European Wax Center has filed to go public.
The company filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission. It applied on July 13 to publicly list their stock on the Nasdaq Global Select Market under ticket symbol “EWCZ.” The number and prices of shares were not specified.
Per the SEC filing, the business was hit hard by the pandemic. Sales fell from $687 million to $469 million from 2019 to 2020, tumbling 36 percent. The first 13 weeks of 2021 show an increase of $3.8 million up to $36.7 million, in contrast to 2020’s $32.8 million. Additionally, European Wax Center added dozens of new locations in 2020, bringing the door count up to 808.
The company plans to use their proceeds to contribute to EWC ventures, “purchase EWC Ventures Units and corresponding shares of Class B common stock from certain of the EWC Ventures post-IPO members,” and “repay $88.7 million aggregate principal amount of the outstanding loans under our Senior Secured Credit Facility, along with cash on hand,” according to the filing.
Morgan Stanley, BofA Securities and Jefferies serve as joint lead book-running managers and representatives of the underwriters, while Citigroup, Guggenheim Securities and Truist Securities serve as bookrunners for the proposed offering.
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European Wax Center, founded in Florida and now headquartered in Texas, uses their own proprietary blend called ComfortWax and has an array of products in the skin care, body care and brow categories. Earlier this year, it relaunched its line of take-home products. There are 808 European Wax Center locations nationwide.
Earlier this year, Honest Beauty also went public, valuing the company at $2.1 billion after its first day on Wall Street.
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