Steinhoff International Holdings who were seen as a contender for The Good Guys has overnight announced that they have forked out US $2.4 billion for Sleepy’s a US Mattress Company.

ChannelNews understands that the South African group is no longer a contender for The Good Guys it is believed that the mass retailer is set for an IPO.

Steinhoff, a family-owned furniture seller based outside Cape Town, South Africa, is called “Africa’s IKEA” for its home furnishing retail chains.

Until recently, it had trained its sights on expansion in Europe and Australia recently the company agreed to pay over $1 billion for the British retailer Poundland Group.

Mattress Firm, is the largest U.S. specialty mattress retailer with 3,500 company-operated and franchised stores in 48 states and sells a variety of brands including Tempur-Pedic and Sealy.