Grove Collaborative Holdings, Inc. (NYSE: GROV) (“Grove” or “the
Company”), a leading sustainable consumer products company and
certified B Corp™, today announced it has entered into a strategic
partnership with HumanCo Investments, a subsidiary of HumanCo, the
mission-driven health and wellness holding company co-founded by
Jason H. Karp and Ross Berman. HumanCo and Grove are partnering
with the intention of finding one or more scale, synergistic
M&A opportunities which HumanCo would have an opportunity to
fund with up to $100 million of new capital.
“This is a moment for those with conviction in the long-term
trends of health and sustainability to double down and capitalize
on short term disruptions. In order to make that happen, I am
thrilled to partner with Jason Karp, Ross Berman, and the entire
HumanCo team, who have both a strong investing and operating track
record and share our passion for making it easier for consumers to
live a healthier, more sustainable life. Their partnership will put
us in an even stronger position as we explore consolidation
opportunities,” said Stuart Landesberg, Co-Founder and CEO of Grove
Collaborative. “Together, we will seek to find opportunities for
highly strategic transactions that can drive material positive
impact for our shareholders and our mission.”
“Over the last six years, Grove has built a strong, authentic
brand and loyal base of customers who value health and
sustainability. This perfectly aligns with our HumanCo mission to
provide healthier products to more people from brands with
uncompromising values. Consumers need access to better, more
sustainable products, and there currently aren’t enough public
companies that provide such options. We look forward to working
with Grove to identify highly value-enhancing opportunities,
enabling a healthier and more sustainable lifestyle for all
consumers,” stated Jason H. Karp, co-Founder of HumanCo.
“There are many companies that will need to be part of a larger
platform that brings them scale and efficiency. We are confident
that with HumanCo’s assistance, Grove will be able to identify and
execute on these compelling M&A opportunities,” stated Ross
Berman, co-Founder of HumanCo.
The two parties have entered into a partnership agreement in
which HumanCo will assist Grove in identifying and evaluating
material merger and acquisition opportunities. In addition, HumanCo
became an investor in Grove through a private investment in a
public equity (“PIPE”) transaction. In connection with the
partnership, Grove also issued to HumanCo a warrant to purchase
shares of the Company’s Class A Common Stock, a portion of which is
immediately vested, with the remaining warrant shares vesting and
becoming exercisable in connection with certain specified
milestones. Grove and HumanCo believe that together there is
opportunity to create lasting value for our shareholders and for
human and environmental health.
For more information about the partnership, please see our
quarterly report for the period ended September 30, 2022, as filed
on Form 10-Q with the Securities and Exchange Commission, which can
be found on our investor relations website at investors.grove.co
and at www.sec.gov.
About Grove Collaborative Holdings,
Inc.
Launched in 2016 as a Certified B Corp, Grove Collaborative
Holdings, Inc. (NYSE: GROV) is transforming consumer products into
a positive force for human and environmental good. Driven by the
belief that sustainability is the only future, Grove creates and
curates more than 150 high-performing eco-friendly brands of
household cleaning, personal care, laundry, clean beauty, baby and
pet care products serving millions of households across the U.S.
each year. With a flexible monthly delivery model and access to
knowledgeable Grove Guides, Grove makes it easy for everyone to
build sustainable routines.
Every product Grove offers — from its flagship brand of
sustainably powerful home care essentials, Grove Co., plastic-free,
vegan personal care line, Peach Not Plastic, and zero-waste pet
care brand, Good Fur, to its exceptional third-party brands — has
been thoroughly vetted against Grove’s strict standards to be
beautifully effective, supportive of healthy habits, ethically
produced and cruelty-free. Grove is a public benefit corporation on
a mission to move Beyond Plastic™ and in 2021, entered physical
retail for the first time at Target stores nationwide, making
sustainable home care products even more accessible. Grove is the
first plastic neutral retailer in the world and is committed to
being 100% plastic-free by 2025.
For more information, visit www.grove.com.
About HumanCo
HumanCo has two strategies but one important and simple mission:
to help people live better, healthier lives. HumanCo Investments
provides custom capital markets solutions and strategic advice for
companies across the health, wellness and sustainability industry.
HumanCo Investments is a subsidiary of HumanCo LLC. HumanCo LLC is
a mission-driven company that invests in and builds brands focused
on healthier living and sustainability. The company advances the
health of consumers using a long-term strategy around impactful,
cleaner consumer products that lead to healthier outcomes and
improved trust. Current brands include Cosmic Bliss
(www.cosmicbliss.com), Snow Days (www.snowdays.com), and Against
the Grain (www.againstthegraingourmet.com). HumanCo's team of
operators, entrepreneurs, scientists, and investment professionals
share a relentless passion for human health, wellness, and
sustainability. For more information, please visit our website at
www.humanco.com.
Caution Concerning Forward-Looking
Statements
This press release contains "forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about the strategic partnership with HumanCo, Grove’s and HumanCo’s
efforts in identifying, evaluating, and consummating a strategic
merger or acquisition, HumanCo’s potential investment to support a
possible business combination, and our management team’s
expectations, hopes, beliefs, intentions, plans, prospects or
strategies regarding the future, including revenue growth and
financial performance, profitability, product expansion and
services. Any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements.
In addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would”
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. The forward-looking statements contained in
this press release are based on our current expectations and
beliefs made by our management in light of their experience and
their perception of historical trends, current conditions and
expected future developments and their potential effects on the
Company as well as other factors they believe are appropriate in
the circumstances. There can be no assurance that future
developments affecting the Company will be those that we have
anticipated. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond our control) or
other assumptions that may cause actual results or performance to
be materially different from those expressed or implied by these
forward-looking statements, including changes in domestic and
foreign business, market, financial, political and legal
conditions; risks relating to the uncertainty of the projected
financial information with respect to Grove; Grove’s ability to
successfully expand its business; competition; the uncertain
effects of the COVID-19 pandemic; risks relating to growing
inflation and rising interest rates; and those factors discussed in
documents of Grove filed, or to be filed, with the U.S. Securities
and Exchange Commission (the “SEC”). Should one or more of these
risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
All forward-looking statements in this press release are made as of
the date hereof, based on information available to Grove as of the
date hereof, and Grove assumes no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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Investor Relations
Contact
Alexis Tessier ir@grove.co
Media Relations Contact
Caroline Zalla czalla@grove.co
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