European Wax Center has agreed to be acquired by longtime backer General Atlantic in an all-cash transaction that values the company’s equity at about $330 million, ending the franchisor’s run as a public company if the deal closes as expected.
Under the definitive agreement, General Atlantic will buy all outstanding shares of European Wax Center’s class A common stock that it does not already own. Stockholders other than General Atlantic affiliates will receive $5.80 per share in cash.
The offer represents a 45% premium to European Wax Center’s closing share price on February 9, 2026, the last full trading day before the announcement, and a 51% premium to the company’s 90-day volume-weighted average share price for the period ended February 9, 2026. General Atlantic first invested in the company in 2018 and currently beneficially owns roughly 42% of European Wax Center’s outstanding shares.
A special committee of independent directors unanimously approved and recommended the transaction, and the full board approved the deal following that recommendation. The merger is expected to close in mid 2026, subject to customary closing conditions, including approval by a majority of votes cast by stockholders not affiliated with General Atlantic, as well as regulatory clearances.
Once completed, European Wax Center’s class A common stock will no longer be publicly listed, and the company will become privately held.
Moelis & Company is serving as exclusive financial advisor to the special committee, with Ropes & Gray as legal counsel. Edelman Smithfield is acting as a strategic communications advisor to European Wax Center. Bank of America Securities and Guggenheim Securities are advising General Atlantic, with Paul, Weiss, Rifkind, Wharton & Garrison serving as legal counsel.
European Wax Center, headquartered in Plano, Texas, is a leading U.S. franchisor and operator of out-of-home waxing services. The company says its network includes more than 1,000 centers across 44 states and generated sales of $951 million in fiscal 2024, with locations performing more than 23 million services per year.
General Atlantic, founded in 1980, is a global investor that manages approximately $122 billion in assets as of December 31, 2025.
