Sheela Foam has completed the acquisition of 94.66% of the share capital of Kurlon Enterprise (KEL) for an aggregate consideration of approximately Rs 2035 crore, subject to customary post-closing adjustments, including for net working capital, debt and surplus cash.
Earlier, Sheela Foam had received approval for the acquisition of Kurlon Enterprise. The Board of Directors of the company at their meeting held on July 17, 2023 had approved the same. The acquisition will help the company to consolidate the existing fragmented market of mattresses and foam-based products.
Sheela Foam is a leading manufacturer of mattresses in India marketed under its flagship brand “Sleepwell”.
