Announcement • May 08
General Atlantic Service Company, L.P. completed the acquisition of remaining 57.7% stake in European Wax Center, Inc. (NasdaqGS:EWCZ) from BlackRock, Inc. (NYSE:BLK), Hilary L. Shane, Ararat Capital Management, LP, EWC Management Holdco, LLC, and others.
General Atlantic Service Company, L.P. entered into a definitive agreement to acquire remaining 57.7% stake in European Wax Center, Inc. (NasdaqGS:EWCZ) from BlackRock, Inc. (NYSE:BLK), Hilary L. Shane, Ararat Capital Management, LP, EWC Management Holdco, LLC, and others for approximately $220 million on February 9, 2026. Under the terms of the agreement, General Atlantic will acquire 100% of the outstanding shares of class A common stock that it does not already own. European Wax Center stockholders (other than affiliates of General Atlantic) will receive $5.80 per share in cash for each share of European Wax Center class A common stock they own. The purchase price represents a 45% premium to European Wax Center’s closing stock price on February 9, 2026. HPS Investment Partners, LLC has committed to provide debt financing in an aggregate principal amount of $74 million on the terms and subject to the conditions set forth in a debt commitment letter. Upon completion of the transaction, European Wax Center’s class A common stock will no longer be publicly listed, and European Wax Center will become a privately-held company. In case of termination of transaction, General Atlantic will pay a termination fee of $19 million and European Wax Center will pay a termination fee of $6.60 million.
The transaction is subject to certain closing conditions, including approval by a majority of the votes cast by holders of shares of the European Wax Center's common stock that are not affiliated with General Atlantic, antitrust regulations, and satisfaction of regulatory approvals. The transaction was unanimously approved and recommended by a Special Committee of the European Wax Center Board of Directors, composed entirely of independent directors. Acting on the recommendation of the Special Committee, the Board of Directors approved the transaction. The expected completion of the transaction is in mid-2026. On May 7, 2026, the shareholders of European Wax Center approved the transaction.
Moelis & Company LLC acted as financial advisor and fairness opinion provider, will receive a fee of $2 million for opinion rendered and $10.6 million for advisory services, Thomas J. Fraser of Ropes & Gray LLP acted as legal advisor to the Special Committee of the European Wax Center Board of Directors. Edelman Smithfield acted as strategic communications advisor to European Wax Center. BofA Securities, Inc. and Guggenheim Securities, LLC acted as financial advisor for General Atlantic Service Company, L.P. Matthew W. Abbott and Cullen L. Sinclair of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor for General Atlantic Service Company, L.P. Kaskela Law LLC acted as a legal advisor to European Wax Center. Innisfree M&A Incorporated acted as Information agent to European Wax Center and will receive a fee of $0.04 million. The Depository Trust Company acted as a Depository bank European Wax Center. Computershare Trust Company, National Association acted as transfer agent to European Wax Center, Inc.
General Atlantic Service Company, L.P. completed the acquisition of remaining 57.7% stake in European Wax Center, Inc. (NasdaqGS:EWCZ) from BlackRock, Inc. (NYSE:BLK), Hilary L. Shane, Ararat Capital Management, LP, EWC Management Holdco, LLC, and others on May 8, 2026.
