Spanish bridal fashion specialist Pronovias is about to change ownership and will receive additional funding. On Tuesday, the group announced that it had agreed on a transaction with its previous main shareholder, PC Partners, and other creditors that would enable the group to be recapitalized.
Accordingly, the majority stake in Pronovias will be transferred to a consortium led by the investment companies Bain Capital and MV Credit. The consortium is committed to “the long-term future of the group” and will “provide significant funds to finance future development,” according to a statement.
According to the Pronovias Group, the transaction will also “significantly reduce its debt”. In addition, the remaining liabilities now have more favorable conditions. The resulting improvement in the liquidity profile will enable higher reinvestments in the future, the group explained.