Equity firm seeks hand of David’s Bridal
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Private equity firm Leonard Green & Partners is close to an agreement to acquire Federated Department Stores Inc.’s David’s Bridal Inc. unit for less than $1 billion, sources familiar with the situation said Thursday.
An agreement could be announced as early as next week, one source said. Federated declined to comment. Los Angeles-based Leonard Green could not be immediately reached for comment.
Federated had aimed to reach a deal by the end of its third quarter, which ends today, but a final pact may not be signed until the beginning of the fourth quarter, sources said.
The purchase price is expected to be “well above” the $600-million estimate by some media outlets but less than the $1-billion goal Federated initially set, one source said.
The bridal chain, based in suburban Philadelphia, operates 260 locations nationwide, offering discount-priced wedding and formal dresses and accessories. Federated’s bridal unit also operates After Hours Formalwear tuxedo rental stores and 11 Priscilla of Boston Inc. stores.
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