Latest news with #Hellman&Friedman
Yahoo
29-05-2025
- Business
- Yahoo
At Home readies for US Chapter 11 protection amid liquidity struggles
US home decor chain At Home Group is close filing for Chapter 11 bankruptcy protection as financial pressures persist. The retailer is exploring strategies including increasing its liquidity, according to a Bloomberg report. This development follows the appointment of Brad Weston as CEO in May 2024. Backed by private equity company Hellman & Friedman, At Home operated 266 stores across 40 US states and territories at the time of his appointment. But the company has encountered financial challenges in recent months, exacerbated by tariffs and trade tensions. At Home failed to make an interest payment that was due on 15 May 2025, which led to a temporary forbearance agreement with its lenders on 23 May. This halts creditor actions until 30 June 2025. An emailed statement from a company spokesperson was quoted by Bloomberg: "At Home is actively collaborating with our financial stakeholders and has put forbearance agreements in place with respect to certain interest payments under the company's debt instruments. These agreements provide us flexibility as we continue to take steps to position At Home for near and long-term success." A report from Bloomberg in April stated that At Home was considering restructuring strategies. Although a bankruptcy filing appeared likely, no definitive decision had been reached at that time. Representatives from Hellman & Friedman and At Home's advisor PJT Partners were not available for comments. The retailer has $17.3m accessible under its asset-based lending facility. It has been seeking to decrease its reliance on Chinese suppliers since late in 2024 due to tariff concerns. In recent weeks, it has intensified efforts to engage with suppliers from alternative markets, including India. "At Home readies for US Chapter 11 protection amid liquidity struggles" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
28-05-2025
- Business
- New York Post
Popular home-decor retailer ‘At Home' set to file for bankruptcy amid cash crunch, tariffs: report
At Home Group Inc., the home-decor retailer backed by private equity firm Hellman & Friedman, is preparing to file for bankruptcy under Chapter 11 in the coming weeks as it scrambles to shore up its liquidity, according to a report. The company, which operates more than 260 stores across 40 US states and territories, has been navigating a worsening financial situation, compounded by the effects of US tariffs and ongoing uncertainty around global trade policies. At Home missed an interest payment due on May 15 and subsequently entered a forbearance agreement with its lenders on May 23, people with knowledge of the situation told Bloomberg News on Wednesday. 3 Home decor retailer At Home is reportedly preparing to file for bankruptcy. Alamy Stock Photo That agreement, which offers a temporary reprieve from creditor action, runs through June 30. 'At Home is actively collaborating with our financial stakeholders and have put forbearance agreements in place with respect to certain interest payments under the company's debt instruments,' a spokesperson for the company said in an emailed statement to Bloomberg News. 'These agreements provide us flexibility as we continue to take steps to position At Home for near and long-term success.' Last month, Bloomberg News reported that the company was weighing several restructuring options, and while a bankruptcy filing was seen as increasingly likely, no final decision had been made. Representatives for Hellman & Friedman and PJT Partners Inc., which is advising the retailer, were not immediately available to comment. 3 At Home missed an interest payment due on May 15 and subsequently entered a forbearance agreement with its lenders on May 23, it was reported. Andriy Blokhin – At Home has been grappling with liquidity constraints for months. As of now, it has roughly $17.3 million available under its asset-based lending facility, according to people familiar with the matter. Its $600 million first-lien term loan is trading at distressed levels — most recently quoted at just 38 cents on the dollar, Bloomberg reported. The retailer has also been seeking to restructure its balance sheet. In April, it was in discussions with some lenders over a proposal that could potentially transfer ownership of the company to creditors. At the time, sources said the company was evaluating multiple options to address its mounting financial pressures. Tariffs imposed by President Donald Trump have played a central role in disrupting the company's turnaround strategy. 3 The company has been navigating a worsening financial situation, compounded by the effects of US tariffs and ongoing uncertainty around global trade policies. Getty Images Even before the administration's April 2 tariff announcement, At Home had begun shifting manufacturing and supply chains away from China to mitigate exposure. In recent weeks, the company has accelerated its efforts to engage suppliers in other countries, including India. Despite a temporary liquidity boost in May 2023 — when the company raised $200 million through the sale of five-year senior secured notes and exchanged $442 million in unsecured bonds for payment-in-kind toggle notes — At Home has struggled to maintain revenue growth amid high borrowing costs and declining consumer demand.
Yahoo
13-05-2025
- Business
- Yahoo
HUB International secures $1.6bn investment at $29bn valuation
HUB International has secured a $1.6bn minority common equity investment, valuing the company at $29bn. In a statement issued on 12 May, HUB said that this valuation is the 'largest enterprise value to date' attained by a private insurance broker. The infusion was led by funds and accounts advised by T. Rowe Price Investment Management, Alpha Wave Global and Temasek, with additional contribution from other investors. HUB was valued at $4.4bn during Hellman & Friedman's initial investment in 2013. The Chicago-based insurance brokerage's valuation grew to $10bn during Altas Partners' minority stake acquisition in 2018 and soared to $23bn during Leonard Green & Partners' investment in 2023. HUB's annual revenue surged to $4.8bn in 2024 from $1.1bn in 2013. The latest infusion furthers HUB's commitment to shareholder liquidity via a Liquid Private Placement, introduced with Leonard Green & Partners' investment in 2023. Hellman & Friedman will continue to hold a controlling interest in HUB and the management team will also maintain a 'significant' equity stake. Altas and Leonard Green & Partners will remain 'significant' minority shareholders and retain their board representation. 'Lack of selling appetite allowed the investment proceeds to provide primary capital for growth initiatives and other general corporate purposes, such as acquisitions, debt repayments, and maintaining excess cash on HUB's balance sheet,' the brokerage said. HUB stated that the investment proceeds will not be used for secondary redemptions of current equity holders. Morgan Stanley Smith Barney and Goldman Sachs were financial advisors to HUB, while Simpson Thacher & Bartlett provided legal counsel for the deal, which is due to close by the end of this month. HUB International chairman and CEO Marc Cohen said: 'Our ongoing investments in innovation, proprietary products, and strategic M&A [mergers and acquisitions], along with our commitment to learning and development, has led to consistent performance and strength in our organic growth and new business generation.' Recently, HUB acquired the assets of Allegiant Global Partners, a US-based consultancy, as part of its expansion strategy. "HUB International secures $1.6bn investment at $29bn valuation " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
13-05-2025
- Business
- Yahoo
Hellman & Friedman launches Enverus sale
Private equity firm Hellman & Friedman has reportedly initiated the sale process for Enverus, a Texas-based energy software provider. The could value the company at approximately $6bn, reported Reuters citing sources familiar with the matter. The private equity firm has engaged Citi's investment bankers to manage the potential transaction. The sale has garnered interest from various private equity entities and industry companies, although it is still in the preliminary stages, the news agency cites sources as saying. The sale process is said to be in its early stages, with various options being considered. These include the possibility of selling a partial stake in Enverus. However, the sources cautioned that no agreement is guaranteed, the report said. Genstar Capital, which previously sold Enverus to Hellman & Friedman in 2021 for $4.25bn, retains a minority interest in the company. Citi and Genstar have declined to comment, while Hellman & Friedman and Enverus have not responded to requests for comment, Reuters said. Enverus is engaged in providing software, data, and analytics services to firms in the oil and gas sector. The platform offers comprehensive analytics and insights. It provides benchmark cost and revenue data sourced from over 95% of US energy producers and more than 40,000 suppliers. The company reportedly generates about $400m in annual EBITDA and could be valued at nearly 15 times that figure, according to the sources. In 2024, Bloomberg reported that Enverus' private equity backers were preparing for either a sale or an initial public offering of the business. "Hellman & Friedman launches Enverus sale" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
Hellman & Friedman launches sale process for US software maker Enverus, sources say
By Milana Vinn Private equity firm Hellman & Friedman has launched a sale process for Texas-based energy software maker Enverus in a deal that could value the company at around $6 billion, according to people familiar with the matter. The private equity firm is working with investment bankers at Citi on the potential sale, which has attracted interest from both private equity firms and other companies, said the people, who asked not to be named because the discussions are private. The sale process is in its early stages and multiple options are on the table, including selling a stake in Enverus, the people said, cautioning that no deal is guaranteed. Private equity firm Genstar Capital, which sold Enverus to Hellman & Friedman in 2021 for $4.25 billion, still has a minority stake in the tech company. Citi and Genstar declined to comment, while representatives for Hellman & Friedman and Enverus did not respond to Reuters' requests for comment. Austin, Texas-based Enverus provides data, analytics, and software solutions to oil and gas companies. Enverus generates around $400 million in annual earnings before interest, taxes, depreciation, and amortization (EBITDA) and is likely to be valued at close to 15 times its EBITDA, or $6 billion, the sources said. Bloomberg reported in 2024 that private equity owners of Enverus were preparing to explore a sale or IPO of the company. Private equity firms are under increasing pressure from investors to sell or IPO portfolio companies to return capital after a year of little activity. Last week, Reuters reported that Blackstone is exploring a $3 billion sale of Sphera, a sustainability software and consulting services provider. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
