Desigual and Enduring Ventures submit binding takeover offers for Pronovias

The Spanish bridal fashion retailer Pronovias is currently in a bidding war. The Spanish clothing retailer Desigual and the US investment fund Enduring Ventures, among others, made takeover offers for the company, which according to reports is about to file for bankruptcy.

It’s the latest chapter in the Spanish bridal group’s decline. This began with the sale of Pronovias by Alberto Palatchi to the British private equity fund BC Partners in 2017. The transaction is seen as the cause of the financial difficulties that the company has faced since then.

Since December 2022, Pronovias has belonged to the private equity firms Bain Capital and MV Credit, which was taken over by the US company Clearlake in September 2024. The current owners have recently made unsuccessful attempts to revitalize the bridal fashion specialist. At the end of November 2025, they initiated a sales process, which, however, failed. They then pursued a new strategy to completely sell Pronovias’ capital.

The takeover is to take place as part of insolvency proceedings

At the end of January, initial reports emerged that Capital and Clearlake had decided to initiate a legal “pre-pack” process to accelerate and complete the sale of Pronovias. This approach was justified by the impending insolvency of the bridal fashion group. Under the supervision of the relevant commercial court in Barcelona, ​​the consulting firm FTI Consulting was appointed as an independent expert for the first phase of the process. For this phase, the group’s owners also agreed on the dismissal of Cristina Alba Ochoa. She has been at the helm of Pronovias as CEO since July 2025.

At the end of last year, management of the company was placed in the hands of Abencys, a law firm specializing in restructuring. Since then, it has been led by a team that included Esther Alfonso, Antonio Arenas and Luis Martín, one of the founding partners of Abencys. Martín then took over as Chairman of the Board of Directors of the Pronovias Group.

The offers are currently being examined

As part of this first “pre-pack” phase, various investment funds and interested companies submitted takeover offers. According to the business newspaper El Economista, FTI Consulting’s schedule was to complete the bid submission process in the last week of March. This should be followed by a two-week period for interested parties to carry out a due diligence check on Pronovias. This phase is now reportedly complete.

According to reports, FTI Consulting is now in the process of completing the review of the various bids received for Pronovias. This process is expected to take just a few days. Once a decision is made, it will be communicated to the group’s management. Among the proposals, the binding offers from the Spanish fashion company Desigual and the US investment fund Enduring Ventures are considered the most promising.

Once FTI Consulting has selected the best offer for Pronovias, management will initiate the usual steps for such a process. It will file an application for voluntary insolvency and attach the offer from the selected bidder.

Pronovias continues to trend downwards

This begins the second phase of the “pre-pack” process. This is to be completed with the accelerated sale of the Pronovias business unit to the selected bidder following court approval.

According to reports, Pronovias closed the most recent fiscal year 2025 with annual sales of 88 million euros. This corresponds to a decrease of 15.4 percent compared to the previous year. The loss before interest, taxes, depreciation and amortization (EBITDA) amounted to nine million euros. The company thus continued its negative trend that has been ongoing since 2019.