David's Bridal and CION Investment Corporation Complete Successful Transaction and Announce Plans for Go-Forward Industry Leading Bridal Company
24 Julio 2023 - 8:49AM
Business Wire
David’s Bridal Brand to Continue as the
Nation’s Foremost Bridal and Special Occasion Authority
Go-Forward Company Consists of Up to 195
Physical Stores and Industry-Leading Digital Commerce Platform
David's Bridal, LLC ("the Company"), the nation's leading bridal
and special occasion authority, today announced that it has
successfully closed its transaction with CION Investment
Corporation (NYSE: CION) (“CION”), a leading publicly listed
business development company, for the sale of substantially all of
the Company’s assets (the “CION Transaction”).
Through the CION Transaction, David’s Bridal will continue
operations at up to 195 stores, preserving 7,000 jobs across the
U.S. CION has invested $20 million into the new business to fund
future growth and has assumed certain bankruptcy-related
liabilities. Additionally, Bank of America will continue to provide
financing to enhance the business’ financial flexibility through a
$50 million revolving credit facility and a $20 million term loan
facility.
"Today's announcement marks the beginning of David's next era,
and with CION's partnership fully solidified, we are excited to
continue to serve brides and customers well into the future,” said
Jim Marcum, Chief Executive Officer of David’s Bridal. “We believe
that the results of our competitive sale process represent the best
outcome for our stakeholders, as it provides us with the time and
resources to drive forward in implementing our strategic vision. I
would like to thank our valued employees, who we call Dream Makers,
for their extraordinary devotion to creating magical moments for
our customers. In our 70-year history, we have dressed more than 70
million customers for the best and most memorable moments of their
lives, and we expect to be dressing millions more for decades to
come.”
“We believe this transaction to substantially reduce the
company’s debt burden and store portfolio will enhance the
company’s ability to benefit from the expected post-COVID rebound
in wedding activity and position the company for future success,”
said Gregg Bresner, CION’s President and Chief Investment Officer.
Mark Gatto, CION’s Co-Chief Executive Officer added, “Our long
experience with the operations and management of David’s Bridal and
our position as a secured lender enabled us to facilitate a
consensual bankruptcy exit transaction that we believe provides
strong value to the company’s employees, vendors, landlords,
business partners and customers as well as to our
shareholders.”
Advisors
Kirkland & Ellis LLP and Cole Schotz P.C. are serving as
legal counsel, Houlihan Lokey Capital, Inc. is serving as
investment banker, BRG is serving as financial and restructuring
advisor, Osler, Hoskin & Harcourt LLP is serving as Canadian
legal counsel, C Street Advisory Group is serving as strategy and
communications advisor, and Omni Agent Solutions is serving as
claims and noticing agent to David’s Bridal.
About David's Bridal
With 70 years of experience dressing guests for all of life’s
special occasions, David’s Bridal is built on the ethos of making
dreams happen. We believe everyone deserves to have the dress of
their dreams regardless of style, preference, shape, size, or
budget. As Dream Makers, we are kind, enthusiastic, and bold. We
live to serve her, 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 innovating solutions which
serve her including Pearl by David’s, which includes a wedding
website, a universal wedding registry, a robust wedding checklist,
and a new vendor marketplace which beautifully pairs brides to
their perfect vendor partners. David’s also launched the industry’s
only loyalty program Bridal Diamond Loyalty Program. This program,
with over 2 million members, provides perks and deals from partners
like The Black Tux, Shutterfly, Mally Beauty, Little Tuxedos,
Diamond Nexus, and much more, plus provides brides an opportunity
to win a free honeymoon. With more than 190 stores located across
the US, Canada, and franchise locations in Mexico, we offer the
convenience of one-stop shopping for every magical event in her
life including weddings, Quinceañera, graduations, prom,
communions, or simply making the world her runway and beyond.
David’s recently launched #frontlinefierce Philanthropy Program
dedicated to amplifying the heroism, fearlessness, and bravery of
those who serve others in their community. To learn more about
David’s Bridal, visit www.DavidsBridal.com, download the Planning
App, and connect on social media through Instagram, YouTube,
Pinterest, Facebook, Twitter, TikTok, and LinkedIn.
About CION Investment Corporation
CION Investment Corporation is a leading publicly listed
business development company that had approximately $1.9 billion in
assets as of March 31, 2023. CION seeks to generate current income
and, to a lesser extent, capital appreciation for investors by
focusing primarily on senior secured loans to U.S. middle-market
companies. CION is advised by CION Investment Management, LLC, a
registered investment adviser and an affiliate of CION. For more
information, please visit www.cionbdc.com.
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