Grove Collaborative, a sustainable consumer products company, and Virgin Group Acquisition Corp. II, a publicly-traded special-purpose acquisition company (SPAC) sponsored by Virgin Group, have announced a business combination agreement that will result in Grove becoming a public company.
Upon closing the transaction, the combined company will continue to operate under the Grove name and be listed on the NYSE under the new "GROV" ticker symbol. Stuart Landesberg, co-founder and chief executive officer, Grove Collaborative, will lead the combined company.
Earlier this year, Grove company announced its entrance into physical retail at Target stores nationwide and on Target.com.
In addition to its flagship brand, Grove Co., Grove has built and launched several sustainable brands in the personal care, paper and beauty categories.
"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," says Landesberg. "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. The CPG category is ripe for disruption. As an industry, we can and must be able to offer high-performing products 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."