PLANO, Texas — Hellman & Friedman, a world 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 perfect accomplice to advance our At Residence 2.0 long-term technique,” stated Lee Hen, At Residence chairman and CEO. “Collectively, we could 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 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 relating to a attainable 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 observe file of retailer growth and progress,” stated Erik Ragatz, Hellman & Friedman accomplice. “At Residence’s differentiated, low-cost working mannequin is disruptive to the normal house channels and supplies a powerful alternative for market share acquire. This acquisition is according to Hellman & Friedman’s technique to spend money on 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 circumstances, together with the approval of At Residence’s stockholders. Upon completion of the transaction, At Residence will develop into a privately held firm and At Residence’s shares will now not commerce on The New York Inventory Change.
The transaction was negotiated on behalf of At Residence by a particular committee of its board of administrators composed of unbiased administrators with the help of unbiased monetary and authorized advisors. Following the committee’s unanimous suggestion, the board unanimously permitted the mergere settlement and has really helpful 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 the moment has greater than $60 billion in property below administration. At Residence affords as much as 50,000 house merchandise together with furnishings, mirrors, rugs, artwork, housewares, tabletop, patio and seasonal decor. The corporate at the moment operates 226 shops in 40 states.