(Reuters) At Home Stores LLC has selected banks to prepare for an initial public offering that could value the home decor chain at around $1 billion, including debt, people familiar with the matter said on Monday.
The Plano, Texas-based big box retailer, owned by private equity firm AEA Investors LP, has picked Goldman Sachs Group Inc and Bank of America Corp to lead a potential IPO that could come later this year, the people said.
The people declined to be named because the matter is not public. Representatives for At Home, AEA Investors, Goldman Sachs and Bank of America declined to comment.
At Home, which was founded in 1979 and operates 88 stores throughout the South and Midwest selling items such as rugs, wall decor and furniture, changed its name from Garden Ridge as part of a rebranding effort last year. The company competes with retailers such as Wal-Mart Stores Inc, Bed Bath & Beyond Inc and Home Depot Inc.
AEA acquired At Home in October 2011 for $715 million from investment firm Three Cities Research.
At Home generates annual revenue of over $400 million, according to Moody’s Investor Service.