David’s Bridal Announces Planned Separation of Pearl, Creating an Independent Digital Wedding Planning, Media and Commerce Platform; Signs Letter of Intent for Proposed Business Combination Between Pearl and K&F Growth Acquisition Corp. II
Key Highlights
- ➤Pearl separation and SPAC deal value Pearl at approximately $350 million enterprise value
- ➤Proposed $75 million PIPE includes CION’s proposed $25 million anchor investment
- ➤Pearl forecasts over 100% 2027 revenue growth to more than $85 million
- ➤Pearl forecasts greater than 30% EBITDA margins and positive free cash flow in 2026
- ➤Transaction is expected to close in the first half of 2027, subject to approvals
Expert Statements
Kelly Cook, Chief Executive Officer of David’s Bridal
“This is an exciting milestone in David’s Bridal’s 75-year history and a defining moment for our future”
Kelly Cook, Chief Executive Officer of David’s Bridal
“Pearl is shaping the next generation of wedding planning, and this next step will give both businesses room to grow independently while continuing to strengthen each other.”
Kelly Cook, Chief Executive Officer of David’s Bridal
“With Pearl’s agentic technology and proven business model, combined with David’s Bridal’s strong brand and retail presence, we see tremendous opportunities to help more couples plan their weddings and connect with vendors who can bring their visions to life.”
Dan Fetters, Co-Chief Executive Officer of K&F Growth Acquisition Corp. II
“We were drawn to Pearl’s compelling trifecta of established profitability, highly attractive growth potential and unlevered pristine balance sheet, which, in combination, we believe will create substantial public shareholder value”
Edward King, Co-Chief Executive Officer of K&F Growth Acquisition Corp. II
“Pearl pairs longstanding relationships across the wedding industry with an asset-light software and media monetization model.”
Edward King, Co-Chief Executive Officer of K&F Growth Acquisition Corp. II
“We look forward to partnering with Kelly, Elina, and the Pearl team and believe our capital markets and M&A expertise will help accelerate Pearl’s growth.”
David’s Bridal Announces Planned Separation of Pearl, Creating an Independent Digital Wedding Planning, Media and Commerce Platform; Signs Letter of Intent for Proposed Business Combination Between Pearl and K&F Growth Acquisition Corp. II
Proposed business combination would establish Pearl as a standalone public company, acquiring David’s Bridal’s intellectual property and bringing together wedding inspiration, planning, media, commerce and vendors in one integrated ecosystem
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