David’s Bridal Inc will be sold to
private equity firm Clayton, Dubilier & Rice in a deal that
values the wedding dress retailer at $1.05 billion, Clayton,
Dubilier said on Tuesday.
David’s Bridal, a 300-store chain with a 60-year history,
offers moderately priced wedding gowns and accessories, and in
recent years has increased its higher end offerings, including a
line designed by Vera Wang.
Federated Department Stores Inc, which was renamed Macy’s
Inc in 2007, sold its David’s Bridal business that year to
an affiliate of Los Angeles-based buyout firm Leonard Green &
Partners for approximately $750 million in cash.
Leonard Green will remain a minority partner in David’s
Bridal.
Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank
USA, and Morgan Stanley committed to providing debt financing
for the transaction.
Debevoise & Plimpton LLP was legal adviser to Clayton,
Dubilier & Rice. Bank of America Merrill Lynch and Barclays
acted as financial advisers and Latham & Watkins LLP acted as
legal adviser to David’s Bridal.
via David’s Bridal sold to buyout firm for $1.05 billion – chicagotribune.com.