Comvita, a New Zealand based manufacturer of honey has announced the acquisition of HoneyWorld, Singapore’s largest manuka honey retailer for 8.5 million SGD ($6.33 million).
The acquisition follows Comvita’s recent partnership with Ole Supermarkets, a Chinese retail chain, in a bid to expand its presence in the Asian market.
Commenting on the acquisition, Comvita CEO David Banfield said: “This agreement represents a highly strategic opportunity for Comvita to acquire a high-quality business that is the market leader in Singapore. We are achieving strong results in our other retail stores in markets throughout Asia and are delighted to add HoneyWorld’s renowned capability and influence to the Comvita whanau (family).”
“We see strong demand in Asian markets and with this acquisition we will gain further market share and importantly, accelerate delivery of our FY25 target of $50M EBITDA”, he added.
Pearline Goh, founder and director of HoneyWorld, added: “As customers become more discerning, we see Comvita’s scale and ability to introduce quality natural products backed by world-class scientific know-how as being sustainable and important”.
Source: Comvita / Stuff.co.nz