European Wax Center Completes Take-Private Transaction by General Atlantic

Ropes & Gray advised the Special Committee of the European Wax Center Board of Directors in completing the take-private transaction of European Wax Center, Inc., a leading franchisor and operator of out-of-home waxing services in the United States, by General Atlantic, a leading global investor, in an all-cash transaction with an implied enterprise value of approximately $640 million. The completion of the transaction was announced on May 8.

With the transaction completion, General Atlantic acquired 100% of the outstanding shares in European Wax Center it did not already own. European Wax Center stockholders (other than affiliates of General Atlantic) are entitled to receive $5.80 in cash for each share of European Wax Center class A common stock they owned as of the closing date. European Wax Center’s class A common stock has ceased trading and will no longer be listed on the Nasdaq Stock Market.

The Ropes & Gray team was led by mergers & acquisitions partner Tom Fraser and counsel Kelly Finn, and included litigation & enforcement partner Martin Crisp, finance partners Patricia Lynch and Matthieu Wharmby, tax partner Adam Greenwood, IP transactions partner Erica Han, executive compensation & employee benefits partner Renata Ferrari, mergers & acquisitions partner Christopher Comeau, IP transactions counsel Giancarlo Lee, and private equity counsel Jennifer Gorman and Joseph Rafferty, and executive compensation & employee benefits counsel Christa Sanchez.