In today’s dish, A men’s grooming company is going public at 150x its valuation since airing on Shark Tank just four years ago. Also, a Chinese ride-hailing company is looking to take the SPAC route to capitalize on Didi’s misery and this VC firm wants to bring SPACs back to Britain. Read on to find the latest about all things SPACs.
SPACs to Watch
Manscaped is Going Public through a $1 Billion Deal with $BLTS
The startup, which specializes in below the waist men’s grooming products is listing on Nasdaq through a merger with SPAC Bright Lights Acquisition Corp.Â
The deal will generate $305 million in gross proceeds and includes a $75 million PIPE investment from Channing Tatum, Endeavor Group Holdings Inc., Signia Venture Partners, Saban Capital Group, Guggenheim Investments, and funds managed by UBS O’Connor, with the proceeds being used to pay down debt and fund potential acquisitions in the future. The PIPE is priced at $9.2 per share to compensate investors for locking up capital in the coming months. The existing shareholders in the company will own 72% of the combined company when the transaction closes in Q1 next year.
Manscaped was valued at $7.1 million when it went on Shark Tank in 2018 with a handshake deal with Mark Cuban, but the deal fell through. Manscaped currently operates in 38 countries and generated $285 million last year. The company’s trimmers (which it calls the Lawn Mower), are sold directly to customers and through retailers including Amazon, Target, and Best Buy. Manscaped’s subscription business will be a primary driver of the revenues moving forward, with management estimating that top line will amount to $500 million next year.