Egmont Honey expands as sales process gathers pace

31st March 2021 By Bridget O'Connell | bridget@foodticker.co.nz | @foodtickernz

Manuka honey business Egmont Honey is launching a new health supplement range in Australia with major retailer Coles.

The South Taranaki company, which is reported to be up for sale, said the new innovative health supplements range including sleep, detox and energy supplement is “going to change the way people look at targeted natural health products.”

Egmont Honey last year expanded into health and wellness supplements made from nutritional bee products with an initial range that included Royal Jelly and Collagen, Vitamin C and Manuka Honey Chews, and Propolis supplements. These were also sold in Australia through Coles.

The business, which was founded by father son team Toby and James Annabell in 2008, exports its range of health, skincare, and honey products to more than 20 countries, including China, Korea, Japan, the United Kingdom, France as well as Australia.

In 2017, Egmont Honey sold 51% of its shares to The Better Health Company, a New Zealand business that is majority owned by US$20bn Singaporean hedge fund CDH Investments.

In August last year The Better Health Company, whose brands also include vitamin label Go Healthy, took 100% ownership of Egmont Honey.  The deal saw James and Toby, and Toby’s wife, Karen, take a small stake in that company, the National Business Review reported.

The Australian Financial Review’s Street Talk column has reported that Macquarie Capital has been appointed by CDH to sell The Better Health Company.

The bankers said The Better Health Company would record $137m total revenue and $30m EBITDA in the year to March 31.

The revenue would be split four ways, according to Macquarie, which  28% would come from the Egmont Honey brand; 26% would come from selling GO Vitamins in NZ, another 16% would be made selling the same products in Australia.

The remaining 30% was from its NZ Health Manufacturing arm, which manufactures the vitamins, minerals and supplements, according to the AFR.