Cullen L. Sinclair

Paul, Weiss is advising General Atlantic in its all-cash take-private acquisition of European Wax Center, Inc., a leading franchisor and operator of out-of-home body waxing services in the United States. Under the agreement, General Atlantic, which initially invested in European Wax Center in 2018 and owns 42% of its common stock, will acquire all outstanding shares of Class A common stock that it doesn’t already own. European Wax Center shareholders will receive $5.80 per share in cash for an implied equity value of approximately $330 million. The transaction, announced on February 10, is expected to close in mid-2026, subject to customary closing conditions. The Paul, Weiss team is led by corporate partners Matthew Abbott and Cullen Sinclair, and includes partners Suhan Shim, Charles Pesant, Chris Cummings, Conrad van Loggerenberg and David Sobel, and counsel Bathiya Sheriffdeen and Matthew Burton; tax partner Lindsay Parks; executive compensation partner Jarrett Hoffman; antitrust partner Ross Ferguson and counsel Todd Hahn; and litigation partners Andre Bouchard and Andrew Gordon, and counsel Audrey Paquet.

Feb 10

1 min

Paul, Weiss is advising a fund managed by Pinnacle Asset Management, L.P. in connection with a $450 million strategic partnership between Atlantic Alumina Company LLC, the only operating alumina refinery in the United States; the U.S. Department of War; and Concord Resources Holdings Limited. Under the terms of the deal, the Pinnacle fund, which is Concord’s majority shareholder, has invested more than $300 million in private capital in this partnership. The deal is designed to sustain and increase domestic alumina production and establish the country’s first and only large-scale primary gallium production circuit in Gramercy, Louisiana. Both alumina and gallium are essential minerals for production of aerospace and defense systems, catalysts, semiconductors and next-generation energy technology. The Paul, Weiss team is led by partners Brian Hermann and Cullen Sinclair and associates Nicholas Krislov and Jenna Glicksman, and includes corporate partners Udi Grofman, Timothy Cruickshank and David Tarr; tax partners Robert Holo and Jamie Chambers; environmental partner Stefanie Gitler; and antitrust counsel John Magruder.

Jan 12

1 min

Paul, Weiss is advising General Atlantic on its acquisition of an equity stake in Grupo Financiero Banamex, S.A. de C.V., from Citi. Under the agreement, a group of prominent institutional investors and family offices led by General Atlantic will acquire 24% of Banamex’s outstanding common shares at a fixed price of approximately MXN 43 billion ($2.5 billion). The deal is expected to close in 2026, subject to customary closing conditions, including antitrust regulatory approval in Mexico, and is General Atlantic’s largest growth equity investment in Mexico to date. The Paul, Weiss team is led by corporate partners Matthew Abbott and Cullen Sinclair, and includes tax partners Cian O’Connor, Lindsay Parks and Kyle O’Sullivan.

Feb 23

1 min

Waxing services giant European Wax Center Inc. on Tuesday announced plans to go private after being acquired by investor General Atlantic in an all-cash deal valued at roughly $330 million. Under the terms of the agreement, General Atlantic will acquire all of European Wax Center's outstanding Class A common stock that it does not already own for $5.80 per share, according to a Tuesday statement. The purchase price represents a 45% premium to the company's closing stock price on Monday, the last full day of trading before the deal announcement was made. Ropes & Gray LLP advised European Wax Center's special committee to the board of directors, while Paul Weiss Rifkind Wharton & Garrison LLP advised General Atlantic. European Wax Center franchises and operates out-of-home waxing service locations across the U.S. Founded in 2004 and headquartered in Plano, Texas, the company maintains a network that includes over 1,000 centers across the country, according to the statement. European Wax Center brought in $951 million of sales in 2024, the statement added. The company offers a full suite of waxing services, in addition to a proprietary line of beauty products in the skin care, body and eyebrow categories, according to its website. General Atlantic has been a partner to the waxing services company since it first invested in 2018. Currently, the firm is the beneficial owner of roughly 42% of European Wax Center's outstanding shares, according to the statement. Established in 1980, General Atlantic is a global investor that has offered capital and strategic support to over 830 companies throughout its history. The firm manages approximately $122 billion across its growth equity, credit, climate and sustainable infrastructure strategies, the statement said. The deal is expected to close in mid-2026, subject to certain customary closing conditions. Upon closing, European Wax Center will delist its shares from the Nasdaq. Representatives for General Atlantic and European Wax Center both said they are not commenting further on the deal at this time. The Ropes & Gray team advising European Wax Center's special committee was led by mergers and acquisitions partner Tom Fraser and included litigation and enforcement partner Martin Crisp; finance partner Patricia Lynch; tax partner Adam Greenwood; intellectual property transactions partner Erica Han; executive compensation and employee benefits partner Renata Ferrari; and M&A partner Christopher Comeau. The Paul Weiss team advising General Atlantic includes partners Matthew Abbott and Cullen Sinclair.

Feb 10

2 min