Private Equity Fund Investments
Multiples PE led consortium acquires Cadila's animal health biz for Rs.2,921-Cr
Private Equity firm Multiples PE-led consortium is to acquire 100% stake in Animal Healthcare Established Markets Undertaking (Zydus AH), the animal health business unit of Ahmedabad-based, publicly listed Cadila Healthcare Ltd, for INR 2,921 crore on a cash free and debt free basis. The consortium, which includes Canada Pension Plan Investment Board (CPPIB) and well known public markets investor Rakesh Jhunjhunwala-promoted RARE Enterprises, is to purchase Zydus AH through Zenex Animal Health India, an SPV controlled by it. Moelis & Co. acted as the investment banker for Zydus and Cyril Amarchand Mangaldas as its legal advisor. Zydus AH is focused on India and certain other countries. It employs about 700 people and has a manufacturing facility in Haridwar. The transaction involves the transfer of immovable and movable assets, inventory, brands and intangible assets. Zydus' other animal healthcare business undertaking - which is expected to commence animal health business in the US and certain European countries - is not a part of this transaction.
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