Desigual and US fund Enduring Ventures submit binding offers for Pronovias

Madrid – This marks the latest chapter in the turbulent decline of the Spanish bridal fashion group Pronovias, a journey that began with its sale by Alberto Palatchi in 2017 to the British private equity fund BC Partners. This transaction is seen as the root of the financial difficulties the company has since faced. Pronovias is now on the brink of filing for insolvency and is embroiled in a bidding war, with notable offers from fellow Spanish company Desigual and the US investment fund Enduring Ventures.

To provide some context, the current owners of the Pronovias group made unsuccessful efforts to relaunch the company. The company has been owned since December 2022 by private equity firms Bain Capital and MV Credit, the latter of which was acquired in September 2024 by the US firm Clearlake. In late November 2025, Pronovias' owners initiated a determined process for the sale of the company. This process, led by the international financial group Rothschild, ultimately failed. This led the bridal fashion company's owners to adopt a new strategy to achieve their goal of a complete divestment from Pronovias' capital.

In pursuit of this goal, initial reports emerged in late January 2026 that Bain Capital and Clearlake had decided to seek a judicial 'pre-pack' administration to both accelerate and finalise the sale of Pronovias. This procedure was justified by the bridal group's looming insolvency. Under the supervision of the Commercial Court No. 9 of Barcelona, the professional services firm FTI Consulting was appointed as the independent expert to oversee the initial phase of the process. For this phase, the group's owners also agreed to dismiss Cristina Alba Ochoa, who had been chief executive officer since July 2025. From late 2025, the company was placed in the hands of Abencys, a law firm specialising in corporate restructuring. Specifically, it was managed by a team including Esther Alfonso, Antonio Arenas, and Luis Martín, the founding partner of Abencys, who was then appointed as the new chairman of the Pronovias group.

Binding offers from Desigual and Enduring Ventures

As part of this initial 'pre-pack' (pre-insolvency process) phase, various investment funds and interested companies have submitted offers to take control of the company since FTI Consulting's appointment as an independent expert. According to the business publication El Economista, FTI Consulting's timeline was to conclude the offer submission process in the last week of March. This was to be followed by a two-week period for interested parties to conduct due diligence on Pronovias' accounts, a phase that has now reportedly concluded.

FTI Consulting is now reportedly finalising its analysis of the various proposals received for Pronovias, a process expected to take only a few more days. Once a decision is reached, it will be communicated to the group's management. Among the proposals, the binding offers submitted by the Spanish fashion firm Desigual and the US investment fund/holding company Enduring Ventures are considered the frontrunners.

Once FTI Consulting selects the best offer for Pronovias, the company's management will proceed with the standard steps for such a process. They will file for voluntary insolvency proceedings, attaching the offer from the chosen bidder. This will initiate the second phase of the 'pre-pack', which should conclude with the accelerated sale of Pronovias' business unit to the selected group/fund, following judicial approval.

Desigual poised to acquire Pronovias

According to the same sources, Pronovias concluded its last full financial year in 2025 with total annual sales down to 88 million euros (101.8 million dollars), a 15.38 percent year-over-year decrease, and a negative EBITDA of -9 million euros. These key economic indicators from a loss-making fiscal year reinforce the negative trend the company has experienced since 2019. That year marked a turning point in its performance. Since then, Pronovias has seen a general decline in sales across distribution channels. Wholesale sales fell from 103 million euros to 40 million euros, a 61.17 percent drop, while retail sales decreased from 50 million euros in 2019 to 35 million euros in 2025, a 30 percent decline. In the retail sector, the company continues to operate through 47 of its own stores, 26 of which are in Spain.

For 2026, based on information also reported by El Economista, Pronovias forecasts sales of around 79 million euros, a 10.22 percent decrease, but with a positive EBITDA of approximately 8 million euros. Desigual may have first-hand knowledge of these forecasts. In mid-February, reports emerged, though unconfirmed by the company, of the return of Marc Calabia to Desigual. Calabia was CEO of Pronovias from September 2023 to September 2025 and was previously with Desigual from 2013 to 2018. He was said to have returned as its new product director. We reiterate that this position has not been confirmed by Desigual or Calabia to date. It remains to be seen if this was a preliminary step by Desigual and its founder and chairman, Thomas Meyer, before bidding for control of the Pronovias group. Other industry players, such as Barcelona-based Rosa Clará, were also reportedly interested in the acquisition. However, unlike Desigual and Enduring Ventures, Rosa Clará did not submit a binding offer for its long-standing rival.

This article was translated to English using an AI tool.

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