Grove Collaborative, a certified B Corp™ and sustainable consumer products company, and Virgin Group Acquisition II completed their business combination.
The transaction was approved June 14 by VGII’s shareholders.
Grove Collaborative Holdings stock and warrants begin trading today on the NYSE under ticker symbols GROV and GROV WS.
The transaction included an $86 million PIPE investment from an affiliate of the SPAC’s sponsor, as well as new and existing Grove investors, including Lone Pine Capital, Sculptor Capital Management, General Atlantic, and Paul Polman. In addition, to increase deal certainty and ensure additional funding for the pro forma company, Grove previously announced a $50 million backstop subscription agreement with VGII and Corvina Holdings, Limited (“Corvina”), an affiliate of the sponsor of VGII, pursuant to which Corvina subscribed for and purchased $27.5 million of common stock from Grove, which closed March 31, and subscribed for and purchased $16.7 million of common stock of the combined company, which closed concurrently with the finalization of the business combination.
Morgan Stanley was exclusive financial advisor to Grove, and Credit Suisse Securities (USA) acted as financial advisor and capital markets advisor to VGII. Sidley Austin acted as the legal advisor to Grove, and Davis Polk & Wardwell acted as the legal advisor to VGII.
Credit Suisse Securities (USA) and Morgan Stanley served as co-placement agents to VGII with respect to the portion of the PIPE financing raised from qualified institutional buyers and institutional accredited investors. Credit Suisse Securities (USA) and Morgan Stanley did not act as agents or participate in any role with respect to, and did not earn any fees from, the portion of the PIPE financing raised from individual investors. Credit Suisse Securities (USA) previously acted as sole book-running manager for VGII’s IPO.
