LYCOS RETRIEVER 
Restoration Hardware: Catterton Partners
built 638 days ago
For the quarter ending November 3, Restoration Hardware (RSTO) announced net revenue increased 10.6 percent to $173.7 million compared to $157.1 million in the third quarter of 2006. Loss from operations for the third quarter of 2007 was $12.9 million, inclusive of $1.4 million related to costs associated with the Merger Agreement between the Company and certain affiliates of Catterton Partners. Loss from operations in the third quarter of 2006 was $3.7 million.
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Corte Madera, CA— Equity firm Catterton Partners, Greenwich, CT, which had offered $6.70 per share for home chain Restoration Hardware in November 2007, dropped its management-led buyoutbid to $4.50 per share, or about $179 million. The lower price reflects falling performance: Restoration saw a widening third quarter loss and a one percent loss during the holidays, compared to a 22 percent increase a year ago.
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Restoration Hardware rejects revised Sears Holdings bid Corte Madera, Calif. Struggling home specialty chain Restoration Hardware said it for a merger/acquisition by an investment group led by Catterton Partners, even after Sears Holdings claimed its revised bid was richer than Cattertons. Restoration Hardware said it had determined that the Sears bid was not reasonably likely to result in a superior proposal under the terms of the [Catterton] agreement and plan of merger because, among other considerations, the proposal was subject to significant uncertainties compared to the agreement and plan of merger. Sears waited until the last day of the RH go-shop period, Feb. 28, to make its most recent offer, which pegged the buyout at $4.55 per share plus other considerations. Cattertons latest bid was $4.50.
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Restoration Hardware said late Thursday that it had entered into an amendment to its previously announced merger agreement with Catterton to sell all of the multichannel retailer's outstanding shares for $4.50 in cash. Additionally, Catterton is providing Restoration Hardware with a $25 million loan for working capital. The amendment ... extends the termination date for the merger agreement from April 30 to June 30.
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Sears, the retailer controlled by the hedge fund manager Eddie Lampert, said last week it acquired a 13.7 percent stake in Restoration Hardware. Analysts viewed it as a move to help Sears fill gaps in its home goods merchandise once its partnership with Martha Stewart ends.
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Well, the company's management thinks so. Late last week, Restoration Hardware announced a going-private transaction for $267 million or $6.70 per share. The buyer is Catterton Partners, which has quite a bit of experience with retail deals.
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