Australia’s Pacific Equity Partners (PEP) has agreed to buy Manuka Health for an undisclosed amount, subject to Overseas Investment Office approval. The New Zealand Herald has reported the purchase price was $NZ110 million.
PEP is one of the largest private equity fund managers in Australasia. PEP’s other consumer product investments include Griffin’s Foods, Tegel and Frucor.
The Te Awamutu-based honey company, Manuka Health has 37 shareholders, according to records on the Companies Office, with Waterman Capital a cornerstone owner. Founder Kerry Paul owns 7.3%, while Milford Asset Management owns 6.3%.
Manuka Health was founded in 2006 and exports 90-plus products based on propolis, royal jelly, bee pollen, and Manuka honey to 45 countries. It has annual turnover of more than $NZ50 million.
New Zealand bees have produced $NZ187 million of exported honey in the June 2014 year, up 8% by volume and almost 30% by value on the previous year.