Virgin Group Acquisition II filed a proxy and prospectus outlining its proposed merger with sustainable consumer products company Grove Collaborative. If approved, the combined company would have a pro forma enterprise value of $1.5 billion and Grove would list on the NYSE under the new GROV ticker symbol.
The transaction is expected to deliver up to $435 million in net proceeds, including an $87 million fully committed 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).
The SPAC last month added a $50 million backstop to the Grove deal. The companies also announced in April that actress Drew Barrymore had joined Grove both as an investor and the company’s first global brand ambassador. Read more.
