David’s Bridal has signed a non-binding letter of intent to spin off its Pearl division into an independent, publicly traded entity. The transaction will be executed through a business combination with the SPAC K&F Growth Acquisition Corp. II, valuing the new company at approximately $350 million in pro forma enterprise value.
The deal is expected to close in the first half of 2027, though both parties noted that the transaction is not guaranteed. Following the separation, David’s Bridal will retain a significant equity stake in Pearl. The retail operations of David’s Bridal will continue to function without changes to their current business model.
Kelly Cook, the current CEO of David’s Bridal, is slated to lead Pearl as CEO, while Elina Vilk will serve as president. Pearl’s current ecosystem includes the AI-powered Pearl Connect platform, the Pearl Planner consumer tool, and the Digital Content Network. These services focus on connecting couples with wedding vendors.
Executives from K&F, including co-CEOs Dan Fetters and Edward King, cited Pearl’s profitability and growth potential as key drivers for the investment. The partners intend to leverage their expertise in capital markets and mergers and acquisitions to support the future development of the newly formed public company.
