Sustainable consumer products company Grove Collaborative and Virgin Group Acquisition II announced today they intend to combine into a company that would have a pro forma enterprise value of $1.5 billion.
If approved, Grove will be listed on the NYSE under the new GROV ticker symbol.
The transaction will provide up to $435 million in net proceeds, including an $87 million fully committed common stock PIPE from an affiliate of the sponsor of VGII and new and existing Grove investors, including Lone Pine Capital, Sculptor Capital Management, General Atlantic and Paul Polman, as well as $348 million in proceeds from VGII’s trust account net of estimated transaction expenses (and subject to reduction based upon any redemptions). Read more.
