Permira funds to make $350 million investment in WeddingWire22 May 2018
WeddingWire, Inc. (“WeddingWire” or “the Company”), a leading global online marketplace connecting engaged couples with wedding professionals, and Permira, the global private equity firm, today announced that they have entered into a definitive agreement whereby a company backed by the Permira funds will invest $350 million in WeddingWire, becoming the Company’s majority shareholder. As part of the transaction, WeddingWire’s management team and existing investor Spectrum Equity will maintain a significant minority ownership in the Company. The new investment will support WeddingWire as it continues to expand in the U.S. and internationally, launch new innovations and leverage the industry’s ongoing shift to online advertising.
Founded in 2007, WeddingWire’s marketplace is a leader in the $200+ billion global wedding industry, connecting engaged couples with local wedding professionals and providing a suite of tools that simplify the wedding planning process. WeddingWire’s platform helps hundreds of thousands of event businesses, from venues and photographers to caterers and DJs, connect and book more clients. The Company’s portfolio of sites serves consumers and businesses in 15 countries across North America, Latin America, Asia and Europe, and globally helps 13 million couples each month find top vendors in their area by offering a comprehensive directory of wedding professionals, with over four million consumer reviews, detailed pricing and availability information as well as the industry’s first integrated payments platform, enabling fast and frictionless marketplace transactions.
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