Kurl-on has acquired international mattress brand Spring Air for an undisclosed amount, the Indian mattress and home furniture brand announced in Mumbai on April 16.
“The acquisition will strengthen our presence in the premium bedding segment, besides enabling us to meet the fast-growing demand in the hospitality sector. The acquisition is in line with our aggressive expansion strategy of increasing our product portfolio and retail presence,” Sudhakar Pai, Chairman and Managing Director, Kurl-on, said.
He sees Kurl-on’s revenue doubling to Rs 2,200 crore by FY21 as a consequence of this deal, adding that the company plans to open 2,000 stores in the next few years.
The acquisition will give Kurl-on access to Spring Air’s operations across India, Bangladesh, Sri Lanka and Pakistan. Spring Air and Englander brand of premium mattresses will now also come under the Kurl-on umbrella.
Kurl-on sells about 12 lakh mattress each year from its 10 manufacturing facilities spread across Karnataka, Odisha, Madhya Pradesh, Uttarakhand and Gujarat.
Spring Air's products will now be sold across Kurl-on’s 1,300 exclusive franchise outlets, over 7,000 multi-brand outlets and 93 Kurl-on Home Komfort stores. Prior to the deal, the niche and specialised mattress brand manufactured its bedding products from its two manufacturing centres and continues to retail from 400 high end retail stores.
Kurl-on was founded in 1962 by Ramesh Pai while Spring Air was founded in 1926 by Francis Karr.
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