Clayton, Dubilier & Rice to buy wedding dress retailer David's Bridal for $1.05 bn
29 Aug 2012
Clayton, Dubilier & Rice, one of the world's oldest private equity firms, yesterday said that it would buy David's Bridal Inc, in a deal that value the wedding dress retailer at $1.05 billion.
Clayton, Dubilier & Rice is buying David's Bridal from buyout firms Leonard Green and TPG Capital. Leonard Green will retain a minority stake.
Leonard Green and TPG Capital had acquired the 60 year-old retailer in 2007 from Federated Department Stores for $750 million. (Federated Department Stores was renamed Macy's Inc in 2007).
Leonard Green and TPG Capital had put David's Bridal up for sale in June and several interested suitors including Kohlberg Kravis Roberts & Co had made it to the final round of the auction, several media reports had earlier said.
Founded in 1950, Pennsylvania-based David's Bridal is the largest bridal-store chain in the US with more than 300 stores in 45 states, Canada and Puerto Rico.
The company was formerly known as Phillie Bridals, Inc. and changed its name to David's Bridal, Inc. in 1995.
Its products include wedding and prom gowns, tuxedos, veils, shoes, handbags, gloves, ribbons, and jewellery. It also offers gift items, toast glasses, bookmarks, and music compact discs. The company also provides invitation card designing and ceremony and reception decoration services.
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