Bridal and special occasion authority, David’s Bridal, announced the closing of a $70 million investment, which the company plans to use to fund operations and corporate expenses.
“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.”
The term loan, which matures in 2024, has been provided by CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board (“CPP Investments”).
“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,” said Marcum.
As of closing on April 30, 2021, the retailer had total unrestricted cash of $63 million and zero borrowings on its $125 million revolving credit facility.
The news follows David’s Bridal’s latest appointment of Bryan Dow as vice president of global creative and brand marketing, as well as a series of moves the bridal retailer has made this past year to enhance its omnichannel experience. The company recently announced the launch of Diamond, a loyalty program powered by Popwallet; the acquisition of online wedding destination, Rustic Wedding Chic; the launch of 3D and AR technologies; a partnership with The Black Tux; a partnership with buy now, pay later (BNPL) payment solution provider Affirm and the rollout of a virtual stylist and appointment experience.
