SSGISomnigroup International Inc.

Somnigroup manufactures mattresses and owns the largest chain that sells them.

Combining a manufacturer with a retail chain changed the industry: the factory used to fight for space in someone else's shop, and now it owns the floor. That gives control over what the shopper sees and allows selling own brands at a higher mark-up.

A mattress is a rare and deferrable purchase: it is replaced every seven to ten years, and when mortgages are expensive and people do not move, demand falls for a long time. That makes the industry more cyclical than most consumer goods. Risks: the housing cycle, antitrust attention to the combination and competition from brands selling directly online.