Furniture stores chain At Home Group to be acquired by H&F for $2.8bn
At Home Group, an American furniture store chain, has agreed to be acquired by funds affiliated with Hellman & Friedman (H&F) for $2.8 billion in an all-cash deal.
As per the terms of the deal, the private equity firm is offering $36 per share for At Home Group’s shareholders. The consideration includes the assumption of the furniture store company’s debt.
Lee Bird – Chairman and CEO of At Home said: “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. Together with H&F, 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.”
Based in Plano, Texas, At Home Group currently runs 226 stores across 40 states in the US. The home decor superstore chain is said to provide up to 50,000 home products that are suitable to various budgets and tastes.
Erik Ragatz – Partner at Hellman & Friedman said: “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. 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.”
The deal, which is subject to the approval of At Home Group’s stockholders and other customary closing conditions, is expected to be wrapped up in Q3 2021.