Animal health company, Zenex, said it was acquiring Ayurvet, a company founded by Pradip Burman, and supplying ayurvedic and herbal medicines, feed supplements and topical treatments for farm and companion animals, for an undisclosed sum.

The acquisition strengthens Zenex’s animal health portfolio to meet customer requirements locally and overseas, the company said. Ayurvet brings with it research and new product capabilities, a robust brand portfolio, complementary geographic access, and management and sales teams, it said.

Ahmedabad-based Zenex is backed by a consortium of financial investors led by Multiples PE, along with CPP Investments, RARE Enterprises, SBI, ADB, IFC, and HNIs, the note said. In July 2021, Zydus Cadila had entered into a Business Transfer Agreement with Zenex Animal Health India to sell its animal healthcare business. Zydus had said it would sell its animal healthcare business in India and certain other countries — by way of a slump sale — for an estimated consideration amount of ₹2,921 crore, subject to certain conditions.

Ayurvet, founded as a subsidiary of Dabur India Limited in 1992, was later spun off as an independent entity in 2002.

Complementary fit

Arun Atrey, Zenex’s Managing Director and Chief Executive said, the acquisition would augment Zenex’s growth, as it operates in a complementary space to the company’s current operations. “Ayurvet’s presence in EU (Poland) would aid Zenex Animal Health’s export division to expand its base in the EU region as well,” he said.

Renuka Ramnath, Chairperson, Zenex and Founder, MD and CEO, Multiples Alternate Asset Management said, “As part of Zenex’s long-term value creation journey, we will continue to seek interesting opportunities to bring companies with complementary capabilities into our fold, and scale them on the back of Zenex’s entrenched sales and distribution network.” Pradip Burman, Founder, Ayurvet, said he was confident the legacy built over 31 years, would be carried forward.