The founder of Timaru’s 100% Pure New Zealand Honey has called the company’s merger with Hamilton based Three Peaks Mānuka Honey a “positive step.”
The two honey producers announced the merger in a media release on Monday, calling the new business venture, The Mānuka Collective.
The Timaru honey producer’s owner, Steve Lyttle, said Three Peaks had approached them about the venture and called Hamilton based producer a “great company” with “strong family values.”
“We were ready to retire anyway when they approached us,” Lyttle told The Timaru Herald.
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“The manuka honey industry in New Zealand needs to be rationalised and consolidated. There is an oversupply of manuka.”
Lyttle said the merger allows for greater potential for the two companies in the world market, and they might go from being in the top 20 to being in the top 5.
“We will have more critical mass, and we can take on bigger customers.”
Lyttle added that the beekeeping will take place in Hamilton and the honey packing would happen in Timaru and he expects the employee base of the new venture to expand.
In the release, Lyttle said while Covid-19 made the future uncertain for business, he was confident the merger was a positive step.
“There has been a lot of change over 25 years running 100% Pure and there will continue to be change in the future,” Lyttle said.
“There is however growing interest in health and wellbeing, which sits at the core of mānuka honey, and we are confident in the direction of The Mānuka Collective.
“We have a great team, strong relationships with customers and independent beekeepers, and we believe there is great alignment with Three Peaks and Perry Group.”
Three Peaks founder, Simon Perry, said the collective is a new and exciting approach.
“It represents the joining together of entities across the honey supply chain, that all share a common interest or mission,” Perry said.
“In this case, that is to spread the goodness of mānuka and our vision is to create a world-class end-to-end honey collective, and to spread the goodness of mānuka globally.”
Sean Goodwin, 100% Pure’s chief executive Sean Goodwin has been appointed chief executive of the new venture.
Goodwin said the merger was an exciting opportunity for both companies.
“We have a very fragmented industry with a predominance of small companies, that lack critical mass and prevent us from achieving our full potential.”
Goodwin said it was the shared view of both companies that there is a “clear and attractive opportunity for a land-to-brand collective of organisations to scale-up and succeed, by meeting the requirements of the changing global landscape.”
Goodwin added that the company’s focus was on “delivering profitable scale by building partnerships.”
“Our strategy will be developed over coming months, and it will reflect where we see opportunities for growth.
“Presently The Mānuka Collective includes Three Peaks and 100% Pure New Zealand Honey, plus our landowner shareholders. It is our intention that the collective will grow to include other stakeholders, and we are actively evaluating new opportunities.”
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