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Illustration: Aïda Amer/Axios

Casper is retreating from the public market, barely two years after its entrance.

Catch up quick: Private equity firm Durational Capital Management is taking the mattress company private in a deal announced Monday.

Why it matters: Companies face less scrutiny when they are private and can more easily pivot when making operational decisions, analysts say.

Context: Mattress companies have been a magnet for PE firms, at times with disastrous outcomes.

  • “There's been a lot of key interest [because] of the high margins and really good cash flow,” Seth Basham, equity analyst at Wedbush, tells Axios.
  • Tempur Sealy is expected to end the year with a 45% gross margin, according to a KeyBanc report. Sleep Number is projected to see 61%.

By the numbers: Durational Capital’s offer will provide shareholders a 94% premium to Casper’s stock price Friday and give the company financial relief amid its growing losses.

Yes, but: Casper’s valuation has plummeted from a high of over $1 billion in the private markets in 2019 to just under $150 million as of last week.

The intrigue: One possible reason for the high premium on the deal "The buyers see value and likely wanted to offer enough to get the other shareholders to vote in favor of the deal," Basham says.

Go deeper

Jul 27, 2020 - Technology

Big Tech's power, in 4 numbers

Data: FactSet; Chart: Naema Ahmed/Axios

The four Big Tech CEOs who will testify before Congress Wednesday command global empires with power and wealth that make them more like countries than companies.

By the numbers: Here are four very large stats for Facebook, Apple, Google/Alphabet and Amazon that tell the story of their value, scale and influence.

Scoop: Trump-backed Perdue says he wouldn’t have certified Georgia 2020 results

Perdue at a December 2020 campaign event in Columbus, Ga. Photo: Elijah Nouvelage/Getty Images

Georgia gubernatorial candidate David Perdue wouldn’t have signed the certification of the state’s 2020 election results if he had been governor at the time, the former Senate Republican told Axios.

  • “Not with the information that was available at the time and not with the information that has come out now. They had plenty of time to investigate this. And I wouldn’t have signed it until those things had been investigated and that’s all we were asking for," he said.

Why it matters: There has been no evidence widespread fraud took place in Georgia's elections last year and the November results were counted three times, once by hand.

Beijing Olympics: These countries have announced diplomatic boycotts

Photo: Zhang Qiang/VCG via Getty Images

Several countries, including Canada and Australia, have announced they will join the U.S. in a diplomatic boycott of the 2022 Beijing Winter Olympics to protest human rights abuses committed by China's government.

Driving the news: Leaders have faced pressure from human rights groups and others to boycott the Games, pointing to the ongoing genocide of Uyghurs and other Muslim minorities in China's Xinjiang region and other abuses.