Phi Industrial has successfully closed the Phi Continuation Fund I at €287 million, leading to a significant investment in BlueSun to bolster its growth in the home care products market.

Overview of the Target

Phi Industrial has successfully concluded a significant transaction involving BlueSun Holdco S.L. ("BlueSun" or "the Company") by closing its divestment from Phi Fund II in favor of the newly established Phi Continuation Fund I SCSp SICAV-RAIF ("Phi CF I" or "the Continuation Fund"). This strategic move is supported by a principal investment commitment from Hollyport Capital, complemented by co-underwriting from Kline Hill Partners and substantial backing from existing investors and new institutional commitments, which includes a sizable investment from Phi Fund III. The total raised is €61 million in new commitments to bolster BlueSun's growth.

BlueSun is a prominent brand manufacturer and manager within the home care products market. It operates a unique 3-in-1 business model that encompasses branding, contract manufacturing, and private labels. This structure allows BlueSun to capitalize on structural trends in the home care sector while maintaining appealing brand characteristics at its core. Under Phi's ownership, BlueSun has experienced significant growth, positioning the company as a leading market player through both organic expansion and strategic acquisitions of secondary brands for major multinational corporations.

Industry Overview in Spain

The home care products industry in Spain has shown resilient growth, driven by evolving consumer preferences, increased household expenditure, and a growing focus on sustainability. The shift toward environmentally friendly products has spurred innovation within th