CONSHOHOCKEN, Pa., May 3, 2021 /PRNewswire/ — David’s Bridal, LLC (the «Company»), the nation’s leading bridal and special occasion authority, announced today the closing of a $70 million term loan provided by CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board («CPP Investments»). The new term loan matures in 2024 and will be used by the Company to fund operations and for general corporate purposes.
As of closing on April 30, 2021, the Company had total unrestricted cash of $63 million and zero borrowings on its $125 million Revolving Credit Facility.
«Having successfully driven our retail service levels to best in class and modernized and digitized our marketing and customer interaction processes, David’s is executing well and accelerating its additional growth initiatives,» said Chief Executive Officer Jim Marcum. «We are experiencing strong momentum as COVID-related restrictions continue to ease, weddings return, and pent-up demand from last year plays out over the course of this year,» added Marcum. «CPP Investments is one of the largest and most respected investors in the world and their investment will help enable the Company to fully capitalize on the unique opportunity before us.»
Christine Pope, Board Chair of the Company and Managing Director at Oaktree Capital Management, L.P., added, «The management team at David’s has been extraordinarily successful in executing their transformation plan, despite the impacts of COVID, and this transaction further validates the confidence that we and other existing investors have in the Company, its team, and its strategy going forward.»
Mr. Marcum concluded: «I would like to thank all of our valued employees for their incredible efforts over this past year. Together, we confronted unprecedented challenges, adapted as necessary, and emerged stronger than ever before.»
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the Company’s legal advisor and Greenhill & Co., LLC served as financial advisor.
About David’s Bridal
With 70 years of experience dressing customers for all of life’s special occasions, David’s Bridal is built on the idea that everyone deserves to have the attire of their dreams regardless of style preference, shape, size, or budget. We believe in inclusivity, authenticity, and empowerment, and it is our mission to help anyone and everyone find the look that will allow them to be the best, most genuine version of themselves on their wedding day or any special occasion. David’s Bridal is dedicated to helping each customer, with the assistance of online planning tools, knowledgeable stylists, and expert tailors who will guide them through the entire purchasing journey. With more than 300 stores located across the US, Canada, UK, and franchise locations in Mexico, we offer the convenience of one-stop shopping for the entire wedding party and beyond. To learn more about David’s Bridal, visit www.DavidsBridal.com, and connect on social media through Instagram, YouTube, Pinterest, Facebook, Twitter, TikTok, and LinkedIn.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2020, the Fund totalled C$475.7 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
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SOURCE David’s Bridal, Inc.