PLANO, Texas — Hellman & Friedman, a global private equity firm, has entered into a definitive agreement to acquire At Home Group Inc., the home décor superstore, for an all-cash transaction valued at $2.8 billion.
“As we enter the next chapter for our company, Hellman & Friedman is the ideal partner to advance our At Home 2.0 long-term strategy,” said Lee Bird, At Home chairman and CEO. “Together, we will have the resources and flexibility to provide our customers with a differentiated experience that meets their evolving needs. This transaction is a testament to the achievements of our team members, and I would like to thank each of them for all they do each day to contribute to the success of At Home.”
Under the terms of the agreement, At Home stockholders will receive $36 per share in cash, which represents a premium of approximately 17% to the company’s closing stock price of $30.67 on May 4, 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 the leading value retailer of home décor offering unmatched breadth and depth of product assortment at everyday low prices, At Home is well-positioned to continue its long track record of store expansion and growth,” said Erik Ragatz, Hellman & Friedman partner. “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.”
The transaction is expected to close in the third quarter of 2021, subject to the satisfaction of customary closing conditions, including the approval of At Home’s stockholders. Upon completion of the transaction, At Home will become a privately held company and At Home’s shares will no longer trade on The New York Stock Exchange.
The transaction was negotiated on behalf of At Home by a special committee of its board of directors composed of independent directors with the assistance of independent financial and legal advisors. Following the committee’s unanimous recommendation, the board unanimously approved the mergere agreement and has recommended that the stockholders adopt and approve the merger agreement and the transaction.
Since its founding in 1984, Hellman & Friedman has invested in more than 100 companies. The firm currently has more than $60 billion in assets under management. At Home offers up to 50,000 home products including furniture, mirrors, rugs, art, housewares, tabletop, patio and seasonal decor. The company currently operates 226 stores in 40 states.
