Australian agribusiness Webster Ltd. has acquired apiary business Australian Rainforest Honey Pty. Ltd. for a total consideration of about A$5.2 million.
Total consideration for the transaction, inclusive of working capital adjustment, is A$8.2 million, which Webster will fund from its existing debt facilities.
Post transaction, Australian Rainforest will retain its existing management and staff, who will work with the management of Webster's horticultural business.
Australian Rainforest, which was established in 1935 in Sydney, operates more than 5,500 hives and produces and sells its own organic honey through various retail and wholesale channels.
Webster said Australian Rainforest owns 1,800 hectares of land and has bee permits to state forests in New South Wales and Victoria.
The acquisition is expected to complement Webster's almond business, especially at peak times of pollination, the company said.