The country’s largest honey retailer, Comvita, has expanded into Asia with the acquisition of HoneyWorld Singapore for $10.3 million.
The move is significant for Comvita as it works to become a market leader in Asia for the honey industry, bringing its share of of the Mānuka honey category in Singapore to around 50 percent.
Both companies saw this as deal as a chance for “incremental opportunities to further grow household penetration and share of the category in this important market over time”.
“This agreement represents a highly strategic opportunity for Comvita to acquire a high-quality business that is the market leader in Singapore,” says Comvita CEO David Banfield.
“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 family.”
Comvita has forecast the acquisition of HoneyWorld will result in growth of 24 percent once the companies are fully integrated, with a 22 percent improvement in earnings per share (EPS), while HoneyWorld estimates a revenue for 2024 of over $15 million.
“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,” adds Banfield.
Pearline Goh, Founder and Director of HoneyWorld, will remain a part of the company as they are acquired by Comvita.
“We are thrilled to be part of the Comvita family, as we share a vision of being a premium wellness and lifestyle brand. 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.”
By acquiring HoneyWorld, Comvita is able to access their 18 locations and loyal consumer base as they work to expand their brand across Asia.