Restoration Hardware acquired by Catterton Partners

By Lisa Kerner

Charlotte, N.C., June 18 - Catterton Partners completed its acquisition of Restoration Hardware, Inc., it was announced on Wednesday.

In January, affiliates of Catterton, a Greenwich, Conn., private equity firm, amended their agreement with Restoration Hardware, lowering the per-share offer price to $4.50 in cash from $6.70.

Restoration Hardware shareholders approved the merger agreement on June 12, according to a company news release.

Tower Three Partners LLC, in connection with the merger's close, made an equity investment in Restoration Hardware that is approximately equal to the investment made by Catterton.

Together, Catterton and Tower Three will have a controlling equity interest in the company, the release stated.

Restoration Hardware's common stock ceased trading on Nasdaq prior to the opening of the market on June 18.

It was also announced that as a result of the preliminary settlement of shareholder litigation, holders of Restoration Hardware common stock as of the date of the merger's closing will be entitled to receive a payment from a shareholder common fund in the amount of about $0.10 to $0.13 per share.

Restoration Hardware is a Corte Madera, Calif.-based specialty retailer.

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