BC Partners buys bridal wear manufacturer Pronovias

According to press reports, the deal valued the business at €550m EV. The GP is understood to have seen off competition from several private equity contenders, including KKR, Permira and Bain Capital, according to Spanish publication Expansión. The deal saw the GP acquire a reported 90% stake in the business for €495m from the founder Alberto Palatchi, who will retain a 10% holding. BC Partners was not available to comment on the transaction at the time of publication.

Following the transaction, BC managing partner Jean-Baptiste Wautier will become chairperson, while Palatchi will remain a member of the company's board. The company's CEO, Andrés Tejero, will retain his position. The company aims to expand its business across the US market.

Following the flotation of Amadeus in 2010 and the sale of Teknon in 2011, the deal is the GP's first investment in Spain in six years.

Company
Established in 1964 and headquartered in Barcelona, Pronovias manufactures bridal and cocktail dresses. The company owns several subsidiaries, including St Patrick, La Sposa and White One, and sells in 90 countries through multi-brand retailers as well as 45 own-brand stores.

According to Expansión, the business posted €145m in revenues and €50m of EBITDA in 2016.

People
BC Partners – Jean-Baptiste Wautier (managing partner).
Pronovias – Alberto Palatchi (founder); Andrés Tejero (CEO).

Advisers
Equity – UBS (M&A); Linklaters (legal); EY (financial due diligence).
Company – JP Morgan (M&A); Uría Menéndez (legal, tax); EY (financial due diligence).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Spain
• BC Partners