Alberini becomes sole CEO; founder Friedman now an adviser
CORTE MADERA — RH, the new name for luxury home furnishings seller Restoration Hardware, plans to raise up to $150 million in an initial public offering sometime in 2012, according to a regulatory filing today.
The company will offer those shares on the New York Stock Exchange under the symbol “RH,” according to the amended filing with the U.S. Securities & Exchange Commission.
The Corte Madera-based company was purchased in 2008 by a coalition of private equity investors called Home Holdings LLC, and first filed an intention to go public in September 2011. Proceeds would help pay debts from its line of credit with Bank of America N.A., according to the filing.
The amended filing also shows that Carlos Alberini will serve as the sole chief executive officer of the company. Previously, he shared the role with founder Gary Friedman. Mr. Friedman remains with the company in an advisory role.
The initial stock price has yet to be set.
Home Holdings, which includes private equity funds Catterton, Tower Three and Glenhill, will remain the largest holder of common stock after the offering. The company said it does not intend to offer dividends for shareholders.
Bank of America, N.A. and Golden, Sachs & Co., are underwriting the sale.
For the fiscal year ended Jan. 30, RH distributed about 26.1 million catalogs. Net revenue was $958.1 million in that period, up from $625.7 million in 2009.
Under the direction of its new owners, the company reduced the number of stores from 95 in January 2011 to 74 stores and 10 outlets in the U.S. and Canada as of April of this year.
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