Home decor superstore At Home has entered into an agreement to be acquired by private equity firm Hellman & Friedman (H&F). The all-cash deal is valued at $2.8 billion.
The deal is expected to close in the third quarter and is subject to the approval of the company’s stockholders and the expiration of the legal waiting period. When completed, the retailer will become a privately-held company.
“Together with H&F, we will have the resources and flexibility to provide our customers with a differentiated experience that meets their evolving needs,” said Lee Bird, chairman and chief executive officer for At Home. “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.”
Erik Ragatz, a partner at H&F, said the retailer 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,” he said.
At Home offers up to 50,000 on-trend home products to fit any budget or style, from furniture, mirrors, rugs, art and housewares to tabletop, patio and seasonal decor. The company is headquartered in Plano, Texas, and currently operates 226 stores in 40 states. The retailer recently opened its first store in New York City.