property work on the deal in Silicon Valley.

Cravath, Paul Weiss, Ropes & Gray Work on $1 Billion Outsourcing Deal

Private equity firm Bain Capital Partners will pay about $1 billion to acquire a 30 percent stake in IT outsourcing company Genpact Limited from private equity firms General Atlantic and Oak Hill Capital Partners.

Bain will purchase approximately 68 million Genpact shares for $14.76 per share. General Atlantic and Oak Hill, which presently hold a combined 40 percent of Genpact, will retain a 10 percent stake in the company when the deal closes, expected by the end of the year.

The agreement calls for Genpact to pay a special divided of $2.24 per share to its shareholders before the deal closes. Bain Capital, based in Boston, has also agreed not to sell any Genpact shares for two and a half years.

Based in Gurgaon, India, Genpact is one of the world’s largest outsourcers of business and technology services. It employs more that 58,500 people worldwide, including 3,000 in the U.S., and delivers services from 18 countries.

Cravath Swaine & Moore advised Genpact with a New York team led by corporate partner Sarkis Jebejian with partners Thomas Dunn, corporate; James Vardell III, finance; and Michael Schler and Lauren Angelilli, tax; with practice area attorney M.C. Tania Balthazaar, executive compensation and benefits; and associates Ting Chen, Andrew Bonnes, David Owen and Justin Zaremby, corporate; Stephen Kessing and Elizabeth Burke, finance; Andrew Carlon, tax; and Sarah Fortt, executive compensation and benefits.

General Atlantic and Oak Hill turned to a Paul, Weiss, Rifkind, Wharton & Garrison team that included New York partners Matthew Abbott and Neil Goldman, corporate; and Richard Bronstein and David Sicular, tax; with counsel Ross Fieldston, corporate; and corporate associate Caitlin O’Brien. In London were corporate partner David Lakhdhir and associate Sonia Larsen.

Bain Capital was advised by a Ropes & Gray team led by Boston partner R. Newcomb Stillwell, corporate; with partners William Shields and Alison Bomberg, corporate; Byung Choi, finance; and Christopher Leich and David Saltzman, tax; with associates Michael Roh, corporate; and Patricia Lynch, finance. Corporate partner Marcia Ellis worked from Hong Kong while tax associate Abraham Reshtick advised from New York.

@|”New Deals” reports on major business transactions and the attorneys involved. Tom Huddleston Jr. from affiliate The American Lawyer contributed to this article. Submit items by e-mail to lharing@alm.com