Two major wedding marketplaces that came together last year have announced a new name for the combined parent company: The Knot Worldwide.
Permira Funds and Spectrum Equity, the owners of Chevy Chase-based WeddingWire Inc., closed in December on their $1 billion deal to buy New York-based XO Group Inc. (NYSE: XOXO), who owned The Knot. WeddingWire, The Knot and the combined company’s other brands all remain separate products under The Knot Worldwide umbrella.
WeddingWire’s Tim Chi leads the newly named company as its sole CEO. Mike Steib, who led the merged group briefly as co-CEO, is joining the company’s board of directors as vice chairman.
The Knot Worldwide claims to be the largest global wedding planning company with more than four decades of combined experience in the wedding industry. The company’s presence expands beyond the North American market to Europe, Latin America and Asia through different brands such as Bodas and Lasting.
The combined company is maintaining…Read the full story from the Washington Business Journal.