US-based private equity firm Hellman and Friedman (H&F) has acquired home décor superstore At Home in an all-cash transaction.
The deal values At Home at $2.8bn, including the assumption of $300m of debt.
H&F initially offered to acquire At Home in May, but the deal turned into a cash tender offer after being opposed by major shareholders.
Under the terms of the agreement, 57% of shares in At Home were tendered for $37 a share.
H&F partner Erik Ragatz said: “Hellman and Friedman takes great pride in partnering with outstanding management teams to invest in highly differentiated businesses with substantial room for growth. At Home fits that bill perfectly.
“We believe the unique shopping experience and compelling value At Home offers consumers will position the company to continue to grow and take market share in the coming years, and we have great confidence in the team at At Home to deliver on this potential.”
Based in Plano, Texas, At Home operates 230 stores in 40 states. The company offers more than 50,000 on-trend home products, from furniture, mirrors, rugs, art and houseware to tabletop, patio and seasonal decor.
With the acquisition completed, At Home has become a privately held company controlled by H&F. The company will stop trading on the New York Stock Exchange.
At Home chairman and CEO Lee Bird said: “This transaction will allow us to partner with H&F to help continue our store expansion, grow our offering and strengthen our position as the leading retailer of home décor.
“I’m thankful to all our team members whose hard work has contributed to At Home’s success and made this transaction possible. I am confident H&F will help strengthen our business.”
Earlier this month, At Home revealed plans to open three home décor stores, located in New Jersey, Maryland and California respectively, by the end of the month.