Drogheda-based wet wipe maker WaterWipes has received a €145 million investment from 3i Group as the Irish company eyes further expansion overseas.
The deal will see founder and executive chairman Edward McCloskey retain a “significant minority” position in the company, with the leadership team reinvesting, led by chief executive Paul Heeringa.
WaterWipes has built its business by pitching its wipes as plastic-free and as gentle as water and cotton wool.
Created by Mr McCloskey, the product range has expanded from baby wipes to convenience products and adult body wipes. The funding will be used to grow the brand in new markets.
“We’ve been following WaterWipes’ progress for many years. The company’s positioning fits perfectly with our strategy of investing in international branded consumer businesses, building on our recent experience with MPM and Havea,” said Rupert Howard, Partner, 3i. “We are excited to partner with Edward and the team to support WaterWipes on its next growth phase, as it builds on its impressive foundations and continues to expand both its geographic and category reach.”
The company currently sells its products in more than 50 countries globally, with the business growing for more than a decade and achieving a compound annual growth rate of more than 20 per cent since 2017.
The 3i investment will see it focus on expansion in Europe, Latin America and Asia. It is aiming to capture more of the €12 billion personal care wet wipes market, which has grown in size since Covid-19 put the spotlight on hygiene.
WaterWipes is seeking to grow not only its core baby and children’s range, but also capitalise on new opportunities in adult and convenience categories.
“I’m delighted to be partnering with the team at 3i. They bring deep experience across our value chain, from manufacturing personal care products and scaling premium brands to working closely with leading international offline and online retailers, ” said Mr McCloskey.
“Together with 3i we will capture the significant growth opportunities and execute the next phase of our strategy.”
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