Pronovias begins an expansion stage with Cap Capital as owner
The company, which was immersed in bankruptcy proceedings, bets on both its own 'boutiques' and the franchise network
BarcelonaPronovias begins a new phase with the fund Cap Capital as owner, which is the one that has been chosen in the selection process by the commercial court number 9 of Barcelona. The British fund was the last to enter the bidding for the company founded by the Palatchi family, which was immersed in insolvency proceedings.
The new owners, who have committed to maintaining the workforce, have stated through a press release their intention to move forward following a roadmap aimed at "strengthening its global leadership, focusing on its own stores and its franchise network". The company faces this new cycle with a clear objective: "to enhance the shopping experience, evolve the "}boutique" model and accelerate international growth from a more solid, close commercial network connected to the needs of brides".
In her order, the judge gave the insolvency administrator, the consultancy FTI, fifteen days to formalize the operation. This company is the one that made the positive report in favor of Cap Capital. Pronovias requested the declaration of voluntary insolvency proceedings in the middle of last month, along with a proposal for an acquisition offer of the productive unit. Cap Capital was the last to enter the bidding and ended up displacing Desigual and the Californian fund Enduring Ventures, which also submitted offers.
The Spanish company Pronovias, founded more than a hundred years ago by the Palatchi family in Barcelona, has registered constant and millionaire losses in recent years. The son of the group's founder, Alberto Palatchi, who was also the one who drove it, agreed to sell Pronovias to the fund BC Capital for 550 million euros in 2017. Since then, the group's results have been negative almost every year. In 2023, BC Capital transferred the company to the fund Bain Capital, which has not been able to avoid the declaration of insolvency proceedings this year.
American market
specialized in industrial robotics, or Valtenor, in telecommunications infrastructures.
At the same time, it will continue to strengthen its positioning in Europe. The transformation will be accompanied by a significant commitment to innovation, according to the British fund. "Pronovias is developing a project based on technology and artificial intelligence aimed at redefining the bridal experience, integrating inspiration, personalized advice, customer knowledge, and commercial capabilities into a more connected ecosystem".
On September 8, the company will officially present this project and unveil its new store concept, designed to elevate the shopping experience, strengthen the connection with customers, and open a new phase of growth for the brand.
Cap Capital, specializing in industry and with the objective of reindustrialization in Europe, participates in different companies such as Kivnon, for mobile robotics and intelligent automation; start-ups specialized in industrial robotics, or Valtenor, for telecommunications infrastructure.