David's Bridal bought for $1.05B

Private equity firm Clayton, Dubilier & Rice says is buying David's Bridal Inc. in a deal that values the private company at about $1.05 billion.

Additional financial terms were not disclosed.

Private equity firm Leonard Green & Partners, which bought the retailer in 2006, will remain a minority partner in the company.

David's Bridal produces and sells a variety of bridal and special occasion apparel and accessories through a network of over 300 stores in North America.

Paul Pressler, a Clayton, Dubilier & Rice operating partner and a former Gap Inc. chief executive, will become the company's chairman. The deal is expected to close in the fourth quarter.