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Bright Lights Acquisition and Manscaped Scrap SPAC Merger

August 26, 2022
August 26, 2022
Manscaped

Bright Lights Acquisition Corp., a special purpose acquisition company (SPAC), and Manscaped are mutually terminating their previously announced Business Combination Agreement.

WHO: Founded by Paul Tran in 2016, San Diego-based Manscaped focuses on grooming and hygiene below the waist. The product range includes only the best tools, formulations, and accessories for a simple, effective, and elevated male grooming routine. Manscape offers direct-to-consumer shipping in more than 30 countries, spanning the United States, Canada, Australia, New Zealand, the United Kingdom, and the European Union. Retail placement includes Target and Best Buy locations throughout the US.

WHY: Unfavorable market conditions were given for the termination of the merger.

IN THEIR OWN WORDS: “Although we are disappointed that current market conditions have made it unworkable to complete the merger with Manscaped, we are huge fans of the company and wish Paul and the rest of the team continued success," said Mike Mahan, Chief Executive Officer of Bright Lights.

"Since founding Manscaped, we have been intently focused on building a global, omnichannel lifestyle brand that provides men with premium self-grooming tools from head-to-toe," said Paul Tran, Chief Executive Officer of Manscaped. "We are confident in our long-term growth strategy and are excited about the future for Manscaped. Mike and the Bright Lights team have been great partners throughout this process, and we wish them well moving forward."

DETAILS:

  • Bright Lights Acquisition Corp and Manscaped mutually terminated a previously announced Business Combination Agreement.
  • Manscaped will pay Bright Lights $1 million, with $350K due on the termination date and $216.7K due on each of the termination date's first, second, and third anniversaries.
  • The deal was expected to give Manscaped about $305 million in proceeds and value the business at about $1 billion, including a $75 million fully committed common-stock private investment in public equity, or PIPE, at $9.20 a share.
  • When Manscaped broke the news of the SPAC deal, the business reportedly generated $285 million in revenue in the previous 12 months with sales projected to grow to more than $500 million in 2023.
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