Less than two years since Wet & Forget was sold in a reported nine-figure deal, the iconic Kiwi company is facing a “consultation process” under new ownership.
Private investment firm Direct Capital bought Wet & Forget in April 2024 from founder Rod Jenden and his wife Leigh.
In a statement to the Herald, Wet & Forget said: “We can confirm we are going through a consultation process with a small number of our retail employees.
“However, it would be inappropriate for us to comment further until that process is finished.”
Wet & Forget said it was in the final stages of the consultation but didn’t provide any further details of what was being proposed.
The company, founded in 1995, has about 130 staff across New Zealand, Australia, Britain and the United States, including factory and warehouse workers, truck drivers, store managers and sales teams.
It’s known for products such as Miss Muffet’s Revenge (spider control), Shower Witch (shower cleaner), Hitman (organic weedkiller) and Pet Pong Gone (pet odours).
Wet & Forget mainly distributes products in New Zealand through its 21 retail stores, while the US, Britain and Australian businesses sell the products via third-party retailers.
Speaking on the sale of Wet & Forget last year, Rod Jeden told the Herald the company’s “amazing” staff were like a second family.
“We needed to make sure that the entire team that has helped build the company are looked after and not being taken over by a company to change everything. Why fix it if it ain’t broke?”
Direct Capital was established in 1994 and is one of New Zealand’s largest private equity firms. It’s raised more than $1.7 billion in capital for investment into private companies, according to its website.
Its current investments include Beca, TR Group, AS Colour and Caci.
Cameron Smith is an Auckland-based business reporter. He joined the Herald in 2015 and has covered business and sports. He reports on topics such as retail, small business, the workplace and macroeconomics.