White & Case advises David's Bridal, Inc. on announced business combination of Pearl with K&F Growth Acquisition Corp. II

Global law firm White & Case LLP is advising David's Bridal, Inc. and CION Investment Corporation (NYSE: CION) on David's Bridal's entry into a non-binding letter of intent with K&F Growth Acquisition Corp. II (Nasdaq: KFII), a special purpose acquisition company, regarding a proposed business combination that would result in Pearl, a premier AI-powered wedding planning, media, commerce and vendor marketplace platform and a current division of David's Bridal, separating from David's Bridal and becoming a standalone, publicly traded company.

The proposed business combination would value Pearl at a pro forma enterprise value of approximately US$350 million and contemplates a US$75 million PIPE financing, subject to upsize, with CION Investment Corporation, David's Bridal's largest shareholder, proposing to invest US$25 million as an anchor investor, subject to the negotiation of definitive documentation. As part of the proposed transaction, Pearl would own the David's Bridal brand and intellectual property, building on David's Bridal's 75-year heritage in the wedding industry, while David's Bridal's retail store business continues to operate as usual. The deal was announced on October 22, 2026, and is expected to close in the first half of 2027.

White & Case initially became involved with David's Bridal in connection with its no-cash sale out of Chapter 11 in 2023 to long-time White & Case client CION Investment Corporation, a transaction led by partners Eric Klar, Scott Greissman and Adam Cieply.

The White & Case team advising on the proposed business combination is led by partners Eric Klar (Miami), Paul Tiger, Andrea Basham, Adam Cieply (all in New York) and Daniel Nussen (Los Angeles), and includes associates Joshua Butler, Mara Goodman, Dilara Alpli, Wicy Wang, Siobhan MacLoingsigh, Matt Shafman and Jordan Wimbish (all in New York).