Reuters: Deals: No. 2 Sealy investor seeks board representation

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No. 2 Sealy investor seeks board representation Mar 12th 2012, 11:24 Mon Mar 12, 2012 7:24am EDT (Reuters) - Sealy Corp's (ZZ.N) second largest shareholder, H Partners Management, sought a seat on the board of the mattress maker. H Partners, which has a 14.5 percent stake in Sealy, also asked for the resignation of Dean Nelson -- one of the representatives of private equity firm KKR & Co L.P. (KKR.N) -- as director, according to a filing with the Securities and Exchange Commission. KKR is Sealy's largest shareholder, with more than 45 percent of the company's shares, according to Thomson Reuters data. H Partners also said Sealy's board should include two more independent directors. Sealy, which was started by cotton gin builder Daniel Haynes in the late 19th century, was taken public by KKR in 2006, two years after KKR bought it from another private equity firm Bain Capital for $1.5 billion. Sealy shares closed at $1.76 on Friday on the New York Stock Exchange. The stock has lost 90 percent of its value since its 2006 IPO.

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