Sleep Train, the Rocklin-based mattress retailer, has been bought by Mattress Firm.
In a release Thursday morning, Sleep Train says the purchase price is around $425 million, and Mattress Firm will assume another $15 million in additional liabilities.
Together, the companies will operate almost 2,000 retail stores in 39 states. Mattress Firm operates more than a thousand stores stretching from their hometown of Houston, Texas to New York.
Sleep Train’s founder and CEO, Dale Carlsen, will become Mattress Firm’s President and Chief Strategy Officer, and Sleep Train’s current COO, Rob Kilgore, will become co-COO at Mattress Firm.
The deal should be approved by the end of the year.
The new company will keep their West Coast headquarters in Rocklin, and continue to operate 312 retail stores in California, Washington, Oregon, Idaho, Nevada and Hawaii.