PLANO, Texas — Hellman & Friedman, a world non-public fairness agency, has entered right into a definitive settlement to amass At House Group Inc., the house décor superstore, for an all-cash transaction valued at $2.8 billion.
“As we enter the following chapter for our firm, Hellman & Friedman is the best accomplice to advance our At House 2.0 long-term technique,” stated Lee Hen, At House chairman and CEO. “Collectively, we may have the sources and adaptability to offer our clients with a differentiated expertise that meets their evolving wants. This transaction is a testomony to the achievements of our crew members, and I wish to thank every of them for all they do every day to contribute to the success of At House.”
Below the phrases of the settlement, At House stockholders will obtain $36 per share in money, which represents a premium of roughly 17% to the corporate’s closing inventory worth of $30.67 on Could 4, the final buying and selling day previous to media hypothesis relating to a attainable transaction, and a premium of roughly 25% to the 30-day quantity weighted common share worth.
“Because the main worth retailer of dwelling décor providing unmatched breadth and depth of product assortment at on a regular basis low costs, At House is well-positioned to proceed its lengthy monitor document of retailer enlargement and progress,” stated Erik Ragatz, Hellman & Friedman accomplice. “At House’s differentiated, low-cost working mannequin is disruptive to the normal dwelling channels and gives a powerful alternative for market share achieve. This acquisition is in line with Hellman & Friedman’s technique to put money into market-leading companies with substantial runway for progress.”
The transaction is anticipated to shut within the third quarter of 2021, topic to the satisfaction of customary closing situations, together with the approval of At House’s stockholders. Upon completion of the transaction, At House will turn out to be a privately held firm and At House’s shares will now not commerce on The New York Inventory Trade.
The transaction was negotiated on behalf of At House by a particular committee of its board of administrators composed of impartial administrators with the help of impartial monetary and authorized advisors. Following the committee’s unanimous suggestion, the board unanimously accepted the mergere settlement and has really useful that the stockholders undertake and approve the merger settlement and the transaction.
Since its founding in 1984, Hellman & Friedman has invested in additional than 100 corporations. The agency at present has greater than $60 billion in property beneath administration. At House gives as much as 50,000 dwelling merchandise together with furnishings, mirrors, rugs, artwork, housewares, tabletop, patio and seasonal decor. The corporate at present operates 226 shops in 40 states.