Today's Transactions <br> Clayton Dubilier & Rice to Buy David&#146;s Bridal for $1.05B

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Private equity firm Clayton Dubilier & Rice announced it will purchase wedding gown retailer David’s Bridal Inc. in a transaction that values the company at $1.05 billion.

Leonard Green & Partners LP, a Los Angeles private equity firm that bought the chain in 2006, will continue as a minority partner.

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.

David’s Bridal stores provide bridal gowns and wedding related apparel and accessories in 300 U.S. stores 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.

Clayton Dubilier has managed $18 billion in 52 U.S. and European businesses with portfolio companies that include Hertz, Breaksgroup, Atkore International and US Foods. The company also bought Illinois Tool Works’ decorative services business for $395 million in a deal in announced Aug. 16.

Leonard Green’s portfolio companies include the Container Store, J.Crew, Equinox, Whole Foods and Petco.

Debevoise & Plimpton LLP is advising Clayton Dubilier on the deal.

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