PLANO, Texas - Retail home décor giant At Home has been acquired by American private equity firm Hellman & Friedman for $2.8 billion in an all-cash transaction.
"At Home is well-positioned to continue its long track record of store expansion and growth," said H&F partner Erik Ragatz. "At Home’s differentiated, low-cost operating model is disruptive to the traditional home channels and provides a strong opportunity for market share gain. This acquisition is consistent with Hellman & Friedman’s strategy to invest in market-leading businesses with substantial runway for growth, and we are looking forward to partnering with At Home’s talented management team to help capture the significant market opportunity in front of the company.”
Under the terms of the agreement, At Home stockholders will receive $36.00 per share in cash, which represents a premium of approximately 17% to the company's closing stock price of $30.67 on May 4, 2021, the last trading day prior to media speculation regarding a possible transaction, and a premium of approximately 25% to the 30-day volume-weighted average share price.
“As we enter the next chapter for our company, H&F is the ideal partner to advance our At Home 2.0 long-term strategy," said At Home CEO Lee Bird. "Together with H&F, we will have the resources and flexibility to provide our customers with a differentiated experience that meets their evolving needs."
The transaction is expected to close in the third quarter of calendar year 2021.
At Home sells furniture, mirrors, rugs, art, housewares, as well as tabletop, patio, and seasonal decor. At Home is headquartered in Plano, Texas, and currently operates 226 stores in 40 states.
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