Private investment firms Bain Capital and MV Credit have agreed a deal to recapitalise Spanish bridal firm Pronovias, acquiring a controlling interest in the business in the process from majority shareholder BC Partners.
Financial terms of the transaction have not been revealed.
Founded by Alberto Palatchi in 1922, BC Partners acquired Pronovias in 2017, outbidding the KKR, Permira and Carlyle to acquire a 90% stake in the business in a €532 million deal.
The new sale and purchase agreement sees the majority ownership of the bridal group transferred to a “consortium of investors” led by its main creditor, Bain Capital, and the MV Credit. According to a statement, Pronovias will use the funding will be used to “strengthen its balance sheet” and it will also receive “a significant injection of new funds that will allow the company to fulfil its strategic plan.”
