By Tess Stynes
Private-equity firm Clayton Dubilier & Rice Inc. agreed to
acquire David's Bridal Inc. in a deal that values the company at
roughly $1.05 billion.
Leonard Green & Partners L.P. will remain a minority partner
in the specialty retailer. Further terms of the deal, expected to
close in the fourth quarter, weren't disclosed.
TPG Inc. and Leonard Green acquired David's Bridal in 2007 for
$750 million.
The planned deal was reported last week by the New York Post,
which said the 300-store chain had been expected to bring in about
$900 million. In addition to its U.S. store, David's Bridal also
has five stores in Canada.
Clayton Dubilier & Rice partner Paul Pressler, who is a
former chief executive of Gap Inc. (GPS) and a former senior
executive at Walt Disney Co. (DIS), will be chairman.
The New York Post and this newswire are owned by News Corp.
(NWS, NWSA).
Write to Tess Stynes at Tess.Stynes@dowjones.com
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