Direct Capital invests in Wet & Forget

Direct Capital has completed an investment in the Wet & Forget Group, a leading designer, manufacturer, and marketer of outdoor and indoor household cleaning products. While well-known in New Zealand, Wet & Forget has a significant and growing presence in the US, UK, and Australia.

Transaction snapshot

  • Deal value: N/A
  • Deal multiples: N/A
  • Deal type: Development capital
  • Investors: Direct Capital

Established 30 years ago, Wet & Forget has built a reputation for high-quality, innovative products. The original and best-known product is a no-scrub, no-rinse outdoor moss, mould, and lichen remover that is free from bleach. The business has since expanded to around 30 unique products, with the shower cleaner now the second highest selling product globally.

Wet & Forget manufactures its products at its own facility in Silverdale, Auckland, and through third-party manufacturers in the US. While the company largely distributes through its own retail stores in NZ, it sells via third-party retailers in the US, UK, and Australia, including hardware, ecommerce, and general merchandise stores.

Direct Capital Director Hugh Cotterill said the firm was attracted to Wet & Forget due to its unique product offering, track record of growth, strong management team, and significant international growth opportunities. The investment is Direct Capital's fourth from its latest $425m fund, Direct Capital VI, raised in March 2020.

As part of the transaction, Wet & Forget's founders Rod and Leigh Jenden will retire from the business.

Direct Capital, established in 1994, is New Zealand's largest private equity firm, having raised over $1.7 billion to invest in private companies.

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