Nestle has sold its New Zealand honey business, Egmont Honey, after two years of ownership.
The FMCG behemoth sold it to Beijing-based Huatai International Private Equity Fund, claiming it was no longer a strategic match for the 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,” the Swiss giant said in a statement.
The sale is consistent with Egmont Honey’s expansion strategy in China, which it believes Huatai can assist with.
Egmont Honey, founded in 2008, specialises in Manuka Honey and ethical beekeeping. The company’s products are exported to more than 20 countries.
Nestle said in May it would sell its Egmont Honey business with the support of Rothschild Australia and Cameron Partners, a New Zealand-based investment bank. The manuka business was expected to generate $54 million in revenue and $20.7 million in earnings in the year ending next March.
