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    Home»Investments»Grove Collaborative to go public via $1.5 bln deal with Branson-backed SPAC
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    Grove Collaborative to go public via $1.5 bln deal with Branson-backed SPAC

    December 10, 2021Updated:December 10, 20211 Min Read
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    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

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