Steinhoff International Holdings NV, Africa’s retailing giant but little-known outside the continent, has made its first foray into the U.S., agreeing to pay $2.4 billion for Sleepy’s owner, J.W. Childs Associates-backed Mattress Firm Holding Corp.
Steinhoff SNH, +1.55% a family-owned furniture seller based outside Cape Town, South Africa, is called “Africa’s Ikea” for its home furnishing retail chains. Until recently, it has trained its sights on expansion in Europe, from Germany and Switzerland to Poland and Bulgaria, and Australasia. Last month, it agreed to pay GBP597 million ($793.77 million) for British retailer Poundland Group PLC, which sells most of its goods for a pound, or about $1.31 at today’s rates. Wall Street Journal