McCormick & Company Inc announced this week that it has purchased the shares of Billy Bee Honey Products Ltd. for $75 million in cash.
Founded in 1958, Billy Bee Honey Products is Canada’s largest honey business with a 60% share of branded honey sales to retailers in Canada. In recent years, Billy Bee has developed and marketed new products using honey, including mustard, sauces and salad dressings. Billy Bee also supplies an estimated 50% of the private label honey sold to Canadian retailers and about half of the honey used as an ingredient by food manufacturers in Canada.
Including its Billy Bee® and Doyon® brands, as well as private label and industrial products, Billy Bee Honey Products has sales of approximately $37 million per year.
Alan D. Wilson, President & CEO of McCormick, said in a corporate press release that the acquisition of Billy Bee Honey Products is part of his company’s acquisition strategy to bring established brands under the McCormick umbrella.
“Consumers in Canada know Billy Bee and Doyon as trusted brands of pure, natural honey,” Wilson said. “This is a terrific complement to our savory products in Canada and a great extension of the sweet products we currently market in Europe and the Asia/Pacific region.
“Over the past 50 years, the management and employees of Billy Bee have created a well-established business, and in recent years have launched some exciting value-added products. We look forward to working together to achieve further growth through innovation and distribution expansion.”