Men's Grooming Company Manscaped In Talks To Go Public Via SPAC: What Investors Should Know

A company that specializes in men’s grooming products is in talks to go public via SPAC.

Here are the details on the potential merger of Manscaped and what investors should know about the company.

What Happened: Manscaped, a company that focuses on “below the waist hygiene” is in talks to go public with the SPAC Bright Lights Acquisition Corp (NASDAQ: BLTS) according to Bloomberg.

A potential deal could value the company at $1.4 billion.

Manscaped offers products including hair trimmers, deodorant and the popular “Lawn Mower” product.

The company’s products are shipped online to more than 30 countries, including the U.S., U.K. and Australia. Manscaped has deals to sell products in physical Target (NYSE: TGT) and Best Buy Co Inc (NYSE: BBY) locations.

Bright Lights Acquisition raised $230 million in January to pursue a company in the consumer products and media, entertainment and sports sectors. The SPAC said it was particularly interested in a company that “can benefit from celebrity ownership and/or partnership.”

The SPAC is led by Michael Mahan, the former CEO of Dick Clark Productions, and members of the team that helped sell Aviation Gin, a spirits brand from Ryan Reynolds, to Diageo plc (NYSE: DEO). Members of the SPAC also founded Mosaic Media Group, a talent agency that works with Will Ferrell, Jim Carrey and Green Day.

Related Link: 5 SPACs To Watch In The Second Half Of 2021 

Why It’s Important: Manscaped was exploring sale talks last year according to a Bloomberg report. At that time reports were the company could pursue a valuation of $500 million to $700 million. Manscaped had a reported $100 million in annual revenue for 2020.

Manscaped is estimating its revenue to hit $275 million for the current fiscal year, according to sources.

The company recently launched its products in Singapore and South Africa and earlier this year, in Norway and Switzerland.

Manscaped has invested in new products and geographic expansion. Capital raised from a SPAC deal would likely continue that growth plan.

Manscaped has deals in place with USA Triathlon, UFC, San Francisco 49ers, Montreal Canadiens, Ottawa Senators and some soccer teams.

The company reached a “handshake deal” with Mark Cuban and Lori Greiner on “Shark Tank,” but an official deal didn’t happen according to Cuban.

See also: What are the Risks of SPACs?

BLTS Price Action: BLTS shares are flat at $9.71 on Friday at publication.

Photo: Courtesy of Manscaped