One of the world's biggest food companies, Nestle, is to buy local health supplements maker The Better Health Company.
Nestle is set to buy the Auckland-based health supplements maker The Better Health Company. Photo: 123RF
The Auckland-based company makes and sells vitamins, minerals and supplements through pharmacies and health stores under the Go Healthy brand, as well as the mānuka honey brand Egmont.
Nestle said the acquisition was a strategic fit for its existing operations, and the factory in Auckland would help quicken growth and allow new products to be introduced locally.
"This will strengthen our presence not just in New Zealand, but more broadly across the region, with the GO Healthy brand which is already present in Australia, China, Singapore, South Korea and Vietnam, and the globally-known Egmont brand," Nestle New Zealand chief executive Jennifer Chappell said.
"This range of strong brands will take us well beyond our traditional food and beverage business and solidify our position in nutrition, health and wellness, while underscoring our commitment to New Zealand."
Nestle's supplements brands include Solgar, Optifast, Sustagen, Alfamino and Vital Proteins.
No price for the acquisition was disclosed.
Better Health was founded by Hastings-based entrepreneur Greg Driscoll and Wellingtonians Lisa South and Kurt Renner in 2008.
A Singapore based investment fund manager China Diamond Holdings took a near 80 percent stake in 2017.
The transaction requires regulatory approval and is expected to be settled towards the end of the year.