Boston-based private equity firm Berkshire Partners (no relation to Warren Buffett‘s Berkshire Hathaway) has loaded up on more shares of Mattress Firm Holding Corp (NASDAQ:MFRM) according to recent Form 4 and 13D filings (the 13D filing is embedded below). The firm now owns 4.52 million shares of the company, up from 3.84 million shares held as of February 1, with the share purchases being carried out between March 22 and March 24. The move has quickly paid off, as shares have nearly fully rebounded from their March 22 fall, after the company reported its latest quarterly financial results.
Mattress Firm Holding Corp (NASDAQ:MFRM) announced on February 24 that it had nominated Anil Seetharam of Berkshire’s Stockbridge Partners, and Berkshire Managing Director Chris Hadley, to its Board of Directors. Item 4 of the latest filing contains further information on those appointments:
“On February 24, 2016, the Issuer announced that Messrs. Christopher J. Hadley and Anil Seetharam, each a managing director of certain of the Reporting Persons, were nominated by the Issuer for election to the Issuer’s board of directors at the Issuer’s 2016 annual meeting of shareholders, which is expected to be held on June 1, 2016. The Reporting Persons may also engage with the Issuer on a review of its strategic activities, assessment of its organization, management of its balance sheet and the pursuit of other corporate transactions. In addition, such discussions may also include any of the actions referred to in paragraphs (a) through (j) of Item 4 of SEC Schedule 13D. The Reporting Persons intend to review their investment in the Issuer continually.”
Heading into 2016, a total of 17 of the hedge funds tracked by Insider Monkey were long Mattress Firm, a 31% increase from the previous quarter. David S. Winter and David J. Millstone’s 40 North Management owned the largest of those 17 positions, totaling 3.09 million shares on December 31. In mid-February, the fund also added more shares to its position, lifting it to 3.63 million shares.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Berkshire Partners Holdings | 0 | 4,520,576 | 0 | 4,520,576 | 4,520,576 | 12.2% |
| BPSP | 0 | 4,520,576 | 0 | 4,520,576 | 4,520,576 | 12.2% |
| Berkshire Partners | 0 | 1,740,555 | 0 | 1,740,555 | 1,740,555 | 4.7% |
| Stockbridge Partners | 0 | 2,780,021 | 0 | 2,780,021 | 2,780,021 | 7.5% |
| Berkshire Fund VIII | 0 | 1,200,531 | 0 | 1,200,531 | 1,200,531 | 3.2% |
| Berkshire Fund VIII-A | 0 | 498,830 | 0 | 498,830 | 498,830 | 1.3% |
| Stockbridge Fund | 0 | 2,078,503 | 0 | 2,078,503 | 2,078,503 | 5.6% |
| Stockbridge Absolute Return Fund | 0 | 6,412 | 0 | 6,412 | 6,412 | less than 0.1% |
| Stockbridge Master Fund (OS) | 0 | 187,154 | 0 | 187,154 | 187,154 | 0.5% |
| Berkshire Investors III | 0 | 21,214 | 0 | 21,214 | 21,214 | 0.1% |
| Berkshire Investors IV | 0 | 19,980 | 0 | 19,980 | 19,980 | 0.1% |
