Private equity firm Clayton, Dubilier & Rice says is buying David's Bridal Inc. in a deal that values the private company at about $1.05 billion.

Additional financial terms were not disclosed.

Private equity firm Leonard Green & Partners, which bought the retailer in 2006, will remain a minority partner in the company.

David's Bridal produces and sells a variety of bridal and special occasion apparel and accessories through a network of over 300 stores in North America.

Paul Pressler, a Clayton, Dubilier & Rice operating partner and a former Gap Inc. CEO, will become the company's chairman. The deal is expected to close in the fourth quarter.

Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, and Morgan Stanley are providing financing for the deal.