LONDON — Private equity firm BC Partners has agreed to purchase a majority stake in Barcelona-based bridalwear company Pronovias.
The transaction, which is expected to be completed in the third quarter, will see the company’s founder and current sole owner Alberto Palatchi retain a minority stake and remain involved in the firm as a member of the board of directors.
As part of the acquisition, BC Partners said it will spearhead Pronovias’ development in the U.S. Its collections, which mainly consist of bridal and cocktail dresses, are currently sold through 3,800 retailers and 45 directly operated stores.
The terms of the transaction were not disclosed.
Palatchi will continue in his role as chairman until the transaction is completed and will then be succeeded by Jean-Baptiste Wautier, who will work alongside the company’s current management team, including chief executive officer Andrés Tejero.
“Pronovias benefits from a portfolio of strong brands, decades of market presence, outstanding design capabilities and highly distinctive corporate culture,” said Wautier. “We look forward to our partnership with Alberto Palatchi to pursue an ambitious growth strategy, fueled by investments in sales and marketing, product innovation, operational excellence and selective acquisitions.”
Palatchi added that he was drawn to BC Partners’ “track record of developing family-owned businesses and helping them realize their full potential.”
BC Partners has more than 15 billion euros of assets under management. Pronovias will be one of the few fashion retail brands in its portfolio, which includes the U.K.-based restaurant chain Cote, U.S. cable operator Altice and the Turkish food retailer Migros. Italian high-street retailer Gruppo Coin is also part of the firm’s investment portfolio.