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NEW YORK CITY-It’s a match made in heaven. Clayton, Dubilier & Rice, a Park Avenue-based private equity firm with an aggregate transaction value of more than $80 billion in the US and Europe, has said “I do” and entered a definitive agreement to acquire specialty wedding retailer David’s Bridal Inc. in a transaction valued at $1.05 billion.

Under the terms of the agreement, a company spokesman confirms to GlobeSt.com in an e-mail that CD&R is investing in the entire David’s Bridal business, which includes over 300 US and five Canadian retail stores. Also as part of the deal, Los Angeles-based Leonard Green & Partners LP will maintain its role as a minority partner in the retailer, but CD&R declined to disclose the company’s stake in the transaction, and a call to Leonard Green regarding the financial terms of the contract went unreturned in-time for press.

Based in Conshohocken, PA, David’s Bridal is one of the nation’s leading retailers of affordable bridal gowns and special occasion dresses in a variety of sizes and price points. However, in an effort to step up its designer offerings like other national chains such as Target, Macy’s and JCPenney, the company has partnered with high-end fashion designer Vera Wang on an exclusive collection of wedding dresses sold in its retail flagships in addition to its current brands like Oleg Cassini, Galina Signature, David’s Bridal Collection and DB Studio.

Once completed, the acquisition will mark CD&R’s latest retail play. Previously, CD&R carved out Sally Beauty -- a specialty retailer of professional beauty supplies -- from parent company Alberto-Culver in 2006 and sold it via the public market over the past year.

Richard J. Schnall, a partner at CD&R, says in a statement that David’s Bridal is a “unique” and “well-positioned” specialty retailer competing in a large and stable industry. “We look forward to working closely with the company to build on its market leadership and scale advantages to grow in the new market segments, channels and geographies,” he says.

The transaction is expected to close in fourth quarter 2012. After closing, CD&R operating partner Paul Pressler, former CEO of the Gap and former senior Disney executive, will assume the role of chairman. A company spokesman for CD&R says no plans to reposition the real estate portfolio have been disclosed at this time.

Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA and Morgan Stanley have committed debt financing for the transaction. Debevoise & Plimpton LLP acted as legal advisor to CD&R. BofA Merrill Lynch and Barclays acted as financial advisors and Latham & Watkins LLP acted as legal advisor to David’s Bridal.