WaterWipes is seeking damages or, if appropriate, an account of the defendants’ profits as a result of the alleged infringement.
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. 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.The $4 trillion chase is on for Apple and Nvidia“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.
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.