M&A · Industrials · Household Furniture
Durational Capital Management to acquire Casper Sleep Inc.
Announced Nov 15, 2021 · Closed Jan 25, 2022
Deal value$286MEV $325M
Premium94.0%To unaffected price
EV / Adj. EBITDA—0.6x EV / Revenue
ConsiderationAll cash$6.90 per share
Transaction
- Acquirer
- Durational Capital Management
- Target
- Casper Sleep Inc.
- Buyer type
- Private equity
- Offer price per share
- $6.90
- Enterprise value
- $325M
- Status
- Closed Jan 25, 2022
Deal protections
- Break fee (target pays)
- $9.1M · 3.2%
- Reverse fee (buyer pays)
- $24.4M · 8.5%
- Go-shop
- —
- Financing
- Committed · Jefferies
Advisors
- To the acquirer
- Not disclosed
- To the target
- Jefferies
Sector context · Industrials
- Comparable deals
- 44 in the prior 24 months
- Premium
- 94.0% vs. 37.7% sector median
- EV / Adj. EBITDA
- Sector median 11.9x
- Break fee
- 3.2% vs. 2.8% sector median
Timeline
- AnnouncedNov 15, 2021
- Proxy filedDec 3, 2021
- Definitive proxyDec 14, 2021
- Shareholder voteJan 19, 2022
- ClosedJan 25, 2022
Valuation · fairness opinions
Discounted cash flow$5.00$6.70
Trading comparables$4.05$5.30
Premiums paid$3.95$5.15
Premiums paid$4.80$6.45
Premiums paid$4.00$5.05
Offer $6.90
Implied value per Casper Sleep Inc. share by analysis, from Jefferies.