New Zealand honey brand Comvita has acquired specialist honey retailer HoneyWorld Singapore and its consumer brands for SG$8.6 million (US$6.4 million).

Established in 1997, HoneyWorld is the largest Manuka honey retailer in Singapore operating 18 outlets and poised for significant growth.

Through the acquisition, Comvita’s market share in Singapore is expected to grow by 50 per cent.

Comvita CEO, David Banfield, said the deal represents a “highly strategic opportunity” for the brand as there is a “strong demand” in Asian markets.

“We are achieving strong results in our other retail stores in markets throughout Asia and are delighted to add HoneyWorld’s renowned capability and influence to the Comvita family.”

Comvita will also supply HoneyWorld’s own brands in-store as well as grow its manuka brand and range.

Pearline Goh, the founder and director of HoneyWorld, said the brand is “thrilled” by the acquisition and added the companies “share a vision of being a premium wellness and lifestyle brand”.

• Further reading: Sweet success: How NZ honey brand Comvita is charting growth in Asia