On December 20, 2022, Sleep Country Canada Holdings Inc., a leading omnichannel specialty sleep retailer in Canada, announced its intention to acquire 100% ownership of Silk & Snow, a rapidly growing direct-to-consumer sleep brand in Canada. This acquisition followed Silk & Snow's impressive growth since its inception in 2017, with the brand also making significant inroads into the U.S. market, accounting for about 25% of its sales in the most recent fiscal year. For the transaction, Sleep Country agreed to pay roughly $24.0 million in cash upon closing, with an additional payment of up to $19.45 million in early 2026, contingent upon Silk & Snow meeting specific growth and profitability targets for the fiscal years 2023 through 2025. The entire amount translates to CAD $43.45 million. This acquisition would be financed using Sleep Country's available cash and its revolving credit facility. The transaction was successfully closed on January 4, 2023. Silk & Snow will continue to operate as an independent entity within Sleep Country, with its original founders, Albert Chow (CEO) and Kenneth Mo (COO), joining Sleep Country's senior leadership team. Both companies expressed enthusiasm about the acquisition, emphasizing the synergy it would bring to both brands and their commitment to providing high-quality sleep products.