General Atlantic-Backed European Wax Center Said to Eye 2021 IPO

(Bloomberg) -- European Wax Center, a personal-care franchise that operates 800 locations across the U.S., is exploring an initial public offering, according to people with knowledge of the matter.

The Plano, Texas-based company, backed by private equity firm General Atlantic, has discussed a listing with potential underwriters that could value the firm at more than $1 billion and occur as soon as this year, said the people, who requested anonymity because the talks are private.

European Wax Center representatives didn’t immediately respond to requests for comment and a General Atlantic spokeswoman declined to comment.

Founded in 2004 by brothers David and Joshua Coba, the company offers waxing services and sells its own line of products. Even amid the pandemic, European Wax said it added 42 new centers in 2020. In 2018, it said growth-focused private equity firm General Atlantic made an investment in the brand that would fuel its next phase of expansion.

In December, European Wax Center named Jennifer Vanderveldt, a former Michaels Cos. executive, as chief financial officer. Jessica Alba’s Honest Co. this month filed to go public.

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