Bridal fashion company Pronovias Group is set to fall into a new set of hands following an acquisition by a group of investors.
Majority ownership of the conglomerate, which operates the likes of Pronovias, Vera Wang Bride and House of St. Patrick, will be passed over to a newly formed consortium of investors led by firms Bain Capital and MV Credit.
According to a press release, the investors have reached a binding agreement with a vast majority of Pronovias’ senior and junior note creditors to carry out a recapitalisation of the Barcelona-based group.
The involved individuals will be responsible for injecting a “relevant volume of liquidity” into the company’s funding, and have been tasked with financing its next phase.
Speaking on the acquisition, Amandine Ohayon, executive director of the Pronovia Group, said: "The group is now going to have greater strength and the financial capacity necessary to accelerate our business plan.
“Pronovias is the world's leading bridalwear brand, and we have all the elements necessary to continue to shape this industry as it reactivates after the pandemic.
“We are absolutely committed to the growth of the group, together with our partners and suppliers, as well as with our valued clients.”
On completion of the acquisition, which is expected to close at the beginning of 2023, the company will further see a substantial reduction in its debt, largely due to the injection of capital by the consortium.