The acquisition covers Spring Air’s operations across India, Bangladesh, Srilanka and Pakistan.
Kurl-on, India’s leading brand of mattresses, furniture and furnishing products, has announced the acquisition of Spring Air, the leading International brand and amongst the top 10 manufacturers of bedding products in the world, for an undisclosed amount.
The acquisition covers Spring Air’s operations across India, Bangladesh, Srilanka and Pakistan. With this acquisition, Spring Air and Englader brand of mattresses will now be under the Kurl-on umbrella. The acquisition will strengthen Kurl-on’s presence in the premium bedding segment, besides enabling them to penetrate the fast-growing demand in the hospitality sector. It is in line with Kurl-on’s aggressive expansion strategy of both its product portfolio and retail presence.
Sudhakar Pai, Chairman & Managing Director, Kurl-on, said “At Kurl-on, we are focused on enhancing our product portfolio backed by R&D and new technologies. While Kurl-on regularly invests on R&D, we are also open to exploring newer avenues for technological advancements and it is here, where we saw a fitment with Spring Air.”
“The acquisition will contribute to Kurl-on crossing the Rs. 2,000 crore revenue mark in the next two years. We are enthusiastic about our common vision, the similarities in our culture of innovation, and the added value we can create for customers”, he further added.
Ashutosh Vaidya, Chief Marketing Officer, Kurl-on, stated, “Retail expansion continues to be one of the key imperatives for Kurl-on. With this acquisition, Kurl-on will now be able to offer the premium range of mattresses across the length and breadth of the country.”
Ashok Kumar, CEO & Member of the Board, Spring Air Bedding Company India Ltd and Spring Air Middle East, also added, “Given the increasing consumer spends on home furnishing and decor, we see significant premiumisation in this sector in line with international markets. This deal adds a premium international brand of Spring Air and Englader to Kurl-on’s existing portfolio. We have planned a well thought out transition plan to fully harness the synergies and will work together to achieve the same.”