Grove Collaborative, an online shopping destination that targets conscious customers with clean household and beauty products, has entered into a definitive business combination agreement with Virgin Group Acquisition Corp. II, backed by Sir Richard Branson.
WHO: Launched in 2016 as a Certified B Corp, Grove Collaborative creates and curates high-performing, planet-first products across household cleaning, personal care, laundry, clean beauty, and pet, serving millions of households across the US. Every item Grove offers, from the brands they craft—Grove Co., Peach not Plastic, and Superbloom—along with third-party brands, have been thoroughly vetted against strict standards for clean ingredients, efficacy, sustainability, cruelty-free formulas, and ethical supply chain practices. The brand recently entered physical retail for the first time at Target stores nationwide. Grove is the first plastic-neutral retailer in the world and is committed to being 100% plastic free by 2025.
WHY: The deal will enable Grove Collaborative to accelerate its mission to transform the consumer products industry into a force for human and environmental good, and to make it easy for people to switch to healthier and more sustainable routines.
IN THEIR OWN WORDS: "In going public, we sought a partner that shares our passion for using business to answer the urgent environmental crisis, and that accelerates our vision to make consumer products a positive force in human and environmental health. In that spirit, we are thrilled to partner with mission-driven disruptors Sir Richard Branson and VGII as we embark on this next chapter. Together we will create new opportunities to revolutionize the CPG industry," said Stuart Landesberg, co-founder and CEO of Grove. "The CPG category is ripe for disruption. As an industry, we can, should, and must be able to offer products that are high performing and good for the planet. Grove can be a driving force for change, through our ongoing product innovation, retail partnerships and our ambitious goal to become 100% plastic free by 2025."
“I am inspired by Grove's vision to transform the availability and quality of planet-first products," said Sir Richard Branson, Virgin Group founder. "Grove is paving the way for people to have more access to healthy, sustainable goods for their homes and I am excited to see the company's impact on customers' health and wellbeing. There are huge growth opportunities ahead, and we are delighted to work alongside Stu and his team as Grove continues to disrupt the industry and make a positive difference to people and the planet.”
Evan Lovell, Chief Investment Officer of Virgin Group, said, "Grove has a distinctive opportunity to capitalize on a growing sustainable products market ripe for disruption. Virgin Group sought to partner with an exceptional consumer products company, and our mission and platform offered the perfect opportunity for two incredible teams to come together. We are thrilled to partner with Grove and their team and look forward to our collective future success as a publicly traded business."
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