Direct Capital today announced that it had completed an investment in the Wet & Forget Group (“Wet & Forget”). Wet & Forget is a leading designer, manufacturer and marketer of outdoor and indoor household cleaning products. Whilst the business is well known in the New Zealand market, Wet & Forget has a significant and growing footprint in the US, UK and Australia.
Established 30 years ago, Wet & Forget has built a reputation for high quality and innovative products. The original and best-known product being a no scrub or rinse outdoor moss, mould and lichen remover (that is free from bleach). The business has since expanded the range to approximately 30 unique products, with the shower cleaner now the second highest selling product globally.
Products are manufactured in New Zealand through Wet & Forget’s own Auckland facility (in Silverdale) and in the US through third party manufacturers. Whilst the distribution model in NZ is largely through its own retail stores, the US, UK and Australian businesses sell via third party retailers (including hardware, ecommerce and general merchandise stores).
Direct Capital Director Hugh Cotterill said that Direct Capital was attracted to Wet & Forget due to its unique product offering, track record of growth, strong and long tenured management team and significant international growth opportunities. The investment represents Direct Capital’s fourth investment from its latest fund, Direct Capital VI which raised $425m in March 2020.
Wet & Forget’s founders Rod and Leigh Jenden will retire from the business as part of the transaction.
About Direct Capital
Direct Capital was established in 1994 and is New Zealand’s largest private equity firm having raised over $1.7 billion in capital for investment into private companies. Direct Capital invests capital on behalf of institutional and intergenerational investors including NZ Super Fund, ACC and the Government Superannuation Fund, along with pension and endowment funds, community trusts and iwi groups.
Direct Capital has partnered with some of New Zealand’s best-known and most successful businesses, including Mondiale VGL, Beca Group, TR Group, AS Colour, Perpetual Guardian, Bayleys Realty Group, Caci Clinics, along with NZX-listed Ryman Healthcare, Scales Corporation and New Zealand King Salmon.