Lehi-based Purple Innovation Inc. announces acquisition of Intellibed
Lehi-based sleep products manufacturer and marketer Purple Innovation Inc. has acquired Intellibed, a sleep health and wellness company based in Salt Lake City. Purple said the deal will extend its premium mattress range into the luxury category and “harness the true power of gel grid technology under one brand.”
“Intellibed is an excellent fit for Purple,” said Rob DeMartini, CEO of Purple. “Intellibed has licensed certain aspects of Purple’s gel technologies for many years; therefore, this acquisition allows us to consolidate our IP under one roof and truly capitalize on the increased consumer interest and demand for gel grid technology. Additionally, Intellibed’s premium market position allows Purple to accelerate its product development schedule by several years and immediately address the more luxury, higher-margin segment of the sleep and wellness industry. We are excited about the combined potential of our two highly talented teams.”
Under the terms of the acquisition, Purple will fold the Intellibed family of brands into a luxury Purple product line, tapping Purple’s brand power and creating a product range from premium mattresses starting at the $1,399 price point, up to the luxury prices over $7,000 per mattress. Purple said this means a wider range of choice for consumers, greater market presence for the brand and higher margins and more revenue for the trade.
Purple will retain all Intellibed employees and integrate operations where it improves customer and consumer experience, drives efficiencies in manufacturing and distribution, enables growth and captures the benefits of scale.
“Intellibed is joining forces with one of the most respected sleep innovators in the industry,” said Colin House, CEO of Intellibed. “This merger provides Intellibed with a great opportunity to reach a much broader consumer audience through Purple’s larger, more diversified wholesale distribution network and growing footprint of company-owned showrooms. Additionally, we look forward to benefitting from the marketing prowess that has made Purple the fastest-growing premium sleep brand. We’re so pleased to align with a company that shares our vision for delivering the health benefits that our proven better-sleep products provide.”
Purple said its new luxury line is expected to debut early next year, with the brand supporting and amplifying Intellibed sales during the transition.