Waterworks Joins RH for Integrated Luxury Home Platform

April 13, 2016  by in Business Strategy, Industry   

It offers a complete collection for every room of the home to both design professionals and consumers.

“We enter this new partnership with a great sense of excitement and pride,” said Peter Sallick, CEO of Waterworks. “We have come to know RH as a special company with both the scale to make a difference and the high touch and creative leadership to see the world at a personal level. We’ve admired RH for their unique partnerships with designers and artisans from around the globe, their ability to reimagine the retail experience through the adaptive reuse of historic and architecturally iconic buildings, and for the passion and innovation they bring to our market.”

Sallick and Ralph Bennett will continue to lead the Waterworks brand independently from their headquarters. 

The transaction is valued at approximately $117 million and will be funded from RH’s existing cash balances. It is expected to close during the second quarter of fiscal 2016 and until that time the two businesses will continue to operate as separate entities. 

“There are certain brands that define their categories, and we believe that Waterworks is one such brand,” said Gary Friedman, chairman and CEO of RH. “We have long-held great admiration and respect for the esteemed brand and business the Sallicks have built, and feel honored and privileged to be partnering with the entire Waterworks team, as we combine forces to further redefine the industry.”