David’s Bridal plans to separate its Pearl division, with Pearl changing into an impartial public firm providing a digital marriage ceremony planning, media and commerce platform, the corporate stated in a Thursday (Oct. 22) press release.
To allow this alteration, David’s Bridal and particular goal acquisition firm (SPAC) Okay&F Growth Acquisition Corp. II have entered right into a non-binding letter of intent concerning a proposed enterprise mixture that may make Pearl a standalone, publicly traded firm, in accordance to the discharge.
The non-binding letter of intent entails David’s Bridal separating Pearl right into a standalone enterprise that can enter right into a enterprise mixture with Okay&F and values Pearl at a professional forma enterprise worth of about $350 million, the discharge stated.
David’s Bridal and Okay&F anticipate to shut the proposed transaction in the primary half of 2027, although they make no assurances that it will likely be consummated in any respect, per the discharge.
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David’s Bridal retail shops will stay unaffected by the deliberate separation and can function as traditional. David’s Bridal is predicted to stay a cloth shareholder in Pearl, the discharge stated.
Pearl is predicted to be led by Kelly Cook as its CEO and Elina Vilk as its president following the proposed enterprise mixture. Cook is at the moment CEO of David’s Bridal and has been with the corporate since 2019. Vilk is at the moment president and chief enterprise officer of David’s Bridal and has been with the agency since 2024, per the discharge.
Cook stated in the discharge: “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. With Pearl’s agentic technology and proven business models, 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-CEO of Okay&F, stated in the discharge: “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-CEO of Okay&F, stated: “We look forward to partnering with Kelly, Elina and the Pearl team and believe our capital markets and [mergers and acquisitions] expertise will help accelerate Pearl’s growth.”
David’s Bridal launched Pearl Connect, an AI-powered platform linked to Pearl Planner, its shopper marriage ceremony planning platform, in September to join native enterprise and {couples} who’re planning weddings, Vilk instructed PYMNTS CEO Karen Webster in an interview posted in September.
According to the Thursday press launch, Pearl’s ecosystem consists of these two choices in addition to Pearl’s Digital Content Network.
