New Deal Positions European Wax Center for Further Growth
Since brothers David and Joshua Coba founded European Wax Center in 2004 the franchise zoomed from four centers to close to 700 nationwide, and recent news from the brand indicates it has no plans to slow down.
General Atlantic, a global growth equity firm, signed an agreement with Aventura, Florida-based European Wax Center to make a strategic investment in the brand, a move the two said will enable the brand “to fuel its next phase of growth and expansion.”
Funding from General Atlantic will help accelerate EWC’s efforts to “add to its portfolio of franchisees, expand its footprint, explore opportunities in digital innovation, and extend its reach to new markets,” according to a press release announcing the partnership.
“As U.S. consumers continue to spend on physical appearance and wellness, we believe EWC has created a category-defining concept that offers consumers a consistent, convenient, high-quality experience,” said Andrew Crawford, managing director and global head of General Atlantic's consumer sector.
The company's business model, “paired with the market opportunity for expansion,” uniquely positions the company for future growth, added Shaw Joseph, principal at General Atlantic.
David Coba, who also serves as EWC’s CEO, noted the partnership with General Atlantic will also allow the company to continue its focus on delivering a premier beauty and skincare experience. As the beauty and personal services category has grown, EWC is facing more competition from the likes of Waxing the City, Uni K Wax, Cocktail Wax and others offering beauty and skincare services.
As a part of the investment, Crawford, Joseph, and Mei Shi, a vice president at General Atlantic, will join EWC’s board of directors.