Nota de prensa
PRONOVIAS GROUP ANNOUNCES AN AGREEMENT TO STRENGTHEN ITS CAPITAL STRUCTURE AND ACCELERATE GROWTH
Pronovias Group (the “Group”), a global leader in the bridal fashion industry, is pleased to announce that its principal shareholder BC Partners and a substantial majority of its senior and junior lenders have entered into a binding agreement to recapitalise the Group. The transaction will strengthen the Group’s balance sheet and provide significant new funding for the business to deliver its strategic plan.
As a result of the transaction, the Group will materially reduce its debt. The remaining debt maturities will be extended to provide the Group with runway to successfully implement its business plan. The Group will also benefit from better financial terms that will improve its liquidity profile and support greater reinvestment in the business.
As part of the transaction, the majority ownership of the Group will transfer to a consortium of investors led by Bain Capital and MV Credit (the “Consortium”). The Consortium is committed to the long-term future of the Group and will inject significant liquidity to fund a sustainable future for the business.
While the Group was negatively impacted by the COVID-19 pandemic, it maintains its position as the leading global bridalwear brand and is on track to generate strong double-digit sales growth in 2022, with year-over-year revenue growth of more than 40%.
Amandine Ohayon, Pronovias Group CEO commented:
“The Group will now have greater strength and the financial firepower to accelerate our business plan. Pronovias is the leading bridal fashion brand in the world, and we have all the necessary elements to keep on shaping this industry as it rebuilds following the pandemic. We are absolutely committed to the growth of the Group, jointly with our partners and suppliers, as well as our valued customers. We are grateful for the support that BC Partners has given us during these past five years, including the significant operational and financial support that enabled us to navigate the exceptional business challenges created by the pandemic. Thanks to the consortium, today we are on a strong footing and fully prepared to manage successfully our future development”.
Sandro Patti, a Managing Director at Bain Capital said:“We have been a significant lender to Pronovias for several years and know the business well. With a dedication to fashion-forward, innovative design, high quality fabrics and personalized service, the company is well-positioned to serve as the bridal brand of choice for the post-pandemic wedding boom. Going forward Pronovias will be able to leverage our successful track-record and deep expertise in the luxury brand and retail clothing sectors. We look forward to supporting the business both financially and operationally to ensure it achieves its potential.”
The Group will continue working closely with stakeholders to implement the transaction efficiently and is targeting completion in early 2023, subject to regulatory approvals.
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