KUALA LUMPUR (Sept 27): Malaysia’s Hong Leong Group is understood to have acquired honey business Manuka Health from Australian private equity firm Pacific Equity Partners, after a sale process for New Zealand-based Manuka, The Australian reported today.

It was reported Luminis Partners conducted the Manuka sale process.

"A deal is now believed to have been signed. Hong Leong has expanded into various areas outside of banking, including health insurance, and also appears to be focused on the vitamin and supplement space.

"While it remains unclear [as to] how much the Asian buyer has paid for the business, the price is thought to be in the hundreds of millions of dollars. Manuka Health sells a range of honey products, including Manuka honey, Propolis and Royal Jelly, as well as products for winter wellbeing and personal care," The Australian reported.

At the time of writing this theedgemarkets.com report, Hong Leong Group had not issued a statement in response to The Australian's report.