What a difference a few months makes. Purple, an Alpine-based bedding manufacturing startup that got into the mattress business in earnest just over a year ago, has announced a merger with Global Partner Acquisition Corp. (GPAC) of Thornwood, New York, that values the company at $1.1 billion.
The deal is known as a “reverse merger” and would result in Purple becoming a publicly traded company overnight without the formal IPO process. At the close of the transaction, GPAC will add $90 million to the company coffers and take a 14 percent stake in the company.
Brothers Tony and Terry Pearce transformed their wheelchair business into a direct-to-consumer mattress company using proprietary gel technology that they invented. In just the past year Purple went from a team of 30 to over 600 people, built out an enormous manufacturing facility in Grantsville and more than tripled its net revenue to a projected $187 million in 2017.