Bay of Plenty honey exporter Comvita says its recent capital raise is about backing its long‑term strategy rather than reacting to a difficult period, following several challenging years marked by margin pressure, shifting offshore demand and balance‑sheet strain.
Karl Gradon
Chief executive Karl Gradon says while Comvita is a global business, its roots are still firmly in the Bay of Plenty.
“Many of our loyal shareholders are local, and the structure of this raise gives them the opportunity to participate.”
The capital raise, announced last month, is designed to reduce bank debt and support refinancing, while also bringing Singapore‑based consumer group Fraser and Neave onto the register as a strategic investor. Gradon says management’s focus is less on the mechanics of the offer and more on what it enables.
“The aim is to support the execution of our strategic plan,” he says.
“It gives us more flexibility to invest in the areas that matter for long‑term growth.”
Comvita has spent recent years reshaping its operations after a prolonged period of earnings pressure, including a failed takeover approach late last year that confirmed the company would remain independently listed. Since then, management has worked to simplify the business, improve cash flow and refocus on core value drivers.
Gradon says the involvement of Fraser and Neave aligns with that reset, particularly as Comvita looks to deepen its presence in Asia.
“They bring potential opportunities for collaboration, especially in markets where they already have distribution strength and consumer insight,” he says.
“That’s highly relevant as we look at future growth regions in Southeast Asia.”
Despite its global footprint, Gradon says Bay of Plenty remains central to Comvita’s identity, workforce and supplier base.
“Our people, suppliers and broader community here all have a stake in our success,” he says.
“A stronger balance sheet benefits everyone connected to the business.”
Comvita honey production
