Multiples PE is looking to sell part or the entirety of its stake in animal healthcare solutions provider Zenex Animal Health, said two sources familiar with the situation.

A third source familiar mentioned that Multiples PE aims to exit fully from the portfolio entity – depending on the terms.

Multiples, an India-focused private equity fund managing USD 1.8bn worth of assets, has reached out to few investment banks for the matter, said the sources. The valuation has not been decided as yet and talks are in early stages, they added.

In May 2021, Multiples led a consortium including Canada Pension Plan Investment Board (CPPIB) and Rakesh Jhunjuwala’s RARE Enterprises to acquire Zydus Cadila’s animal health division (Zydus AH), which was later re-branded as Zenex, according to a report by The Economic Times.

In December 2021, IFC acquired a USD 52m stake (backed by 36.5m shares) in Zenex from Multiples PE, according to a VCCircle report

In December 2023, Zenex Animal Health acquired herbal and ayurvedic products provider for animal Ayurvet, according to a report by The Hindu Businessline.

Ahmedabad-based Zenex is an animal health business focused on livestock, poultry and companion animal segments, helping veterinarians and farmers improve productivity. It offers a range of veterinary, farm care, and nutritional solutions, according to its website.

Multiples PE and Zenex did not respond to requests seeking comments.