At Home sells to private equity firm in $2.8 billion deal

Plano-based home decor chain At Home Group Inc. announced Thursday that it will be acquired by funds affiliated with private equity firm Hellman & Friedman in an all-cash transaction valued at $2.8 billion, including the assumption of debt.

The Wall Street Journal reported the deal to take At Home private on Wednesday. Shares of the company have traded on the New York Stock Exchange since. 2016.

Under the terms of the agreement, At Home shareholders will receive $36 per share in cash, approximately 17% higher than the company’s closing stock price of $30.67 on May 4, the last trading day before media speculation regarding a possible transaction.

The transaction is expected to close in the third quarter after shareholder approval.

At Home, which had 219 stores in 40 states at the end of its latest fiscal year, has a market value exceeding $2 billion. It sells furniture, décor and other home goods like bedding and seasonal decorations.

It has since opened nine more stores in February, March and April, and the company says it has the potential to expand to at least 600 stores.

At Home had a breakout 2020, with sales soaring 27.3%, Bloomberg reported. It closed out the year with $1.7 billion in revenue.

Lee Bird, chairman and CEO of At Home, said in a statement: “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.”

Hellman & Friedman was founded in 1984 and has offices in San Francisco, New York and London.

Goldman Sachs & Co. LLC is serving as financial adviser to the special committee of At Home’s board of directors that negotiated the deal. Guggenheim Securities LLC is financial adviser to Hellman & Friedman.

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