New Delhi: Swedish private equity firm EQT has emerged as the sole contender to acquire Sanjaya Mariwala-promoted OmniActive Health Technologies, after the only competing bid for the nutraceuticals manufacturer and exporter was recently rejected, people aware of the matter said.
EQT was competing with a consortium of Temasek and Novo Holdings for a controlling stake in the company, they told ET, adding that EQT’s offer was better.
Sanjaya Mariwala is the founder of OmniActive Health Technologies, but it is controlled by US private equity firm TA Associates, after the latter bought a 56% stake in the company in 2021. The Temasek and Novo Holdings consortium’s offer gave OmniActive Health Technologies a valuation of between ₹5,500 crore and ₹5,800 crore, the people cited earlier said.
EQT and TA Associates’ managing director and co-head of Asia, Dhiraj Poddar, declined to comment.
Mariwala did not respond to ETs query. Temasek and Novo Holdings did not comment on the matter.
“Talks will continue with EQT though there is also a possibility that TA Associates abandons the discussions and restarts a fresh stake sale process later in the year,” a person familiar with the development said, requesting not to be named.
Mariwala still holds a significant minority stake in OmniActive Health Technologies.
OmniActive Health Technologies has significant exports to the US market and potential bidders have valued the company conservatively because of that reason, as per sources. Initial valuation expectations conveyed to the potential bidders was around $1 billion or ₹9,500 crore.
“Near-term revenue growth from the US is expected to be moderate owing to the deferment of new product launches amid heightened uncertainty surrounding trade policies,” ratings agency CRISIL said in a note on 22 January.
OmniActive Health’s products in the specialty and botanical segments include Lutemax 2020, Omnixan, Capsimax, Gingever and enXtra in the therapeutic segments of vision, cognition and mental health, metabolic health and weight management, active wellness and natural energy. Some of these products are said to be market leaders in their respective segments.
“Longstanding relationships with customers through co-development and co-branding of products give the group an edge in the market,” CRISIL said in the 22 January note.
OmniActive Health Technologies has vertically integrated operations for major products, including direct sourcing of marigold and paprika from farmers.
Its business is exposed to raw material price fluctuations in the agriculture sector and seasonality.
The company operates through various arms, including overseas subsidiaries such as OmniActive Health Technologies Inc. (USA), Omniactive Health Technologies (Canada) Limited, Omniactive Health Technologies GMBH (Switzerland), and Indian subsidiaries such as Omnikan Earth Sciences Private Limited, Omni Wellness and Nutrition Limited, PAEON Wellness and Nutrition Limited, and OmniActive Improving Lives Foundation.
It had revenue of around Rs 886 crore in 2024-25, for which data is available.
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