Natural consumer products maker Grove Collaborative on Wednesday agreed to go public through a merger with a blank-check firm backed by billionaire Richard Branson, in a deal valuing the combined entity at about $1.5 billion, including debt.
Grove, which makes eco-friendly household cleaning, personal care, kid and pet products, said the deal with Virgin Group Acquisition Corp II would provide the company with proceeds of up to $435 million.
That includes a $87 million investment from an affiliate of the sponsor of VGII and Grove investors, including Lone Pine Capital, Sculptor Capital Management, General Atlantic and Paul Polman.
The deal comes at a time of growing global demand and investor interest for sustainable products. Last month, eco-friendly sneaker maker Allbirds Inc fetched a valuation of $3.3 billion in its New York debut.
Read more/Source: Financial Post
