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DSM-Firmenich has announced it has entered into an agreement with CVC Capital Partners to divest its Animal Nutrition & Health (ANH) business.
According to a recent press release, the divestment of its Animal Nutrition & Health (ANH) business for an enterprise value of about €2.2 billion includes an earnout of up to €0.5 billion. DSM-Firmenich will retain a 20% equity stake in the divested ANH Companies in partnership with CVC, a global private markets manager.
ANH sale follows feed enzymes activities transaction
This transaction follows the sale of the Feed Enzymes activities to Novonesis for €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 €3.7 billion.
The company intends to launch a new share repurchase program to buy back ordinary shares with an aggregate market value of €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 €2.50 per ordinary share and progressively increase dividends over time.
A glance at the Animal Nutrition & Health business
ANH is a global provider of science-based animal nutrition and health solutions. The business offers products ranging from vitamins and premixes, to feed additives that improve animal health, performance, feed efficiency, and sustainability across livestock production.
It generated annualised 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 2 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. These companies will continue to work closely together, especially with regards to the vitamin supply in the animal nutrition and health value chain.
“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 realise its full potential,” Dimitri de Vreeze, CEO of DSM-Firmenich stated.
The transaction represents the second partnership between dsm-firmenich and CVC. In 2015, at that time DSM, the company had created the successful joint venture ChemicaInvest, in which CVC also held a majority.
