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Restoration Hardware Bought

Restoration Hardware Inc., the California-based home-furnishings chain, agreed to be acquired by buyout firm Catterton Partners for $267 million.

The $6.70-a-share offer is more than double Restoration Hardware's closing price yesterday, the company said today in a statement. The company, which has 110 locations in 30 states, said it will solicit higher offers until Dec. 13.

The chain, hurt by the worst U.S. housing slump in more than a decade, is facing its third unprofitable year in the past five. Founded in 1979 as a specialty retailer of fixtures for older homes, Restoration Hardware sells furniture, lights and bedspreads and had $712.8 million in revenue last year.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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