Pronovias Undergoes Shake-Up: CEO Steps Down as Abencys Takes Charge

Changes continue at Pronovias. Bain Capital, owner of the bridal fashion company together with MV Credit, has hired the restructuring firm Abencys to take over the company’s stores and lead the sale process. One of the first consequences of the arrival of Abencys is the departure of Cristina Alba, CEO of the company, as has advanced El Economista and confirmed to Modaes Pronovias sources.

Abencys, who has participated in restructuring processes of companies such as Celsa or Grupo Gallardo (both controlled by private equity), takes over the board of directors of Pronovias. Luis Martín, founding partner of Abencys, will become president of Pronovias and the board of directors will also include Antonio Arenas (as vice-president), as well as Javier Díaz and Esther Alfonso.

The shareholders of Pronovias, which would need an injection of around twenty million euros to move forward, launched a sale process a few months ago, resorting to distress funds. The initial intention of the owners of Pronovias, who have refused to inject more capital into the company, would be to sell it en bloc, but it is not ruled out that it could be cut into pieces.

Pronovias will be chaired by Luis Martín, founding partner of Abencys

In 2027 it will be ten years since Alberto Palatchi sold Pronovias to BC Partners for more than €500 million. Since then, the company has changed hands twice, until it ended up controlled by Bain and MV Credit, which have injected more than €150 million into the company to solve its financial tensions.

Affected, firstly, by the debt assumed by the company in its first sale process and, subsequently, by the harsh impact of the Covid-19 crisis on the bridal fashion sector, Pronovias has severely weakened its business and its structure.

According to the latest accounts available at the Mercantile Registry, Catiberia, which consolidates the accounts of seventeen Pronovias companies (the main one being San Patrick), ended 2023 with total liabilities of 261.05 million euros, compared to 420.77 million euros in 2022. The company posted a turnover of €135.88 million, compared to €148.96 million in 2022. The company’s operating result came in at negative €88.79 million, compared with negative €316 million-plus in 2022, while the consolidated result was a loss of €128.58 million, down from €325.99 million in the red in 2022.