Two wedding marketplaces have announced a new name for their parent company and welcomes a new CEO.
Last year after private equity firm Permira Funds invested $350 million in WeddingWire, the Chevy Chase, Md.–based online marketplace helping engaged couples get connected with wedding service providers, it took over majority ownership before adding another major wedding company to its portfolio. In December, Permira Funds and Spectrum Equity also closed on a $1 billion deal to buy New York-based XO Group Inc., owner of the The Knot which curates an online wedding planner and app, the Washington Business Journal reported.
From these two major deals, the companies will now live under the combined parent company, The Knot Worlwide. Timothy Chi, CEO and cofounder of WeddingWire, has been named sole CEO of the parent company. Mike Steib who helped lead the merged group briefly as co-CEO, joins the company’s board of directors as vice chairman. WeddingWire will maintain its Chevy Chase, Md., office and The Knot will remain in New York.
The Washington Business Journal reported that the combined companies posted $260 million in revenue.
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