M&A · Industrials · Retail-Home Furniture, Furnishings & Equipment Stores
Hellman & Friedman Capital Partners IX, L.P. to acquire At Home Group Inc.
Announced May 6, 2021 · Closed Jul 23, 2021
Deal value$2.80BEV $2.54B
Premium17.0%To unaffected price
EV / Adj. EBITDA—1.5x EV / Revenue
ConsiderationAll cash$36.00 per share
Transaction
- Acquirer
- Hellman & Friedman Capital Partners IX, L.P.
- Target
- At Home Group Inc. (HOME)
- Buyer type
- Private equity
- Offer price per share
- $36.00
- Enterprise value
- $2.54B
- Status
- Closed Jul 23, 2021
Deal protections
- Break fee (target pays)
- $77.2M · 2.8%
- Reverse fee (buyer pays)
- $129M · 4.6%
- Go-shop
- 40-day go-shop
- Financing
- —
Advisors
- To the acquirer
- Guggenheim
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 22 in the prior 24 months
- Premium
- 17.0% vs. 27.0% sector median
- EV / Adj. EBITDA
- Sector median 10.4x
- Break fee
- 2.8% vs. 2.4% sector median
Timeline
- AnnouncedMay 6, 2021
- Tender offerJun 2, 2021
- ClosedJul 23, 2021
Valuation · fairness opinions
Discounted cash flow$26.05$40.82
Future share price$25.56$43.23
Premiums paid$32.76$44.04
Precedent transactions$22.58$45.46
Offer $36.00
Implied value per At Home Group Inc. share by analysis, from Goldman Sachs · DCF discount rate 9%–11%.