PE firm Advent International to buy majority stake in Indian pharma firm ZCL Chemicals
Photo: Myriam Zilles / Unsplash
February 9, 2021
Private equity firm Advent International on Monday said that it has signed a definitive agreement to acquire a majority stake in pharmaceutical firm ZCL Chemicals Ltd.
Financial details of the transaction were not disclosed. However, a person aware of the transaction said the acquisition pegs an enterprise valuation of ₹1,700 crore ($233 million) for the company, which was earlier known as Zandu Chemicals Ltd.
With this transaction, Morgan Stanley Private Equity Asia, a private equity platform that previously managed a minority investment in ZCL, will exit its investment, Advent International said in a statement.