Casper Sleep has found new owners.
The online mattress brand has become a subsidiary of Carpenter Co., a manufacturer of polyurethane foams.
“Carpenter will assist Casper on a comprehensive growth and profitability strategy, as well as the appropriate future channels to market,” Carpenter said in a Tuesday announcement. Carpenter, Casper and Durational Capital Management did not immediately respond to requests from Retail Dive for further information regarding the acquisition.
Casper, once deemed a DTC darling, has faced a number of changes over the past five years.
The brand entered the public markets in early 2020 before the effects of the pandemic were fully realized across the industry. Casper’s initial public offering also came ahead of a wave of IPOs from DTC brands.
But less than two years after its public debut, Casper announced it would be acquired by private equity firm Durational Capital Management, taking the brand private once again. At the same time, the brand’s co-founder and CEO, Philip Krim, stepped down from his role as chief executive, with President and Chief Commercial Officer Emilie Arel replacing him.
Under Arel’s leadership, the brand narrowed its product focus and cut costs to prioritize profitability.
“We’re not in the business of not making money anymore,” Arel said in August 2022. “VC money is not falling from the ceiling anymore, we need to be very specific on what we’re working on. And so moving from being a lifestyle brand — being sort of the Nike of sleep, selling to everybody — to: ‘We are a mattress retailer.’”
In April 2023, Casper announced it sold its Canadian operations to Sleep Country for $20.6 million.
The brand ushered in new leadership once again, with former Purple CEO Joe Megibow taking the reins in January, replacing Arel.
