Between 2018 and 2025, Zydus Wellness reshaped itself through a series of acquisitions. It started as a focused consumer‑health company with strong niche brands like Sugar Free and Everyuth, and then made a step‑change in scale and scope by acquiring Heinz India’s consumer business. That deal added well‑known brands such as Complan, Glucon‑D and Nycil, deeper manufacturing assets and a much wider distribution network. In the next phase, Zydus moved into adjacent spaces – healthy snacking through Naturell (RiteBite Max Protein) and global vitamins and supplements through the UK‑based Comfort Click – to build what management now calls a broader wellness platform.

Across this journey, some brands strengthened or held clear leadership positions, especially Sugar Free, Glucon‑D, Nycil and key Everyuth formats. Others, such as Complan, operated in slower or more challenged categories and remained smaller parts of the portfolio despite investment. At the same time, the company scaled up distribution reach, grew revenue and profit, and took on more intangible assets as it bought brand‑ and platform‑heavy businesses in India and overseas.

This case invites students to examine how Zydus has used M&A to build a wellness platform: what strategic logic tied the Heinz, Naturell and Comfort Click deals together; where and how synergies have actually shown up (brands, channels, capabilities); how the resulting portfolio looks by end‑2025; and what choices the board now faces on capital allocation and future growth moves.