Four investment firms vie to win Spanish wedding company Pronovias
Pronovias is close to getting a new owner. The Spanish wedding apparel group is in search of a buyer and, according to the Spanish business newspaper Expansión, the winning bid will be chosen from a field of four investment firms who wish to assume total control of the company.
The venture capital firms KKR, Permira, Bain Capital and BC Partners are in the final stages of negotiation to take control of the company, whose value is set at 300 million euros including Pronovias’ debt.
According to the sources cited by the paper, the selection of the buyer will take place over three weeks. Alberto Palatchi, the company’s current owner, would step down from the family company which was founded in 1922.
The Pronovias group began business as a lace and trimmings store in Barcelona. Today it has a presence in more than 100 countries, with 150 stores and more than 4,000 points of sale. In 2016, the company’s estimated sales reached 145 million euros.
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