It’s official: David’s Bridal is hitched.
Confirming an exclusive Aug. 23 report by The Post, the wedding-dress retailer said yesterday it has agreed to be acquired by private-equity firm Clayton, Dubilier & Rice. In a written announcement, the firms valued the deal at $1.05 billion.
“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.
David’s Bridal has more than half of the market share in the $600-and-under bridal-gown market and a “much lower” share in prices $800 and higher, Brian Milligan, an S&P analyst, wrote in a note last month, according to Bloomberg News.
In 2010, David’s Bridal, based in Conshohocken, Pa., cut an exclusive deal with Vera Wang for wedding gowns priced $1,500 and under.
The 300-store chain was purchased from buyout firms TPG and Leonard Green & Partners, which paid $750 million in 2007 to acquire it from Federated Department Stores, the predecessor company to Macy’s.
Leonard Green, however, will retain a relatively small minority stake worth about $85 million.
jcovert@nypost.com


