Private equity firm Clayton Dubilier & Rice has completed the acquisition of David’s Bridal Inc. for $1.05 billion.
David’s Bridal sells wedding gowns and other special-occasion dresses through 300 U.S. and five Canadian stores. Known for its affordable prices, Conshohocken, Pa.-based David’s Bridal also has partnerships with designers like Vera Wang and Oleg Cassini.
Previous owner Leonard Green & Partners LP will retain a minority stake in the company. The Los Angeles private equity firm bought the chain in 2006.
The auction, managed by Bank of America Merrill Lynch, reportedly stalled in July due to suitors losing interest, and partial owner TPG was reconsidering the sale. TPG teamed with Leonard Green in 2007 to acquire the chain for about $750 million.
Clayton Dubilier has managed $18 billion in 52 U.S. and European businesses with portfolio companies that include Breaksgroup, Atkore International and US Foods.
Leonard Green’s portfolio companies include the Container Store, J.Crew, Equinox, Whole Foods and Petco.
The deal was announced on Aug. 28.