New York City — Private equity firm Clayton, Dubilier & Rice plans to acquire David’s Bridal, Inc., for approximately $1.05 billion. The transaction is expected to close in the fourth quarter.
New York City — Clayton, Dubilier & Rice has entered into a definitive agreement to acquire David’s Bridal, Inc., the leading specialty retailer of bridal gown and wedding-related apparel and accessories in North America. Leonard Green & Partners will continue as a minority partner. The transaction values the company at approximately $1.05 billion.
“The CD&R team has a reputation for operational excellence and we welcome their ownership as we accelerate our growth strategies for the company and continue our commitment to providing the highest levels of style, quality and value to our customers,” says Robert D. Huth, president and CEO of David’s Bridal. “We are also pleased that Leonard Green will continue to be an investor.”
CD&R Operating Partner Paul Pressler, former CEO of Gap, Inc. and former senior Disney executive, will assume the role of chairman at the close of the transaction, expected in the fourth quarter.
Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, and Morgan Stanley have committed to providing debt financing for the transaction. Debevoise & Plimpton LLP acted as legal advisor to CD&R. Bank of America Merrill Lynch and Barclays acted as financial advisors and Latham & Watkins LLP acted as legal advisor to David’s Bridal.
Founded in 1978, Clayton, Dubilier & Rice is a private equity firm. For more information, visit www.cdr-inc.com.
With more than 300 locations across the U.S., Canada and Puerto Rico, David’s Bridal dresses one-third of all U.S. brides. For more information, visit www.davidsbridal.com.