European Wax Center, a franchised chain of hair removal salons, filed on Tuesday with the SEC to raise up to $100 million.
European Wax Center states that it is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the US by number of centers and system-wide sales. The company delivered over 21 million waxing services in 2019 and over 13 million waxing services in 2020 across its network. As of March 27, 2021, the company had centers in 808 locations (803 of which are franchised) across 44 states.
The Plano, TX-based company was founded in 2004 and booked $107 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol EWCZ. European Wax Center filed confidentially on May 7, 2021. Morgan Stanley, BofA Securities, Jefferies, Citi, Guggenheim Securities, and Truist Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
