Grove Collaborative, a sustainable consumer products company, has merged with Virgin Group Acquisition Corp. II, a special purpose acquisition company sponsored by Virgin Group.
The transaction included an $86 million PIPE investment from Grove investors, including Lone Pine Capital.
“Today marks an important milestone, and we are thrilled to close our Business Combination with VGII and begin our next chapter as a publicly traded company. I thank our partners at Virgin, our board of directors and my colleagues at Grove. Our path to profitability is clear, and we will continue to advance our mission to transform consumer products into a positive force for human and environmental health,” stated Stuart Landesberg, CEO of Grove.
Morgan Stanley & Co. LLC acted as financial advisor to Grove, and Credit Suisse Securities acted as financial advisor and capital markets advisor to VGII. Sidley Austin LLP acted as the legal advisor to Grove, and Davis Polk & Wardwell LLP acted as the legal advisor to VGII. Credit Suisse Securities and Morgan Stanley & Co. LLC served as co-placement agents to VGII.