Grove Collaborative and Virgin Group Acquisition Corp. II Announce Closing of Business Combination
Grove to Trade on the New York Inventory Exchange Under the Symbol “GROV”
SAN FRANCISCO & NEW YORK, June 16, 2022–(Enterprise WIRE)–Grove Collaborative, Inc. (“Grove” or the “Enterprise” ), a certified B Corp™ and major sustainable buyer products organization, and Virgin Group Acquisition Corp. II (“VGII”) (NYSE: VGII), a publicly traded distinctive purpose acquisition corporation sponsored by Virgin Team, today announced the completion of their formerly introduced enterprise mixture.
The transaction was accepted on June 14, 2022 by VGII’s shareholders. In relationship with consummation of the organization blend, VGII changed its identify to “Grove Collaborative Holdings, Inc.” (“New Grove”). New Grove’s shares and warrants are expected to commence investing on the New York Inventory Exchange (“NYSE”) under the ticker symbols “GROV” and “GROV WS”, respectively on June 17, 2022.
The transaction involved an $86 million PIPE investment from an affiliate of the sponsor of VGII and new and present Grove traders, like Lone Pine Funds, Sculptor Capital Administration, Typical Atlantic, and Paul Polman. In addition, to raise deal certainty and make sure supplemental funding for the pro forma company, Grove beforehand declared a $50 million backstop membership agreement with VGII and Corvina Holdings, Limited (“Corvina”), an affiliate of the sponsor of VGII, pursuant to which Corvina subscribed for and ordered $27.5 million of frequent stock from Grove, which shut on March 31, 2022, and subscribed for and bought $16.7 million of common inventory of the merged company, which closed concurrently with the closing of the company combination.
“Right now marks an significant milestone, and we are thrilled to close our Enterprise Mix with VGII and commence our next chapter as a publicly traded organization. I would like to thank our partners at Virgin, our board of directors, and all of my colleagues at Grove who have contributed to this achievement. Our route to profitability is apparent and we will continue on to progress our mission to remodel shopper solutions into a positive force for human and environmental overall health. We assume the inescapable changeover absent from solitary use plastic will only accelerate as shoppers increasingly desire a lot more sustainable selections, and Grove is major the demand,” stated Stuart Landesberg, Main Government Officer of Grove.
“I have long believed in the electric power to improve organization for very good and Grove’s core purpose and mission is a excellent instance of that. I am self-assured in Grove’s means to construct on its special system and beloved manufacturer to disrupt and completely transform the shopper products and solutions market. Stu and his world course group have an skill to innovate swiftly, incredible prospect to scale and they are poised for prolonged-term rewarding growth. I appear forward to continuing our partnership as Grove commences existence as a public corporation” claimed Sir Richard Branson, Virgin Team Founder.
Advisors
Morgan Stanley & Co. LLC acted as exclusive economic advisor to Grove, and Credit history Suisse Securities (United states of america) LLC acted as economical advisor and money markets advisor to VGII. Sidley Austin LLP acted as the authorized advisor to Grove, and Davis Polk & Wardwell LLP acted as the authorized advisor to VGII. Credit score Suisse Securities (United states) LLC and Morgan Stanley & Co. LLC served as co-placement brokers to VGII with respect to the part of the PIPE funding raised from competent institutional potential buyers and institutional accredited traders. Credit score Suisse Securities (United states) LLC and Morgan Stanley & Co. LLC did not act as agents or take part in any purpose with regard to, and did not gain any fees from, the part of the PIPE financing raised from particular person investors. Credit history Suisse Securities (Usa) LLC formerly acted as sole book-running supervisor for VGII’s IPO.
About Grove Collaborative
Introduced in 2016 as a Licensed B Corp, Grove Collaborative is reworking client goods into a good drive for human and environmental excellent. Driven by the belief that sustainability is the only potential, Grove results in and curates around 150 large-carrying out eco-pleasant brand names of family cleansing, personal treatment, laundry, clean magnificence, newborn and pet care products and solutions serving millions of homes throughout the U.S. each year. With a flexible regular shipping and delivery design and accessibility to educated Grove Guides, Grove can make it easy for every person to establish sustainable routines.
Each individual products Grove gives — from its flagship model of sustainably strong house care necessities, Grove Co., plastic-cost-free, vegan personalized care line, Peach Not Plastic, and zero-squander pet care manufacturer, Good Fur, to its outstanding 3rd-occasion brands — has been totally vetted in opposition to strict specifications to be uncompromisingly nutritious, wonderfully powerful, ethically made and cruelty-absolutely free. Grove Collaborative is a general public advantage corporation on a mission to move Past Plastic™ and in 2021, entered actual physical retail for the 1st time at Target shops nationwide, generating sustainable home care solutions even much more accessible. Grove is the first plastic neutral retailer in the world and is fully commited to getting 100% plastic-no cost by 2025. For additional information and facts, go to www.grove.com.
About Virgin Group Acquisition Corp. II
Virgin Group Acquisition Corp. II was fashioned for the function of effecting a merger, amalgamation, share exchange, asset acquisition, share buy, reorganization or similar organization blend with a single or far more organizations. Sir Richard Branson, is the Founder of the Organization, Founder of the Virgin Group and a renowned world wide entrepreneur and the management crew involves Josh Bayliss, the Firm’s Main Government Officer and director, who is the Main Executive Officer of the Virgin Team and is responsible for the Virgin Group’s strategic growth, licensing of the brand globally and management of immediate investments on behalf of the Virgin Group in numerous firms close to the world and Evan Lovell, the Firm’s Main Fiscal Officer and director, who is the Main Financial commitment Officer of the Virgin Group and is dependable for controlling the Virgin Group’s expenditure staff and portfolio in North America.
Caution Relating to Ahead-Seeking Statements
This press release consists of ahead-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Trade Act of 1934, as amended, together with statements regarding our or our administration team’s expectations, hopes, beliefs, intentions, strategies, prospective customers or strategies about the upcoming, which includes feasible enterprise mixtures, income progress and money performance, merchandise growth and expert services. Any statements contained herein that are not statements of historical reality might be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future occasions or situation, which include any fundamental assumptions, are ahead-looking statements. The words “anticipate,” “believe that,” “carry on,” “could,” “estimate,” “expect,” “intends,” “could,” “may,” “system,” “doable,” “possible,” “forecast,” “job,” “should really,” “would” and similar expressions could recognize forward-on the lookout statements, but the absence of these words and phrases does not mean that a assertion is not ahead-searching. The ahead-on the lookout statements contained in this press release are primarily based on our present-day anticipations and beliefs built by the administration of VGII and Grove in gentle of their respective working experience and their perception of historical trends, present-day disorders and anticipated long term developments and their possible outcomes on VGII and Grove as well as other elements they believe that are proper in the instances. There can be no assurance that future developments influencing VGII or Grove will be all those that we have anticipated. These forward-searching statements involve a amount of risks, uncertainties (some of which are past the command of the parties) or other assumptions that could lead to true success or general performance to be materially various from people expressed or implied by these forward-hunting statements, together with that the VGII stockholders will approve the transaction, regulatory approvals, solution and support acceptance, and that, Grove will have enough capital on the approval of the transaction to run as expected. Must one particular or additional of these dangers or uncertainties materialize, or ought to any of our assumptions demonstrate incorrect, precise success could vary in material respects from those people projected in these forward-on the lookout statements. More elements that could induce genuine benefits to differ are talked over underneath the heading “Possibility Variables” and in other sections of VGII’s filings with the SEC, and in VGII’s latest and periodic experiences filed or furnished from time to time with the SEC. All ahead-searching statements in this press release are created as of the date hereof, centered on info available to VGII and Grove as of the day hereof, and VGII and Grove suppose no obligation to update any ahead-seeking statement, irrespective of whether as a end result of new information and facts, potential occasions or in any other case, other than as may well be required underneath relevant securities legal guidelines.
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