US home furniture and décor company Ashley Home has announced the acquisition of online mattresses and bedding accessories company Resident Home. Ashley will pay $680 million in cash and a debt note of $300 million.
Resident Home was founded in 2017 by co-CEO Ran Reske, an Israeli and his US partner co-CEO Eric Hutchinson. The company's success has been underpinned by its deep expertise in data science and analytics, performance marketing, and e-commerce technology. Both Reske and Hutchinson will remain in their posts after the acquisition is completed.
Resident's has raised investment from Ion Crossover, Data Point Capital, Baron Capital, Nexus Capital Management, Glynn Capital and Eastward Capital Partners.
The company has 250 employees including 45 in Israel, mainly development and data experts, product managers and marketing staff.
Ashley is one of the biggest brands in the global home furnishings market with 35,000 employees in 155 countries.
Published by Globes, Israel business news - en.globes.co.il - on March 14, 2024.
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