International investment manager 3i is investing €145m in Drogheda-based wet wipe company WaterWipes.
The 3i investment will further accelerate WaterWipes' growth and will support the company's expansion in Europe, Latin America and Asia.
The new funds will also drive growth in its core Baby and Children's range as well as further opportunities in additional categories such as Adult and Convenience.
The company has a workforce of almost 400 people.
WaterWipes is geographically diversified with sales in over 50 countries and double-digit growth in both offline and online channels. The company is globally accredited by skin health and allergy institutions and endorsed by healthcare professionals.
The company is the premium-segment leader in the c.€12 billion personal care wet wipes market, which is forecast to grow strongly driven by increased hygiene awareness after Covid and demand for convenience.
Edward McCloskey, founder and executive chairman of WaterWipes, said that 3i will bring deep experience across the company's value chain, from manufacturing personal care products and scaling premium brands to working closely with leading international offline and online retailers.
"A big acknowledgement to my 390 WaterWipes colleagues, many of whom have been on this great adventure with me for years, daring to believe that a small startup could successfully challenge the global FMCG giants. Together with 3i we will capture the significant growth opportunities and execute the next phase of our strategy," Mr McCloskey.
Rupert Howard, Partner, 3i, said the investment manager has 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," he said.
"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," he added.
