David’s Bridal completes $ 70 million new capital investment with CPP Investments

CONSHOHOCKEN, PA., May 3, 2021 / PRNewswire / – David’s Bridal, LLC (the “Company”), the nation’s leading authority on weddings and special occasions, today announced the closing of a $ 70 million term loan provided by the Agency’s Credit Investment Board Inc., a subsidiary of the Canada Pension Plan Investment Board (“CPP Investments”). The new term loan matures in 2024 and will be used by the company to finance its operations and for general corporate purposes.

At the close of April 30, 2021, the company had total unallocated cash of $ 63 million and zero borrowing on its $ 125 million Revolving credit facility.

“Having successfully upgraded our retail service levels and modernized and digitized our marketing and customer interaction processes, David’s is executing well and accelerating further growth initiatives,” said the CEO Jim marcum. “We are seeing strong momentum as COVID-related restrictions continue to ease, marriages return and last year’s pent-up demand plays out over this year,” Marcum added. “RPC Investments is one of the largest and most respected investors in the world and their investment will enable the company to take full advantage of the unique opportunity before us.”

Christine pope, Chairman of the Board of Directors and Managing Director of Oaktree Capital Management, LP, added, “David’s management team has been extremely successful in executing its transformation plan, despite the impacts of COVID, and this transaction further confirms the confidence that we and other existing investors have in the company, its team and its strategy for the future. “

Mr. Marcum concluded: “I would like to thank all of our valued employees for their incredible efforts over the past year. Together, we have faced unprecedented challenges, adapted as needed, and we have emerged stronger than ever.

Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to the company and Greenhill & Co., LLC as financial advisor.

About David’s Bridal
With 70 years of experience dressing clients for all of life’s special occasions, David’s Bridal is built on the idea that everyone deserves their dream outfit, regardless of their style preferences, its shape, size or budget. We believe in inclusiveness, authenticity and empowerment, and our mission is to help everyone find the look that will allow them to be the best and most authentic version of themselves on their day. their wedding or for any special occasion. David’s Bridal is dedicated to helping every customer, with the help of online planning tools, experienced stylists and expert tailors to guide them through the buying journey. With over 300 stores located in the US, Canada, UK and franchises in Mexico, we offer one-stop convenience for the entire wedding party and beyond. To learn more about David’s Bridal, visit www.DavidsBridal.comand connect to social networks via Instagram, Youtube, Pinterest, Facebook, Twitter, TIC Tac, and LinkedIn.

Media contact:
David’s bride
[email protected]

About CPP Investments

The Canada Pension Plan Investment Board (RPC Investments ™) is a professional investment management organization that manages the Fund in the best interests of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified asset portfolios, investments are made around the world in public stocks, private stocks, real estate, infrastructure and fixed income securities. Based at Toronto, with offices in Hong Kong, London, Luxembourg, Bombay, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently from the Canada Pension Plan and at arm’s length from governments. AT December 31, 2020, the Fund has totaled $ 475.7 billion Canadian. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

SOURCE David’s Bridal, Inc.

Related links


Source link

About Brenda Brown

Check Also

Closed wedding ceremonies to explode during May 1 holiday

A traditional Chinese wedding ceremony takes place in Guiyang, Guizhou Province on November 16, 2020. …

Leave a Reply

Your email address will not be published. Required fields are marked *