European buyout firm revealed as suitor for honey producer Comvita

Luxembourg-based private equity firm CVC Capital Partners has been confirmed as the mysterious suitor for New Zealand-listed honey producer Comvita, according to the Australian Financial Review.

CVC has been looking to push into deal-making in Australia and New Zealand. It recently put ASX-listed APM Human Services into play in February and bought Ekaterra – the owner of 34 tea brands – in 2021. 

Sources revealed that the buyout firm had gone to its investment committee for approval but had not offered a binding bid.

Comvita announced in late February that it has received a highly conditional unsolicited non-binding indicative offer from a “credible offshore party” to acquire all of its shares.

In an update on Monday, the company said it provided the interested party with confidential access to its information to undertake due diligence. A sub-committee of the board was also established to oversee this process.

“The Comvita board of directors have maintained a tight focus on maximising value for shareholders, to enable the potential acquirer to appraise both the near-term and longer-term outlook for the company in its global markets.”

Founded in 1974, Comvita produces Mānuka honey and bee consumer goods, with operations in New Zealand, Australia, China, North America, Southeast Asia, and Europe.

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