CION-backed David's Bridal plans to list Pearl via $350M SPAC merger

what happened

David's Bridal, a holding of CION Investment, has signed a non-binding letter of intent under which Pearl, its AI-driven wedding software business, would combine with the SPAC K&F Growth Acquisition Corp. II and start trading as an independent public company. According to TradingView, citing filings with the SEC, the transaction implies a pro forma enterprise value of about $350 million.

The plan includes a $75 million PIPE, of which $25 million would come as a proposed anchor investment from CION. These terms still depend on definitive documentation. Pearl projects EBITDA margins above 30% for 2026 and revenue growth topping 100% in 2027, reaching more than $85 million, while cash generation stays positive in each of those years.

Closing is targeted for the first half of 2027, pending final agreements, approvals and other conditions. David's Bridal stores will keep operating normally, and customer visits will not be disrupted.

why it matters

For markets the deal is modest: a SPAC combination valued near $350 million, so the main effect falls on K&F Growth Acquisition Corp. II shareholders and PIPE participants. Investors will watch whether the $75 million financing closes in full and whether shareholders approve the merger, since the current document is only a non-binding letter. Pearl's margin and growth targets are management forecasts, not confirmed results.

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