David’s Bridal Announces Planned Separation of Pearl, Creating an Independent Digital Wedding Planning, Media and Commerce Platform; Signs Letter of Intent for Proposed Business Combination Between Pearl and K&F Growth Acquisition Corp. II
K&F Growth Acquisition Corp. II (KFII) signed a non-binding LOI for a business combination that would take Pearl, David's Bridal's AI-powered wedding planning, media and commerce platform, public at a pro forma enterprise value of approximately $350 million, or about 9.3x projected 2027 EBITDA. The deal contemplates a $75 million PIPE including a $25 million anchor investment from CION Investment Corporation, with Pearl forecasting >30% EBITDA margins in 2026 and revenue growth above 100% in 2027 to more than $85 million. David's Bridal will separate Pearl, remain a material ongoing shareholder, and retain its retail store business.
Key figures
- Deal Value Usd
- 350000000
- Pipe size
- $75 million
- Anticipated close
- first half of 2027
- Ev to 2027 ebitda
- 9.3x
- Spac ipo proceeds
- $287.5 million
- Cion anchor investment
- $25 million
- Projected 2027 revenue
- >$85 million
- Trust extension vote date
- 2026-11-03
- Pro forma enterprise value
- $350 million
- Projected 2026 ebitda margin
- >30%
- Projected 2027 revenue growth
- >100%
AI analysis
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