Hellman & Friedman Agrees to Purchase At Residence Group

Lisa D. Small

Traders working on the floor of the New York Stock Trade in August 2016, when At Property Group designed its debut.



Image:

Victor J. Blue/Bloomberg

Personal-fairness agency Hellman & Friedman LLC agreed to acquire

At Home Group Inc.

House 3.94%

for close to $2.4 billion Thursday in a transfer that would get the household-decor retailer non-public.

Beneath terms of the deal, which The Wall Avenue Journal noted Wednesday was imminent, At Dwelling shareholders would obtain $36 in dollars for each individual share. That is a high quality of around 17% previously mentioned where by the Plano, Texas, company’s shares had been investing ahead of news of the deal.

The deal enables At Home to solicit other proposals for the duration of a 40-working day “go shop” interval and provides Hellman & Friedman a probability to match competing bids. In a indication investors are betting the cost tag will rise, the company’s shares were being buying and selling higher than $36 Thursday.

At Home sells home furnishings, décor and other dwelling products like bedding and seasonal decorations in a lot more than 200 merchants in 40 states.

The inventory tumbled along with considerably of the sector in the early times of the pandemic but has due to the fact recovered, as homebound people shell out far more time correcting up their environment. Chief Government Lewis Bird mentioned on a recent earnings simply call that the firm has benefited as shoppers go on to beautify, manage their residences and invest far more time in their kitchens.

Personal-equity corporations have been lively currently, each marketing firms they individual and eyeing larger sized leveraged buyouts as they glimpse to commit report amounts of funds in a expensive sector. They are also offering traders the opportunity to right make investments in target companies and stay away from fund fees, which suggests the buyout firms have even additional capability for discounts than it at 1st seems.

Hellman & Friedman, launched in 1984 and with workplaces in San Francisco, New York and London, focuses on huge fairness investments in providers throughout sectors. It has invested in other merchants such as Grocery Outlet and Caliber Collision. In March, the business agreed to obtain a unit of

Cardinal Overall health Inc.

for around $1 billion.

Goldman Sachs & Co. and Fried, Frank, Harris, Shriver & Jacobson LLP suggested At Property Group’s distinctive committee, when Guggenheim Securities LLC and Simpson Thacher & Bartlett LLP suggested Hellman & Friedman.

Write to Cara Lombardo at [email protected]

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Appeared in the May 6, 2021, print version as ‘Hellman & Friedman Nears Deal to Buy At Home Group.’

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