New Delhi, Sept. 30 -- Animal health firm Zenex Animal Health India Pvt Ltd has acquired SAVA Healthcare Ltd's companion animal business SAVAVET.
This is Zenex's third acquisition, following its purchase of Ayurvet in 2023, which gave it access to an Ayurvedic portfolio, and VievePharm in February this year, which helped build its naturals portfolio.
The firm did not disclose the financial details of the transaction.
The acquisitions will help Zenex expand its presence in companion animal healthcare and strengthen its diversified portfolio spanning livestock, poultry, companion animals, herbal healthcare and international markets, it said in a statement.
SAVAVET's companion animal healthcare business comprises a portfolio of about 70 brands across parasiticides, antibiotics, cardiac care, pain management, dermatology and wellness, and is distributed through a network of about 165 stockists.
"Companion animal healthcare is one of the fastest-growing segments of animal health in India, and SAVAVET brings Zenex immediate scale through its strong portfolio, established market presence and network of over 6,000 veterinarians," said Arun Atrey, managing director of Zenex Animal Health.
He added that the transaction was an important step in Zenex's strategy of "building one of India's most comprehensive animal healthcare platforms."
Speaking on the same, Manish Gaur, managing director of Multiples Alternate Asset Management, said, "With its expanding portfolio, strong brands and presence across livestock, poultry and companion animal healthcare, Zenex is building one of India's most comprehensive animal healthcare platforms. The addition of SAVAVET further strengthens that foundation and reinforces Zenex's ability to serve the evolving needs of veterinarians, farmers, and pet parents across the country."
SAVA Healthcare will now focus on human health formulations, pharmaceutical research and development, contract manufacturing and international business, according to CEO Karthik Rajan. "We retain our farm animal business and will continue manufacturing agreed products for Zenex and other veterinary companies in India and abroad under contract manufacturing arrangements," he said.
EY advised Zenex on the transaction, while PricewaterhouseCoopers acted as the exclusive transaction advisor to SAVA Healthcare.
Zenex was formed after Multiples Alternate Asset Management led a consortium of investors to acquire Zydus Cadila's animal health division in 2021. Multiples PE teamed up with Canada Pension Plan Investment Board (CPPIB), the Jhunjhunwala family's RARE Enterprises and other investors to acquire Cadila's animal health business for up to Rs 2,921 crore. However, the investors likely ended up investing around Rs 2,505 crore, regulatory disclosures show.
VCCircle reported late last year that Zenex had kickstarted plans to go public after the PE firm started an informal process for a secondary stake sale in early 2025. However, the company was still six to seven months away from filing its draft red herring prospectus (DRHP), the report said.
As per its latest financials, Zenex reported revenue of Rs 1,023 crore, compared with Rs 823.6 crore in the previous year. Net profit stood at Rs 26.4 crore, compared with Rs 14.9 crore a year earlier.
Published by HT Digital Content Services with permission from VC Circle.