Nestlé has officially announced the sale of its New Zealand business, Egmont Honey, to Beijing-based Huatai International Private Equity Fund.
Established in 2015, Egmont Honey specializes in manufacturing premium Manuka honey, honey-based lollipops, lozenges, and unique flavored honey spreads, including dulce de leche, creamed honey with raspberry, and passionfruit-infused creamed honey.
Two years ago, Nestlé acquired Egmont Honey as part of its strategy. When explaining the rationale behind the sale, the Swiss multinational offered a succinct statement.
“We have divested the Egmont Honey business as it was no longer a strategic fit for our business. Egmont Honey, which we acquired with our acquisition of The Better Health Company in 2022, is the fastest-growing manuka honey company globally and has had impressive growth over the past two years. We wish Egmont Honey all the best for future growth and success.”
Egmont Honey exports its products to retailers worldwide, including major players like Costco and Walmart in the US, Holland & Barrett and Ocado in the UK, Aldi across Europe, Coles in Australia, Hyundai in South Korea, Life Pharmacy in the UAE, and Woolworths in New Zealand.
Alongside Egmont Honey, the acquisition included The Better Health Company’s Go Healthy supplements and a contract manufacturing facility for vitamins, minerals, and supplements located in Auckland.
Nestlé purchased this business from Chinese asset-management group CDH Investments, which had maintained a majority stake since 2016.
At the time of the acquisition, Jennifer Chappell, CEO of Nestlé’s New Zealand branch, stated that these brands would “strengthen our presence” both locally and internationally.
Furthermore, Paul Bruhn, head of Nestlé’s Oceania division, mentioned that both the products “complement our global portfolio of active lifestyle and health-and-wellness nutrition brands very well.”
