CION Investment Corporation reported on October 22, 2026, that its portfolio company, David’s Bridal, Inc., has entered into a non-binding letter of intent with K&F Growth Acquisition Corp. II to spin off Pearl, a digital wedding planning and commerce platform, as a standalone public company.
The proposed business combination would separate Pearl from David’s Bridal, with Pearl acquiring the company’s intellectual property. The transaction is expected to value Pearl at a pro forma enterprise value of approximately $350 million. It includes a $75 million private investment in public equity (PIPE) financing, subject to upsizing, with CION Investment Corporation—David’s Bridal’s largest shareholder—proposing a $25 million anchor investment.
Under the terms of the letter of intent, Pearl is expected to be debt-free upon completion. The company projects revenue growth of more than 100% in 2027 to exceed $85 million and forecasts greater than 30% EBITDA margins for 2026.
Key leadership changes are anticipated following the separation. Kelly Cook, currently CEO of David’s Bridal, is expected to become CEO of Pearl. Elina Vilk, currently President and Chief Business Officer of David’s Bridal, is expected to serve as President of Pearl.
K&F Growth Acquisition Corp. II is a special purpose acquisition company that completed its IPO in February 2025, raising $287.5 million. The parties anticipate closing the transaction in the first half of 2027, pending definitive agreements and regulatory approvals.
