CORRECTION, 8/29/12, 12:41 p.m. EDT: The original version of this article misstated Howard Sobel’s position at Latham. He is an M&A partner. We regret the error.
Debevoise & Plimpton and Latham & Watkins are advising on a deal in which private equity firm Clayton, Dubilier & Rice is saying “I do” to acquiring a majority stake in wedding attire retailer David’s Bridal Inc.
The deal, announced Tuesday, values Conshohocken, Pennsylvaniabased David’s Bridal at $1.05 billion. CD&R will acquire the majority stake through a secondary buyout from fellow private equity firms Leonard Green & Partners and TPG Capital, which began seeking a buyer for David’s Bridal earlier this summer, according to The New York Times. While CD&R’s announcement of the deal did not disclose the size of the stake it is acquiring, the private equity shop did note that Leonard Green will retain a minority stake.
David’s Bridal provides garments to brides and grooms, wedding parties, and prom-goers at more than 300 locations across North America. CD&R said in its announcement that it sees David’s Bridal as a growth asset and plans to expand the company into new markets and locations. The deal is expected to close in the fourth quarter of the year.
Debevoise is advising CD&R on the purchase, with a team led by New Yorkbased M&A cochair Paul Bird. Compensation and benefits partner Jonathan Lewis, M&A partner Jeffrey Ross, and tax partner David Schnabel are also advising. The firm has provided counsel to CD&R on a number of past deals, including last year’s $3.2 billion buyout of Emergency Medical Services Corporation. In 2007 The American Lawyer named Bird a Dealmaker of the Year in connection with his work on the $8.5 billion purchase of Home Depot’s wholesale distribution business by an investment group that included CD&R.
