95% of the orders at Hallmark Business Connections are processed online, CEO Tressa Angell says.
New owner Clayton, Dubilier & Rice values the company at $1.05 billion.
David’s Bridal Inc. is under new ownership, and the new owner, like the old one, is an investment banking group.
David’s Bridal, No. 344 in Internet Retailer’s 2012 Top 500 has been acquired by Clayton, Dubilier & Rice, a New York investment banking firm, from Leonard Green & Partners, another investment bank that acquired David’s Bridal for approximately $750 million in 2007.
Terms of the deal weren’t disclosed, but Clayton, Dubilier & Rice values the retailer’s current brand and assets at about $1.05 billion. As a private company, David’s Bridal doesn’t break out financial information. Both Clayton, Dubilier & Rice and Leonard Green & Partners also aren’t saying much about the reasoning and timing for the deal. “David’s Bridal is a unique and well-positioned specialty retailer competing in a large and stable industry,” says Clayton, Dubilier & Rice partner Richard Schnall.
As part of the deal Clayton, Dubilier & Rice operating partner Paul Pressler, former CEO of Gap Inc., will assume the role of chairman at the close of the transaction, which is expected to occur sometime in the fourth quarter. Debt financing for the deal is being provided by Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA and Morgan Stanley.
David’s Bridal, a specialty apparel retailer of wedding gowns and special occasion apparel, operates a network of about 300 stores in the U.S. and Canada.