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Grove Collaborative, Inc. and Virgin Group Acquisition Corp. II have successfully completed their business combination, with shares trading under the ticker GROV on the NYSE starting June 17, 2022. The merger was approved by VGII shareholders on June 14, 2022, and includes an $86 million PIPE investment from various investors. Grove aims to enhance its sustainable product offerings and capitalize on the increasing consumer demand for eco-friendly products, positioning itself for long-term growth.
Virgin Group Acquisition Corp. II (VGII) announced that over 91% of shareholders approved its business combination with Grove Collaborative Inc. at a Special Meeting. The deal is expected to finalize on June 16, 2022, after meeting customary conditions. Following the merger, VGII will rebrand as Grove Collaborative Holdings, Inc., with shares trading under the new ticker symbols 'GROV' and 'GROV WS' starting June 17, 2022. This merger signifies a strategic move to enhance market presence in sustainable consumer products.
Grove Collaborative reported its fiscal Q1 2022 results, revealing a net revenue of $90.5 million, down 11% year-over-year. The gross margin decreased to 47.2%, while the net loss margin worsened to (52.4)%. The company noted headwinds in direct-to-consumer sales due to media cost inflation. However, it launched the 100% plastic-free Peach Kids line and recorded significant sales growth from retail partnerships. Grove expects net revenue for 2022 to be between $300-310 million, with adjusted EBITDA margins projected to improve by 2024.
Grove Collaborative, a certified B Corp and sustainable consumer products company, will participate in two investor conferences in June 2022. On June 2, they will attend the RBC Capital Markets Global Consumer & Retail Conference in Boston, hosting a fireside chat at 11:20 a.m. EST. The following conference, Oppenheimer’s 22nd Annual Consumer Growth and E-Commerce Conference, will be held virtually on June 14, with a presentation at 10:30 a.m. EST. Grove, which plans to go public via a merger with Virgin Group Acquisition Corp. II (VGII), aims to operate under the new ticker "GROV."
Grove Collaborative has appointed Sergio Cervantes as its new Chief Financial Officer. Cervantes brings over 18 years of financial executive experience at Unilever and Gillette, recently serving as CFO of Murad. His leadership experience includes operational efficiencies that enhanced sales growth. CEO Stuart Landesberg emphasized that Cervantes' expertise in profitability and distribution growth will support Grove’s objectives. Cervantes is set to drive the company's financial plans and sustainability mission as it transitions to a public company following a merger with VGII.
Drew Barrymore joins Grove Collaborative as an investor and the first Global Brand and Sustainability Advocate, aiming to combat the plastic crisis. The partnership will kick off with the "Wish-cycling" campaign, which seeks to debunk recycling myths and promote sustainable practices. Grove, a Certified B Corp, aims to be 100% plastic-free by 2025 and has launched nearly 100 new products in the past year. Over 4.25 million pounds of plastic have been avoided through Grove's initiatives. The company recently entered into a merger with Virgin Group Acquisition Corp II (VGII), resulting in a public listing under the ticker "GROV."
Grove Collaborative has announced a new $50 million backstop aimed at enhancing liquidity for its upcoming merger with Virgin Group Acquisition Corp. II (VGII). This includes a $27.5 million investment at signing and a $22.5 million backstop to mitigate potential shareholder redemptions. Grove's executives expressed optimism regarding growth opportunities and financial positioning post-merger. The agreement also involves an amended plan to preserve tax treatment amid these commitments. Approval from VGII shareholders is still pending.
Grove Collaborative has expanded its Peach Not Plastic line with the launch of Peach Kids, a 100% plastic-free personal care system designed for children. This initiative, part of Grove’s Beyond Plastic™ commitment, aims to eliminate plastic from personal care by 2025. Since its launch in October 2020, Peach Not Plastic has prevented over 80,000 pounds of plastic waste. The Peach Kids collection includes products priced between
Grove Collaborative reported record net revenue of $384 million in 2021, marking a 5.3% year-over-year increase. The gross margin improved to 49.1%, up 80 basis points from the previous year. Despite these achievements, the company faced challenges with a net loss margin of (35.4%), reflecting increased expenses. The fourth quarter showcased a 6.2% decline in net revenue, totaling $87.3 million. Upcoming changes include a workforce reduction of 17% to streamline operations. Grove aims to use zero plastic by 2025 after its merger with Virgin Group Acquisition Corp. II (VGII).
Grove Collaborative announced that CEO Stuart Landesberg will participate in a fireside chat at the D.A. Davidson Consumer Growth Conference on March 10, 2022, at 2:45 p.m. EST. The event will be webcast live on the Company’s Investor Relations website. Grove, a sustainable consumer products company, is set to become public through a merger with Virgin Group Acquisition Corp. II (VGII) following their business combination agreement on December 7, 2021. The merged entity will operate under the Grove name and list on the NYSE with the ticker 'GROV'.
