Business Wire IndiaCyril Amarchand Mangaldas advised Sheela Foam Limited (
Sheela Foam) (owner of the 'Sleepwell' mattress brand) which acquired 94.66% stake in Kurlon Enterprise Limited's (
Kurlon) (owner of the '
Kurl-On' mattress brand). Established in 1962 as Karnataka Coir Products, part of South India based Pai family business group, currently headed by Ms. Jyothi Pradhan, Kurlon is in the business of manufacturing and marketing of products across the “Sit and Sleep” solution categories such as mattress, furniture cushions, pillows and coverings. Sheela Foam is a leader in Polyurethane (PU) Foam, and has a nationwide presence in manufacturing, marketing and distribution of PU foam and related products. The acquisition is expected to help Sheela Foam to consolidate the existing fragmented market of mattresses and foam-based products, diversify its customer base and provide it with a robust distribution network.
The General Corporate Practice of Cyril Amarchand Mangaldas advised Sheela Foam on overall transaction, including finalising of the SPA, advising on ancillary transaction documentation, due diligence and related matters. The transaction team was led by
Anand Jayachandran,
Partner; Pranjita Barman, Partner; with support from
Shaleen Tiwari, Senior Associate; and
Shravan Belsare,
Associate. The legal diligence was led by Pranjita Barman, Partner; and Kriti Bhatia, Partner; along with Shaleen Tiwari, Senior Associate; Abhisht Patibanda, Associate; Ayushi Agarwal, Associate; Shravan Belsare, Associate; Drasti Gala, Associate; and Mohini Parghi, Associate.
Intellectual property, information technology and data privacy related diligence was led by Arun Prabhu, Partner (Head - TMT); and Anirban Mohapatra, Partner; with support from Mahim Sharma, Senior Associate Designate; Soumya Tiwari, Associate; and Anushka Soni, Associate.
Real Estate related diligence was led by Sudhindra Harsha, Partner; with support from Mamtaj Ansari, Senior Consultant; and Manisha KR, Associate.
Employment related diligence was led by Ankita Ray, Partner; with support from Ankita Sharma, Principal Associate; Faiza Khan, Senior Associate; and Himaa Sudhir, Associate.
As part of the transaction, Sheela Foam acquired share capital at an equity valuation of INR 2,150 crore, subject to customary adjustments for net working capital, debt, and surplus cash, if any.
The Transaction was signed on 17th July, 2023 and the acquisition is expected to be completed by or before November 30, 2023.
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Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero
in 45 BC
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1914 translation by H. Rackham
"But I must explain to you how all this mistaken idea of denouncing pleasure and
praising pain was born and I will give you a complete account of the system, and
expound the actual teachings of the great explorer of the truth, the master-builder
of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it
is pleasure, but because those who do not know how to pursue pleasure rationally
encounter consequences that are extremely painful. Nor again is there anyone who
loves or pursues or desires to obtain pain of itself, because it is pain, but
because occasionally circumstances occur in which toil and pain can procure him some
great pleasure. To take a trivial example, which of us ever undertakes laborious
physical exercise, except to obtain some advantage from it? But who has any right to
find fault with a man who chooses to enjoy a pleasure that has no annoying
consequences, or one who avoids a pain that produces no resultant pleasure?"
1914 translation by H. Rackham
"But I must explain to you how all this mistaken idea of denouncing pleasure and
praising pain was born and I will give you a complete account of the system, and
expound the actual teachings of the great explorer of the truth, the master-builder
of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it
is pleasure, but because those who do not know how to pursue pleasure rationally
encounter consequences that are extremely painful. Nor again is there anyone who
loves or pursues or desires to obtain pain of itself, because it is pain, but
because occasionally circumstances occur in which toil and pain can procure him some
great pleasure. To take a trivial example, which of us ever undertakes laborious
physical exercise, except to obtain some advantage from it? But who has any right to
find fault with a man who chooses to enjoy a pleasure that has no annoying
consequences, or one who avoids a pain that produces no resultant pleasure?"