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Non-Tech : Restoration Hardware - (RSTO)

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From: Glenn Petersen	10/23/2012 9:34:20 AM
	of 76

Restoration Hardware Sets Price Range for I.P.O. By DEALBOOK DealBook New York Times October 23, 2012, 8:10 am Restoration Hardware said in a filing on Tuesday that it planned to sell 5.2 million shares at $22 to $24 a share in an initial public offering. At the midpoint of that price range, the company would have a market value of more than $850 million. Restoration Hardware is being classified as an “emerging growth company” under the Jumpstart Our Business Start-Ups Act, or the JOBS Act, which was enacted this year to ease the regulatory burden for companies that want to go public. An I.P.O. has been long awaited for the specialty home furnishings retailer, which was taken private in 2008 by the private equity firms Catterton Partners and Tower Three Partners and its top executive at the time, Gary Friedman, for about $175 million. Related Links The amended S-1 Mr. Friedman recently stepped down as co-chief executive and chairman after an internal inquiry into a personal relationship with a 26-year-old female employee. Mr. Friedman, who still owns 17.6 percent of the company, is an adviser to the company and board, with the title of creator and curator, as well as chairman emeritus of the board. The amended S-1 filing gives details on a five-year advisory services agreement between the company and Mr. Friedman, whose termination date was Oct. 20. The agreement calls for an annual fee of $1.1 million. Mr. Friedman can also earn a minimum annual bonus of $500,000 if certain performance goals are met. Bank of America- Merrill Lynch and Goldman Sachs are leading the underwriting of the offering. Restoration Hardware’s shares are set to trade on the New York Stock Exchange under the ticker symbol RH. dealbook.nytimes.com

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