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.