Simmons Bedding Co has exited bankruptcy protection under the ownership of an investor group that owns rival Serta, about three months after seeking court protection.

The Atlanta-based maker of Beautyrest mattresses, which filed for bankruptcy protection in November as consumers pulled back on big-ticket purchases, said late on Wednesday that its $760 million deal to be bought by affiliates of Ares Management LLC and Teachers' Private Capital had closed.

Under a prepackaged bankruptcy deal, the company cut its debt obligations to about $450 million from $1 billion. The company took on debt after a 2003 buyout by private equity firm Thomas H. Lee Partners LP.