Non-public fairness agency agrees to amass At Residence Group in $2.8B deal

Non-public fairness agency agrees to amass At Residence Group in $2.8B deal

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,” stated Lee Hen, At Residence chairman and CEO. “Collectively, we can have the sources and adaptability to supply our prospects with a differentiated expertise that meets their evolving wants. This transaction is a testomony to the achievements of our staff members, and I want 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 worth of $30.67 on Might 4, the final buying and selling day previous to media hypothesis relating to a doable 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 growth and development,” stated Erik Ragatz, Hellman & Friedman accomplice. “At Residence’s differentiated, low-cost working mannequin is disruptive to the normal dwelling channels and offers a powerful alternative for market share acquire. This acquisition is in line with Hellman & Friedman’s technique to spend money on market-leading companies with substantial runway for development.”

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 Alternate.

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 accredited the mergere settlement and has advisable 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 property underneath administration. At Residence presents as much as 50,000 dwelling merchandise together with furnishings, mirrors, rugs, artwork, housewares, tabletop, patio and seasonal decor. The corporate presently operates 226 shops in 40 states.

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