At Home has entered into a definitive agreement to sell itself to funds affiliated with Hellman & Friedman (H&F), a global private equity firm, in an all-cash transaction valued at $2.8 billion that includes the assumption of debt. At Home will be taken private after the acquisition closes.
At Home is coming off a strong Q4 2021, which ended Jan. 30, 2021. The retailer reported a net sales increase of 41.3% to $562 million and a comparable store sales increase of 30.8% as shoppers continued investing in home improvement projects during late 2020.
At Home plans to retain this momentum with an emphasis new customer retention and growth. H&F believes At Home’s low-cost operating model and emphasis on low prices will help the retailer continue to gain market share in the future.
“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,” said Lee Bird, Chairman and CEO of At Home in a statement. “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.”
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The transaction is expected to close in Q3 of calendar year 2021, subject to the satisfaction of customary closing conditions including the approval of At Home’s stockholders. Under the terms of the agreement, At Home may solicit alternative acquisition proposals from third parties during a 40-day “go-shop” period following the date of execution of the merger agreement.
