PLANO, Texas — Hellman & Friedman, a worldwide personal fairness agency, has entered right into a definitive settlement to amass At Residence 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 Residence 2.0 long-term technique,” mentioned Lee Chook, At Residence chairman and CEO. “Collectively, we could have the assets and suppleness to supply our prospects with a differentiated expertise that meets their evolving wants. This transaction is a testomony to the achievements of our workforce members, and I wish to thank every of them for all they do every day to contribute to the success of At Residence.”
Beneath the phrases of the settlement, At Residence stockholders will obtain $36 per share in money, which represents a premium of roughly 17% to the corporate’s closing inventory value of $30.67 on Could 4, the final buying and selling day previous to media hypothesis concerning a potential transaction, and a premium of roughly 25% to the 30-day quantity weighted common share value.
“Because the main worth retailer of house 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 file of retailer growth and progress,” mentioned Erik Ragatz, Hellman & Friedman accomplice. “At Residence’s differentiated, low-cost working mannequin is disruptive to the standard house channels and supplies a robust alternative for market share acquire. This acquisition is per 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 Residence’s stockholders. Upon completion of the transaction, At Residence will turn out to be a privately held firm and At Residence’s shares will now not commerce on The New York Inventory Trade.
The transaction was negotiated on behalf of At Residence 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 advice, the board unanimously accredited 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 presently has greater than $60 billion in belongings beneath administration. At Residence provides as much as 50,000 house merchandise together with furnishings, mirrors, rugs, artwork, housewares, tabletop, patio and seasonal decor. The corporate presently operates 226 shops in 40 states.