Hellman & Friedman to acquire At Home in $2.8B deal
May 7, 2021
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Hellman & Friedman has agreed to acquire home decor superstore At Home in an all-cash transaction valued at $2.8 billion, including debt.
- The public-to-private deal will see At Home stockholders receive $36 per share, a 17% premium to the company's May 4 closing price of $30.67 per share. The transaction is expected to close in Q3.
- The agreement follows a number of recent public-to-private deals, including Thoma Bravo's pact with cybersecurity specialist Proofpoint and its takeover of rental house software provider RealPage in April. The PE sector saw a year-over-year decrease in public-to-private deals in 2020 that was caused primarily by the pandemic. During the market downturn, firms focused on things like PIPE deals, smaller add-ons and shoring up portfolio companies, according to PitchBook analyst Rebecca Springer.
- Kohl's was rumored to be considering a purchase of At Home in 2019, but a deal never materialized. Prior to going public in 2016, At Home received backing from Starr Investment Holdings and AEA Investors, which acquired the company for $720 million in 2011.
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