New Zealand exporter Manuka Health has been sold to Australian private equity giant Pacific Equity Partners.
The Business Herald understands the purchase price was $110 million – more than five times the $20 million valuation placed on the company in 2012 when Auckland investment firm Waterman Capital purchased a 20 per cent stake in the wellness business.
Founded in 2006 by Kerry Paul, Manuka Health sells its products – which include honey, propolis and royal jelly – in more than 45 countries. It has annual sales of around $70 million, up from $17 million in 2012. Waterman director Chris Marshall said the company was pleased with the outcome of the investment.