Traders working on the floor of the New York Stock Exchange in August 2016, when At Home Group made its debut.
Photo: Victor J. Blue/Bloomberg
Private-equity firm Hellman & Friedman LLC is nearing a deal to buy At Home Group Inc., HOME 2.02% according to people familiar with the matter, in a move that would take the home-decor retailer private.
A deal, which would value At Home Group in the mid-$30s a share, could be inked as soon as Thursday, assuming the two sides reach a final agreement, the people said. At Home shares were trading at $31.15 Wednesday afternoon, giving the Plano, Texas, company a market value of around $2 billion.
At Home sells furniture, décor and other home goods like bedding and seasonal decorations in stores around the country.
The stock tumbled along with much of the market in the early days of the pandemic but has since recovered, as homebound consumers spend more time fixing up their surroundings. Chief Executive Lewis Bird said on a recent earnings call that the company has benefited as consumers continue to decorate, organize their homes and spend more time in their kitchens.
Private-equity firms have been active lately, both selling companies they own and eyeing larger leveraged buyouts as they look to spend record levels of cash in a pricey market. They are also giving investors the opportunity to directly invest in target companies and avoid fund fees, which means the buyout firms have even more capacity for deals than it at first appears.
Hellman & Friedman, founded in 1984 and with offices in San Francisco, New York and London, focuses on large equity investments in companies across sectors. It has invested in other retailers including Grocery Outlet and Caliber Collision. In March, the firm agreed to buy a unit of Cardinal Health Inc. for roughly $1 billion.
Write to Cara Lombardo at [email protected]
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Appeared in the May 6, 2021, print edition.
