Comvita Limited (NZX:CVT) has announced the acquisition of specialist honey retailer HoneyWorld Singapore and its consumer brands in a transaction valuing HoneyWorld at NZ$10.36M.
HoneyWorld is the largest Mānuka honey retailer in Singapore and Comvita's market share in the Mānuka honey category in Singapore will be around 50%.
The acquisition is expected to be immediately accretive to Comvita with a 24% increase in return on capital employed (ROCE) and a 22% improvement in earnings per share.
HoneyWorld is forecasting revenue in FY24 of over NZ$15.85M.
Comvita CEO David Banfield said the acquisition is a "highly strategic opportunity" to gain further market share and accelerate delivery of their FY25 target of $50M EBITDA.
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