David’s Bridal just days from bankruptcy; AGS Health goes on the block; Ardian picks up billion-dollar-plus portfolio from Florida SBA
Morning, Hubsters! How is everyone?
Due to technical issues, the morning wire is late. Our apologies.
Let’s get right to it. The bankruptcy of David’s Bridal looks like it will happen in just “days,” according to the Wall Street Journal. The retailer is in talks with its lenders as it wraps up a prepackaged bankruptcy deal that will see it survive, the story said.
Anyone who has seen a raging bridezilla realizes that David’s Bridal cannot shut down. They just can’t. The retailer plans to emerge from a “speedy court process” with its stores intact and continue its day-to-day business, the WSJ said. Looks like the wedding is on.
David’s Bridal is backed by CD&R and Leonard Green.
There’s also deal news this morning.
New Mountain has found a buyer for Information Resources Inc. This morning, Vestar Capital Partners said it is investing in IRI, which provides market-measurement data and services to healthcare organizations, retailers and media. No financial terms were disclosed but New Mountain and Vestar will jointly govern IRI. Reuters reported in July that Partners Group was near a deal to buy IRI for more than $2 billion. See our brief here.
Riverside Co is also selling TEAM Technologies to Clearlake Capital Group. TEAM Technologies, of Morristown, Tennessee, makes dental and cosmetic tools. The WSJ reported in August that TEAM was up for sale.
Mercer Advisors Inc, a portfolio company of Genstar Capital, has done another deal. This time they’re buying Financial & Investment Management Group Ltd. Financial terms weren’t announced. Check out our brief here.
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