New York—A private equity firm said Tuesday that it has agreed to buy David’s Bridal in a deal valuing the bridal retailer at $1.05 billion. Clayton, Dubilier & Rice Inc. (CD&R) said Tuesday it has agreed to buy the company from Leonard Green & Partners and TPG Inc. Under terms of the agreement, Leonard Green will remain a minority partner with about $85 million invested. Meanwhile TPG will exit the business when the deal is completed.
David’s Bridal, which claims to be the biggest wedding website, carries an assortment of designer wedding gowns, special occasion dresses and accessories at affordable prices. Two years ago it entered into an exclusive partnership with Vera Wang for wedding dresses under $1,500.
“The company’s strong brand awareness, exceptional service quality, deep product knowledge, and high performance levels are unmatched in the bridal customer segment and that is why we are so excited about the transaction,” said CD&R partner Kenneth A. Giuriceo.
Bank of America Merrill Lynch and Barclays PLC advised David’s Bridal on the sale. Bank of America Merrill Lynch, Barclays, Goldman Sachs and Morgan Stanley are providing debt financing.
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