Vardon Capital sells shares of Restoration Hardware

By Lisa Kerner

Charlotte, N.C., May 5 - Investors led by Vardon Capital LLC sold 1.51 million shares of Restoration Hardware, Inc., reducing their stake in the company to 4.9%.

The shares were sold on April 30 and May 2, and each share was sold for $4.30 or $4.35, according to a schedule 13D filed with the Securities and Exchange Commission.

The investors beneficially own 1,939,375 shares of the Corte Madera, Calif.-based specialty retailer.

In January, affiliates of Catterton Partners amended their agreement to acquire Restoration Hardware, lowering the per-share offer price to $4.50 in cash from $6.70. The Federal Trade Commission recently granted early termination of the Hart-Scott-Rodino waiting period in connection with the merger, it was previously reported.

Catterton Partners is a private equity firm based in Greenwich, Conn.

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