Restoration Hardware stockholders to sell up to 10M shares
Larry Thomas -- Furniture Today, July 8, 2013
CORTE MADERA, Calif. — Several Restoration Hardware stockholders, including four private equity funds that own significant stakes in the retailer, plan to sell up to 10 million of their shares, according to a Securities and Exchange Commission filing.
The shares would be sold for a maximum price of $75.32 each, and all funds from the sale would go to the selling shareholders, the company said in the filing.
The retailer went public last November at $24 per share, and its shares have been trading above $70 in recent weeks.
According to the filing, selling shareholders include private equity firms Home Holdings, Catterton Partners, Glenhill Capital and Tower Three Home, as well as co-CEOs Gary Friedman and Carlos Alberini.
The filing didn't specify how many shares each stockholder planned to sell, but noted that Home Holdings would no longer own more than 30% of the retailer's stock after the sale is completed.
Since Home Holdings' stake currently exceeds 30%, the fund has the right to nominate two people for the board of directors. Those rights would terminate following the sale.
The regulatory filing didn't say when the sales would be completed.
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