Business Daily Media

Men's Weekly

.

Comvita Acquires Market Leader HoneyWorld Singapore

  • Written by PR Newswire

AUCKLAND, New Zealand, July 4, 2023 /PRNewswire/ -- Comvita Limited (NZX:CVT) today announced that they have acquired specialist honey retailer HoneyWorld Singapore and its consumer brands.

Comvita Acquires Market Leader HoneyWorld Singapore David Banfield, CEO Comvita and Pearline Goh, Founder and Director, HoneyWorld Singapore at Comvita and HoneyWorld Singapore signing ceremony.

HoneyWorld is the largest Mānuka honey retailer in Singapore and represents a highly strategic acquisition into a business that is the market leader in core Comvita categories in one of Asia's premium growth markets.

Combined with their existing business in this market Comvita's market share in the Mānuka honey category in Singapore will be around 50%. Together, Comvita and HoneyWorld have identified incremental opportunities to further grow household penetration and share of the category in this important market over time. 

This acquisition will be immediately accretive to Comvita with a HoneyWorld forecasted 24% increase in return on capital employed (ROCE) once integrated. For the Comvita group this acquisition is forecast to deliver a 22% improvement in EPS.  HoneyWorld is forecasting revenue in FY24 of over SG$13M (NZ$15.85M). The acquisition is to be debt funded.

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 family. We are also pleased to have retained the services of its founder Pearline Goh, adding more talent to our business. 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."

Pearline Goh, Founder and Director of HoneyWorld commented, "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."

HoneyWorld was founded in 1997 and operate 18 outlets in the Singapore market with a loyal consumer following and are poised for significant growth. Comvita will supply the HoneyWorld own brands in store as well as grow the Comvita Mānuka brand and range. Comvita is very excited to be working with the HoneyWorld team and customers will continue to see the same people on their daily honey shopping.

 

Read more https://www.prnasia.com/story/archive/4148919_AE48919_0

Demand for Home Batteries surges as Federal Rebate Kicks In

A leading provider of energy solutions VoltX Energy has seen a 400% increase in demand for home batteries in the past three weeks as people put d...

Why Sport Remains the Safest Bet in an Uncertain World

When Rome was in crisis, its leaders did not retreat to the Senate. They went to the circus. To the chariot races. To the gladiators. Sport was no...

THE FINE LINE WITHIN HILARIOUS SIGNAGE DESIGN FAILS

It seems like design failures still occur in today’s modern branding era, despite rigorous rounds of approvals behind the scenes. One signage show...

Deputy Announces Exclusive Global Partnership with Predelo to Bring AI to Shift-Based Businesses

Deputy, the global people platform for shift-based businesses, has announced an exclusive partnership with Predelo, an AI Decision Agent-as-a-Serv...

Leftover Budget? The Last-Minute EOFY Tip to Drive Business Success in FY25/26

The countdown is on. With just days left until EOFY, now’s the time to make your remaining 2024–2025 budget work harder and smarter. After workin...

pay.com.au appoints new CEO and Managing Director

The former COO will lead the company’s next growth phase, with ex-CEO Edward Alder transitioning into the role of Managing Director AUSTRALIA, 25...

Sell by LayBy