David’s Bridal Sold to Buyout Firm
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.
