Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, May 13, 2022

Article Excerpt

EUROPEAN WAX CENTER INC., $25.83, symbol EWCZ on Nasdaq, is a leading franchisor of out-of-home hair removal services. Founded in 2004 by brothers David and Joshua Coba, the company offers waxing services as well as selling its own line of products. These include products designed to soothe skin pre- and post-wax, prevent blemishes and slow regrowth. Meanwhile, European Wax Center makes a considerable amount of recurring revenue through its Wax Pass program, which allows guests to prepay for a set of visits or unlimited visits. At the end of March 26, 2022, Plano, Texas-based European Wax Center had 847 locations across 44 U.S. states. It went public in August 2021, selling 10.6 million shares to the public at $17. European Wax Center was backed by New York-based private equity firm General Atlantic. It has backed large tech firms in the past, such as Airbnb Inc. and Uber Technologies Inc. This time, however, it went outside of the tech area, and helped to take European…