New York -- Private equity firm Clayton, Dubilier & Rice on Tuesday announced a definitive agreement to acquire the 300-store David’s Bridal in a deal that values the bridal dress retailer at $1.05 billion.
Leonard Green & Partners will remain a minority partner. CD&R operating partner Paul Pressler, former CEO of Gap Inc. and former senior Disney executive, will assume the role of chairman at the close of the transaction, expected in the fourth quarter.
"David's Bridal is a unique and well-positioned specialty retailer competing in a large and stable industry," said Richard J. Schnall, a partner at CD&R. "We look forward to working closely with the company to build on its market leadership and scale advantages to grow in new market segments, channels, and geographies."
In2007, David’s Bridal was sold by Federated Department Stores to an affiliate of Leonard Green for approximately $750 million in cash. The company currently operates more than 300 stores iacross the United States , Canada and Puerto Rico.