Wedderspoon Acquisition Kicks Off New Kiwi Export Vehicle

Wedderspoon, a supplier of New Zealand Manuka honey, was acquired earlier this month by investment firm Masthead, which as part of the deal, set up a new consumer-focused company known as Florenz, to house a range of natural products brands that hail from down under. But who is behind this new platform and what is the end goal?

According to CEO Mike Tod, Florenz “is building a world class, high growth export business of scale.” The company already houses plant-based pre-workout 2before and supplement brands Xtendlife and Harker Herbals in addition to manufacturing facility Dry Foods NZ. With Masthead behind it, an investment vehicle backed by the Stewart family office, and recent divestments in the pet food space, it is actively working to shape a portfolio of products ready for export to North America.

“Wedderspoon was our number one acquisition opportunity of choice for the category,” Tod said. “While Wedderspoon’s products are in more than 20,000 stores and on more than 70,000 shelves, it has so much more growth to achieve in bricks and mortar. Alongside that, it is on a journey to regain the number one ranking on Amazon. It’s a privilege to be custodians of this iconic business and to be able to fund an accelerated growth plan.”

Wedderspoon sells a variety of Manuka honey products, including raw honey, honey-infused apple cider vinegar, lozenges and a range of other personal care and wellness items. The products are sold across the conventional grocery, natural, mass and drug channels as well as via eGrocery platforms like Thrive Market. Under Florenz, Tod said the brand will adopt a “high cadence” of new products and export growth.

Tod comes to the consumer products platform company with diverse career experience, most recently serving as CEO of TAB NZ, an online racing and sports betting platform; he has also held senior positions at Commonwealth Bank of Australia, Air New Zealand, dairy cooperative Fonterra and tv network TVNZ.

Beyond growth potential, Tod emphasized that Wedderspoon’s strong foothold and 25 year history in the North American market made it an attractive target. According to SPINS data, the Manuka honey category sales are currently growing at a rate of 1.2% y/y with the overall category totaling $19.8 million.

Within that market, Wedderspoon remains a leader with a slate of products developed around the ingredient, which is known for its digestive-support benefits. As global interest in the New Zealand-native product continues to grow, “it is a clear fit within our strategic framework,” he emphasized.

Florenz is now a subsidiary of Masthead and will grow its reach by acquiring and growing new businesses in the natural products space. The company’s portfolio will center around science-backed products and three strategic pillars – inner health, outer health and ingredients. Each business will fall into at least one pillar. New Florenz businesses will also have been “curated in New Zealand,” and sold in North America, Tod said. The company is actively assessing new acquisition opportunities.

As it works to grow its portfolio, the Florenz team said it expects to be able to leverage Wedderspoon’s sales and marketing expertise, in addition to its existing agency partnerships, to help grow its other CPG brands. Rebecca Remely, who has led Wedderspoon since 2015, will remain on as CEO.

“In turn, some of those businesses are well placed to support Wedderspoon’s growth into new global markets,” said Tod. “It’s a super exciting time for both Florenz and Wedderspoon, which has no shortage of highly skilled people wanting to work for it in the United States. For example, we recently had more than 1,000 people apply for a senior e-commerce role. Top candidates love the company, love the brand and love where it is going.”