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Restoration Hardware being taken private by Catterton  

Corte Madera, Calif. – Less than three months since posting continued troubling quarterly results for its hard lines -- including hardware, bath hardware, lighting, window treatments and especially furniture – specialty retailer Restoration Hardware today announced a merger agreement with an affiliate of private equity firm Catterton Partners, which also owns Sleep Innovations.

The two parties have entered into a definitive merger agreement. Participating in the transaction with Catterton are Restoration and several of the 102-unit high-end chain’s institutional stockholders, including the retailer’s ceo.

The total equity value of the transaction is approximately $267 million.

"We are pleased to announce this transaction, which delivers significant value to our stockholders," said Gary Friedman, chairman, president and ceo of Restoration Hardware.

Catterton Partners’ portfolio is focused on the consumer industry. The firm has led investments in companies such as Breyers Yogurt Company, Wellness Pet Food, Liberty Safe, Build-A-Bear Workshop, Cheddar's Restaurant Holdings, OSI Restaurant Partners, P.F. Chang's China Bistro, Baja Fresh Mexican Grill, Frederic Fekkai, Kettle Foods, Farley's and Sathers Candy Co. and Odwalla Inc.

Michael Chu, managing partner of Catterton Partners, said Friedman’s team has “established the Restoration Hardware brand as a leader in the premium home furnishings category. By combining our respective expertise, we believe we can continue to evolve and grow the brand and become a dynamic force in the marketplace.”

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