By Marietta Cauchi
LONDON---Clayton, Dubilier & Rice Inc. said Tuesday it had
agreed to buy U.S. wedding-dress retailer David's Bridal in a deal
valuing the company at $1.05 billion.
Following completion of the transaction, current joint owner TPG
Inc. will exit the business fully while co-owner Leonard Green
& Partners LP will roll over $85 million of its investment and
remain a minority partner in the business.
David's Bridal provides an assortment of designer wedding gowns,
special occasion dresses and accessories at affordable prices. Two
years ago it announced an exclusive partnership with wedding dress
designer Vera Wang for gowns priced under $1,500.
"The company's strong brand awareness, exceptional service
quality, deep product knowledge, and high performance levels are
unmatched in the bridal customer segment and that is why we are so
excited about the transaction," said CD&R partner Kenneth A.
Giuriceo.
Bank of America Merrill Lynch (BAC) and Barclays PLC (BCS)
advised David's Bridal on the sale. Bank of America Merrill Lynch,
Barclays, Goldman Sachs (GS) and Morgan Stanley (GS) are providing
debt financing.
Write to Marietta Cauchi at marietta.cauchi@dowjones.com
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