Purple (company)

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Purple (company)
Public
Traded asNASDAQPRPL
Russell 2000 Index component
IndustryMattresses
Founded2015 (2015)
FoundersTony and Terry Pearce
Headquarters
Alpine, Utah
,
United States
Area served
Canada, United States
ProductsMattresses, pillows, sheets, mattress protectors, adjustable beds, seat cushions, back cushions, and bed platforms
$187 million (2016)
Websitepurple.com

Purple is an American comfort technology company based in Alpine, Utah, USA. It specializes in the direct-to-consumer sale of mattresses, seat cushions, back cushions, pillows and platform bases.

History[edit]

Tony and Terry Pearce (brothers),[1] began by creating carbon fiber sporting goods and wheelchairs in 1989.[2] In the following years, they created EdiZone, LLC and own 23 trademarks in cushioning materials, fluids, and hyper-elastic polymers. The patents are used in medical devices, shoes, and toys.[2][3]

In 2013, a patented machine was invented and named Mattress Max, which allowed them to create and mold large pieces of elastic polymers into mattresses.[2]

They went on to found Purple and started a Kickstarter campaign for a king-sized mattress which launched on September 23, 2015. Five days later the campaign reached its original goal amount of $25,000.[4] On November 7, 2015 the Purple mattress campaign ended with 320 backers pledging $171,560.[5]

Purple partnered with The Harmon Brothers team to launch a series of videos that explain and demonstrate the science behind the mattress. Purple’s videos and advertisements collected more than 100 million views.[6]

On July 27, 2017, Purple announced a merger with Global Partner Acquisition Corp (GPAC) at a $1.1 billion valuation.[7][1]

In November 2017, Purple acquired the domain Purple.com for approximately $900k, according to an SEC filing.[8]

Products[edit]

Purple manufactures mattresses, seat cushions, back cushions, pillows and other products made of a proprietary material called "hyper-elastic polymer" which provides support and dissipates heat.[1] According to the company, they use patented technology and a special flame barrier fabric with unique stone fiber based non-toxic firesock that naturally slow flames. Their flame barrier, adhesives and foams are certified by GREENGUARD Gold, and CertiPur which means that it complies with health standards for use in schools and healthcare facilities.[9]

The company's manufacturing plants are located in Alpine and Grantsville. All of Purple’s mattresses, pet beds, pillows, cushions are manufactured at these facilities.

[1] Purple has developed specialty sheets, mattress protectors, adjustable beds, and bed foundations.[10]

Purple holds significant intellectual property, due to their founders extensive background in research and development. [11]The founders maintain dozens of patents for various related applications for their technologies.

Purple’s technology came to be licensed to makers of critical care medical beds (Stryker Medical); consumer mattresses in Europe (Svane by Ekornes), Japan (Francebed), and Australia (Sleepmaker); backpack straps (Jansport); shoe insoles (Dr. Scholl’s Massaging Gel and Sof-Sole); pillows (Sleep Innovations); soft-catch toy balls (Nickelodeon); wheelchair cushions (EquaPressure); and many other advanced cushioning Including medical beds (Hill-Rom), footwear (Nike), ankle/knee braces (Johnson & Johnson), golf bag straps (Top-Flite), neonatal intensive care (preemie baby) ‘nests,’ surgical positioning cushions, surgical tourniquet cushions, ballet cushions, industrial knee pads, and more.. This includes Floam, a trademarked material invented by the founders Purple.[12]

On September 22, 2016, a second Kickstarter campaign opened to gain $25,000 worth of financial support for Purple’s pillow. One month later, Purple raised about $2.6 million from over 17,000 backers.[13]

References[edit]

  1. ^ a b c d "New York company is buying Utah mattress manufacturer Purple, valued at $1.1 billion". The Salt Lake Tribune. Retrieved 2019-04-13.
  2. ^ a b c Feldman, Amy (2 May 2017). "How Purple's Mattress Missionaries Hope To Sell $2 Billion Worth Of Their Comfort Technology". Forbes. Forbes. Retrieved 4 September 2017.
  3. ^ "EdiZONE, LLC Trademarks". Retrieved 8 December 2016.
  4. ^ "Kickstarter, Purple: The Latest Technology in Comfort and Sleep".
  5. ^ "Kickstarter, Purple: The Latest Technology in Comfort and Sleep".
  6. ^ Feldman, Amy (2 May 2017). "Behind Purple's Success: Harmon Brothers, Creators Of A Rainbow-Pooping Unicorn, Turn Videos Viral". Forbes. Forbes. Retrieved 4 September 2017.
  7. ^ "Mattress Startup Purple Agrees to $1.1B Merger With Publicly Traded Investment Shell Company". Retrieved 27 July 2017.
  8. ^ "Purple Innovation SEC Filing". www.sec.gov. Retrieved 2019-02-07.
  9. ^ "Best Non-Toxic Mattress: Why Purple is the Safest". Purple. 2017-03-21. Retrieved 2019-04-13.
  10. ^ "How This Purple Mattress 20 Years in the Making Became an Overnight Success with Shopify Plus – Shopify". Retrieved 8 December 2016.
  11. ^ "Purple Patents".
  12. ^ "About Us, Purple.com".
  13. ^ "Purple Pillow: The World's First No-Pressure Head Bed". Retrieved 8 December 2016.

External links[edit]