The Silicon Review ^Asia

Kurl-on, India’s one of the best mattress makers, has taken over Spring Air, an American luxury mattress brand Economic Times Reported. After acquiring Spring Air, Kurl-on’s revenue is all set to touch Rs 2000 crore revenue mark within two years, people familiar with the matter said.

People familiar with the matter said that Kurl-on has taken over Spring Air for Rs 70 crore. The deal will bolster the company’s presence in the premium bedding space, besides allowing it to foray into the rapidly growing demand hospitality sector.

The acquisition gives the right for Kurl-on to control all the operations of Spring Air across India, Pakistan, Bangladesh, and Sri Lanka. The deal also puts Spring Air and Englader brand of mattresses under the umbrella of Kurl-on.

The terms of the agreement between the two companies state that Spring Air will continue to manufacture its bedding products from its existing manufacturing facilities along with ten other manufacturing units of Kurl On.

The transaction advisor of the deal was KPMG Corporate Finance, an American financial advisory services company.

Kurl-on was incorporated in 1962 by Ramesh Pai and Spring Air was founded in 1926 by Francis Karr. Kurl-on is one of the best mattress sellers in India; also sales furniture and furnishing products.  In 2018, it sold 13 lakh unit of the mattress. Spring Air ranks among the top 10 bedding product makes in the world. The company specializes in manufacturing of orthopedic beds.

According to stats, by 20121, the mattress industry is projected to touch Rs 14,000 crore with a CAGR of 9 percent.