Grove Collaborative Completes Business Combination with Virgin Group Acquisition Corp. II
June 14, 2022
Grove Collaborative, a certified B Corp focused on sustainable consumer products, completed a business combination with Virgin Group Acquisition Corp. II (VGII) and began trading on the NYSE under the ticker "GROV." The transaction included an $86 million PIPE and a $50 million backstop arrangement (including subscriptions from Corvina Holdings), providing Grove with public-market access and additional growth capital to scale its DTC subscription and retail business.
- Buyers
- Virgin Group Acquisition Corp. II, Corvina Holdings, Limited, Lone Pine Capital, Sculptor Capital Management, General Atlantic, Paul Polman
- Targets
- Grove Collaborative, Inc.
- Industry
- Consumer Products
- Location
- California, United States
- Transaction Type
- Buyout
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