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Sleep Country Takes 25% Stake in Sleepout
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Sleep Country Takes 25% Stake in Sleepout

Sleep Country Canada (ZZZ), a Canadian mattress retailer, announced Tuesday that it has made an investment in Sleepout, a Canadian startup specializing in portable blackout curtains.

Helping People Sleep Better

As part of the deal, Sleep Country will acquire a 25% stake in Sleepout for an amount of C$500,000. This investment will help Sleepout enter the market as demand for sleep wellness products increases.

Sleepout is a Canadian direct-to-consumer company that strives to help people sleep better while having a positive impact on the environment. Co-founders Mark Coombs and Hannah Brennen have developed the Sleepout Curtain, a patented portable blackout curtain that installs anywhere in seconds to completely darken any room.

Sleepout curtains will be sold online through the company’s e-commerce website and will be part of Sleep Country’s growing digital ecosystem. (See Insiders’ Hot Stocks on TipRanks)

President Commentary

Sleep Country Canada president Stewart Schaefer said, “We are excited to invest in Sleepout, especially the two founders Mark and Hannah, to help them take their premium blackout curtain to market. We believe this product is a best-in-class solution for one of the most common sleep problems, and will help people get a longer and better night’s sleep.

“We look forward to fuelling their growth with our market expertise and expanding our portfolio of online sleep wellness accessories to be sold digitally across North America. Our investment supports them, and our strategy to provide customers with seamless access to the world’s best and most innovative sleep products that we believe will help transform their lives with the power of sleep.”

Wall Street’s Take

On November 15, RBC Capital analyst Sabahat Khan maintained a Hold rating on ZZZ with a price target of C$38. This implies 3% upside potential.

Overall, consensus among Wall Street analysts is that ZZZ is a Moderate Buy based on three Buys and two Holds. The average Sleep Country Canada price target of C$42.40 implies 14.9% upside potential to current levels.

Related News:
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