DMD Advocates advised India Agri Business Fund II on the sale of its 38.71% equity stake in Naturell (India) Private Limited to Zydus Wellness Limited as a part of the latter's complete buyout of the former.
The transaction was led by Rashi Dhir (Senior Partner and Head of Corporate) and Saiyam Chaturvedi (Partner) along with Divay Rastogi (Counsel), Srishti Pandey (Associate) and Ela Bharti (Associate).
Zydus Wellness Ltd. announced its acquisition of a 98.14% stake in Naturell (India) Pvt. Ltd. for over ₹ 390 crore. The acquisition was part of a share-purchase agreement with Naturell’s promoters and other sellers. The company is now in the process of acquiring the remaining 1.86% stake and anticipates completing the transaction soon.
Zydus Wellness highlighted that the acquisition aligns with its strategic goals, expanding its presence in the consumer wellness sector and entering the rapidly growing healthy snacking market.
Naturell India, known for its Ritebite Max Protein brand, produces nutrition bars, protein cookies, crisps, spreads, and powders, as well as high-fiber snacks. It began operations in 2003 and entered the healthy snacks category in 2007.
Zydus Wellness, part of the Zydus Group, is already recognized for brands like Sugar Free, Glucon-D, and Nutralite. The acquisition, funded entirely in cash, is projected to be earnings-per-share (EPS) accretive for the company by 2025.
India Agri Business Fund II (IABF II), sponsored by Dutch banking giant Rabo Bank, is dedicated to investing in small and medium-sized enterprises (SMEs) across various segments of the agro-industrial value chain, including agricultural inputs, primary processing, and agricultural infrastructure.
With a target size of USD 200 million, IABF II focuses on acquiring significant minority stakes (15%–40%) to effectively influence corporate governance and business strategy.
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