The traditional home furnishings company Restoration Hardware has agreed to be sold to private equity firm Catterton Partners for $6.70 a share, or about $267 million. The deal has yet to be approved by shareholders and receive regulatory approval, but the company's CEO and president, Gary Friedman, the board of directors are encouraging stockholders to vote for it. Of the merger, J. Michael Chu, Managing Partner of Catterton Partners said:
"We are pleased to enter into this partnership and look forward to building on the accomplishments of Gary and his team. Since joining the Company several years ago, they have 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."