Pronovias put up for sale after several years of financial difficulties

The current owners of Pronovias company have initiated the sale process. Bain Capital and MV Credit, shareholders in the bridal fashion since the debt conversion they carried out two years ago following the exit of BC Partners, have put the firm up for sale amid several years of losses and capital injections intended to avert insolvency, as reported by El Confidencial.

The move comes six months after both funds undertook a €193 million reduction in the share capital of Catiberia Acquisition Holdco, the holding company that consolidates all of Pronovias’ business. This followed a €211 million injection in 2023 to reduce debt and restore equity, enabling accumulated losses to be offset and bolstering corporate stability.

On the financial front, the group posted turnover of around €135 million in its most recent financial year, against losses of about €130 million. The company’s total indebtedness stood at roughly €175 million, and working capital remains negative, reflecting its challenging financial position since BC Partners’ acquisition in 2017 and the pandemic’s impact on the bridal sector. Although successive capital injections have mitigated some of the risk, the group has continued to report negative results and remains heavily reliant on shareholder support.

To manage the sale, Bain Capital and MV Credit have retained Rothschild in the UK, which in recent months has held preliminary discussions with funds specialising in special situations, including PHI Industrial, the current owner of the Spanish artisanal porcelain brand Lladró. None of these talks has yet borne fruit, prompting the company to adjust its asking price.

The transaction coincides with a period of internal transition for Pronovias. In July, the company appointed Cristina Alba Ochoa as its new chief executive, following the departure of Marc Calabia, who had held the role since 2023, to pursue new professional opportunities. Under her leadership, the group is executing a strategic repositioning plan focused on refreshing the brand image, new collaborations, and a 2025-2027 roadmap that prioritises internationalisation and the expansion of the El Prat del Llobregat showroom.

The Barcelona-based group currently has a portfolio that includes the firms Pronovias, Vera Wang Bride, House of St Patrick, White One, Nicole Milano and Lady Bird. The company’s collections are currently distributed through more than 4,000 points of sale across 105 countries worldwide.