Actress Drew Barrymore has joined Grove Collaborative, a sustainable consumer products company and Certified B Corp, both as an investor and the company’s first global brand ambassador. SPAC Virgin Group Acquisition II, which is working to take Grove public, made the announcement in a regulatory filing just days after announcing a $50 million backstop to support its proposed merger with Grove.
Barrymore will feature in Grove’s first multi-channel brand campaign, “Wish-cycling”, which sets out to debunk the myth that plastic recycling is the solution to the plastic crisis. The campaign will run across TV, social, radio and out of home, according to a press release.
Virgin Group II disclosed Monday that, in the two-tranche backstop supporting the Grove acquisition, Corvina Holdings would invest $27.5 million in a PIPE at closing, and purchase another $22.5 million in stock. Corvina would still be able to redeem some or all of that stock up to an amount in excess of the SPAC’s cash at closing.
If the SPAC’s shareholders approve, the combined company would have a pro forma enterprise value of $1.5 billion. Read more.
