European Wax Center, Inc. (EWCZ)

European Wax Center, Inc. was a franchisor and operator of out-of-home waxing services in the United States, headquartered in Plano, Texas. The brand was founded in 2004 and grew mainly through franchising, offering body and facial waxing through branded centers and selling related skin care products such as ingrown hair serums and exfoliating products.

The business relied on independent franchisees, with only a small number of corporate-owned centers. Revenue came from royalties and fees from franchisees, product sales and, for corporate centers, service revenue. By 2022 the system exceeded 800 centers in over 40 states, and the company later reported more than 1,000 centers in 44 states and fiscal 2024 system-wide sales of $951 million.

General Atlantic first invested in the company in 2018, taking a significant position. European Wax Center completed its initial public offering on Nasdaq in August 2021 under the ticker EWCZ. As a public company it focused on opening new centers, improving same-store sales and expanding its wax pass and membership programs, but faced slower guest traffic and weaker consumer demand in some periods.

In February 2026, European Wax Center announced an agreement to be taken private by General Atlantic in an all-cash transaction. Shareholders other than General Atlantic affiliates would receive $5.80 per share, a premium of 45 percent to the February 9, 2026 closing price and 51 percent to the 90-day volume-weighted average price. General Atlantic already held about 42 percent of the shares and agreed to buy the rest, for an equity value of about $330 million, or about $640 million including debt.

The transaction was subject to stockholder and regulatory approvals and was expected to close around mid-2026. The company announced completion on May 8, 2026. Following the closing, the stock ceased trading on Nasdaq, and a Form 25 was filed with the SEC on the same date.

As a privately held business, European Wax Center no longer files public reports. The transaction left the franchise system and its Plano headquarters in place under General Atlantic's control.