Clayton, Dubilier & Rice, a private equity investment firm, has signed a deal to acquire the multichain retailer David’s Bridal Inc.
This story first appeared in the August 29, 2012 issue of WWD. Subscribe Today.
The company is valued at about $1.05 billion but other terms of the deal were not disclosed. As part of the agreement, Leonard Green & Partners will continue as a minority partner.
CD&R operating partner Paul Pressler, who previously worked as chief executive officer of Gap Inc. and as chairman of global theme parks and resorts at Disney, will take on the role of chairman when the deal is finalized. The transaction is expected to be completed before the end of the year.
Founded more than 60 years ago, David’s Bridal has 300-plus stores across the U.S. and five in Canada. Through a exclusive partnership with Vera Wang, the retailer is the sole distributor of the White by Vera Wang label. Before a formal tea and presentation with Wang last month at Per Se, David’s Bridal president Robert Huth said the company plans to open two stores in the U.K. next year.
The retailer, which sells affordable wedding gowns, bridesmaid dresses, special occasion dresses and accessories, offers the Oleg Cassini, Galina Signature, Galina, David’s Bridal Collection and DB Studio labels.
Since Joseph Rice III started CD&R in 1978, it has managed the investment of more than $18 billion in 52 U.S. and European businesses with an aggregate transaction value of more than $80 billion. The firm deals with an assortment of businesses in various categories including Sally Beauty Holdings, Hertz, the electrical and metal manufacturer Atkore International and Hussmann, a maker of refrigerated display merchandise. Rice not available for immediate comment Tuesday morning.