Animal Nutrition & Health business has been divested to CVC for an enterprise value of EUR 2.2 billion.
dsm-firmenich has entered into an agreement with CVC Capital Partners, a global private markets manager, to divest its Animal Nutrition & Health (ANH) business for an enterprise value of about EUR 2.2 billion, which includes an earnout of up to EUR 0.5 billion. dsm-firmenich will retain a 20% equity stake in the divested ANH Companies, in partnership with CVC.
This transaction follows the sale of the Feed Enzymes activities to Novonesis for EUR 1.5 billion in 2025 and marks the final strategic step for dsm-firmenich to become a fully focused consumer company active in nutrition, health, and beauty. The total enterprise value of ANH, including the prior sale of the Feed Enzymes activities, represents EUR 3.7 billion.
The company intends to launch a new share repurchase program to buy back ordinary shares with an aggregate market value of EUR 0.5 billion and reduce its issued capital. The program is planned to commence in Q1 2026.
In addition, dsm-firmenich aims to deliver consistent and sustainable dividends to its shareholders. To achieve this, the company has adopted a “stable to preferably rising” dividend policy, reflecting the company’s commitment to long-term value creation. Under this policy, dsm-firmenich aims to maintain a stable dividend of EUR 2.50 per ordinary share and progressively increase dividends over time.
ANH business offers products ranging from vitamins over premixes, to feed additives that improve animal health, performance, feed efficiency, and sustainability across livestock production. ANH generated annualized net sales of approximately €3.5 billion in 2025, with around 8,000 employees. The divestment includes all ANH activities: Performance Solutions, Premix, Precision Services, as well as Vitamins, Carotenoids and Aroma Ingredients. Bovaer® and Veramaris™ remain part of dsm-firmenich.
ANH will be split into two new standalone companies, both based in Kaiseraugst, Switzerland: the “Solutions Company”, including Performance Solutions, Premix, and Precision Services, and the “Essential Products Company”, including Vitamins, Carotenoids and Aroma Ingredients (jointly referred to as the “ANH Companies”).
Dimitri de Vreeze, CEO of dsm-firmenich, commented that “since the creation of dsm-firmenich, we have consistently delivered on every milestone in our strategic roadmap. From building a unique, integrated company to shaping a finely tuned portfolio with distinctive capabilities, we have now evolved into a leading consumer business focused on nutrition, health, and beauty. Today marks the final step in that journey, and this transaction reflects our commitment to accelerating our growth and creating long-term value for all stakeholders. At the same time, this agreement opens an exciting new chapter for ANH, enabling it to thrive and realize its full potential.”
Steven Buyse, managing partner at CVC: “We are delighted to partner with dsm-firmenich and the ANH team. This transaction represents a unique opportunity to create two new leading companies in the animal nutrition & health space. Both businesses offer significant potential for value creation. The Solutions Company will continue to drive innovation and efficiency in animal farming, delivering tailored solutions with high proximity to its global customer base. The Essential Products Company will be built as a resilient global leader in essential feed, food and fragrance ingredients, providing customers with reliable, high-quality supply based on an independent and highly integrated value chain. Both companies will work closely together to create maximum value for the customer.”
The transaction represents the second partnership between dsm-firmenich and CVC. In 2015, at that time DSM, had created the successful joint venture ChemicaInvest, in which CVC also held a majority.
