Mattress company Purple Innovation ‘disappointed’ that hedge fund Coliseum wants to replace most of its board after making bid for company

Mattress maker Purple Innovation Inc.

said Thursday it is “disappointed” that within days of a special committee rejecting a bid for the company from Coliseum Capital Management LLC, the hedge fund is seeking to replace most of the board. “The Special Committee acknowledges that Coliseum, as a 44.7% shareholder of Purple, is entitled to reasonable representation on the Board, and notes that Coliseum’s Managing Partner Adam Gray has served on the Board since the time that Purple went public in 2018,” the company said in a statement.

said Thursday it is “disappointed” that within days of a special committee rejecting a bid for the company from Coliseum Capital Management LLC, the hedge fund is seeking to replace most of the board. “The Special Committee acknowledges that Coliseum, as a 44.7% shareholder of Purple, is entitled to reasonable representation on the Board, and notes that Coliseum’s Managing Partner Adam Gray has served on the Board since the time that Purple went public in 2018,” the company said in a statement.

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