Zenex Animal Health, an animal healthcare company backed by Renuka Ramnath-led private equity firm Multiples PE, said Thursday it has acquired animal care company Ayurvet Ltd.
Zenex didn’t disclose the financial terms of the acquisition.
The acquisition will strengthen Zenex’s portfolio of offerings by adding herbal products and improving the quality of its overall animal health portfolio globally, the company said.
The acquisition also provides Zenex access to Ayurvet’s research and development, brand portfolio, geographic access, and its management and sales teams.
"The acquisition will improve Zenex’s growth, as it operates in a completely complementary space to the company’s current operations,” said Arun Atrey, managing director and chief executive officer, Zenex.
"Further, it will strengthen Zenex’s geographical presence. Ayurvet’s presence in the EU (Poland) would aid Zenex Animal Health’s export division to expand its base in the EU region as well,” he said.
Ayurvet was founded as a subsidiary of Dabur India Ltd in 1992 and later spun off as an independent entity in 2002. It provides natural and herbal products for livestock, poultry, and companion animals. The company has a presence in about 25 countries, including a joint venture in Poland.
Zenex is an Ahmedabad-based animal care company. It has its manufacturing facility in Haridwar, which was commissioned in 2007.
The company is backed by a consortium of investors led by Multiples PE. Its other investors are Canada Pension Plan Investment Board, RARE Enterprises, SBI, and the ADB.
In 2021, International Finance Corporation (IFC), the World Bank Group’s private-sector investment arm, invested $52 million in Zenex.
For the financial year ended in March 2022, the company generated net sales of Rs 498 crore and clocked a net loss of Rs 28 crore, according to VCCEdge, the data research platform of VCCircle.