WeddingWire, a Chevy Chase, Md.–based online marketplace helping engaged couples get connected with wedding service providers, will have a new owner.
Under an agreement announced this week, private equity firm Permira will invest $350 million in the 11-year-old company and become its majority shareholder.
WeddingWire’s platform looks to help in the wedding planning process, providing connections with venues and various vendors like photographers and caterers. The company currently has 950 employees spread across eight offices, and the marketplace is in use in 15 countries. The investment will help the company “as it continues to expand in the U.S. and internationally, launch new innovations and leverage the industry’s ongoing shift to online advertising,” the statement said. Permira Partner Dipan Patel focused in on the company’s international growth. The company launched in India last summer, and rebranded in the UK.
“WeddingWire has become an increasingly important marketplace for both newly-engaged couples and small businesses, with strong positions in its geographies, an attractive subscription-based business model and substantial room to grow,” Patel said in a statement. “More than 40 percent of WeddingWire’s revenue now comes from international geographies — a number that is growing more than 30 percent per year. We are excited to leverage our firm’s international platform in support of Tim and the rest of the WeddingWire team.”
The company’s existing management team and investor Spectrum Equity will maintain what’s described in a statement as “a significant minority ownership in the company.” The transaction is expected to close early in the third quarter of 2018.