Sheela Foam surges 7% on Kurlon acquisition buzz

Sheela Foam Ltd will fully acquire rival Kurlon Enterprise for a cash consideration of Rs 3,250 crore, according to a person familiar with the deal.

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Shares of Sheela Foam Ltd rallied 7 percent in morning trade on June 28 after Moneycontrol reported that the company will fully acquire rival Kurlon Enterprise Ltd in a Rs 3,250 crore deal.

Sheela Foam was trading 7.18 percent up at Rs 1,255 at 10.37 am on BSE.

Sheela Foam Ltd will fully acquire rival Kurlon Enterprise Ltd, buying 100 percent of the company in two tranches for a cash consideration of Rs 3,250 crore, according to a person familiar with the deal.

The deal is expected to be concluded within a couple of months.

Exclusive: Sheela Foam to buy Kurlon Enterprise for Rs 3,250 crore

Acquiring Kurlon Enterprise, maker of the Kurl-on brand of mattresses, will help Sheela Foam, known for the Sleepwell brand, nearly double its market share. Moneycontrol had earlier reported that if this deal materialises, Sheela Foam’s market share in India’s organised mattress segment could increase to 35-40 percent from 20-25 percent.

Sheela Foam’s flagship brands include Sleepwell mattresses, Feather Foam, a pure PU Foam, and Lamiflex, a polyester foam for lamination.

Shares of Sheela Foam are down nearly 2 percent on a YTD basis and have shed 6 percent over the past year.

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For the quarter ended March 2023, the company reported revenue of Rs 520.90 crore and a net profit of Rs 51.87 crore.

Promoters held 72.95 percent stake in the firm as of March 2023, with the rest 27.05 percent with public shareholders.

“The Company’s future growth is anchored to multiple drivers. Firstly, the Indian Government’s ambitious plans to develop Vande Bharat Trains open up significant revenue opportunities. Secondly, in the Indian B2C segment, the company aims to revolutionize the unorganized mattress market and expand its retail footprint through the M5 brand,” brokerage Keynote Capitals said in a recent note.

“Thirdly, the strategic acquisition in Spain in 2019 grants access to the thriving European market and export prospects, while in Australia, the Company capitalizes on the rising trend of nationalistic manufacturing,” it added.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.