dsm-firmenich, a global nutrition, health, and beauty company, has entered into an agreement with CVC to divest its Animal Nutrition & Health (ANH) business for an enterprise value of about €2.2bn (US$2.6bn), which includes an earnout of up to €500m implying a 7x EV/Adjusted EBITDA multiple, based on ANH’s normalised Adjusted Ebitda. dsm-firmenich will retain a 20% equity stake in the divested ANH Companies, in partnership with CVC.
ANH is a global provider of science-based animal nutrition and health solutions. The business offers products ranging from vitamins over premixes, to feed additives that improve animal health, performance, feed efficiency, and sustainability across livestock production. It generated annualised net sales of approximately €3.5bn in 2025 and employs a work force of around 8,000.
dsm-firmenich expects to receive approximately €1.2bn after closing of which an estimated €600m in net cash proceeds, an estimated €500m in debt and liability transfers to the ANH Companies, and €100m in the form of a vendor loan note.
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.
“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,” said Dimitri de Vreeze, CEO of dsm-firmenich. “[This transaction] marks the final step in that journey, and opens an exciting new chapter for ANH, enabling it to thrive and realise its full potential.”
ANH will be split into two new standalone companies, both based in Switzerland: the “Solutions Company”, including Performance Solutions, Premix, and Precision Services, and the “Essential Products Company”, including Vitamins, Carotenoids and Aroma Ingredients.dsm-firmenich will retain a 20% equity stake in both the Essential Products Company and the Solutions Company.
“This transaction represents a unique opportunity to create two new leading companies in the animal nutrition & health space,” said Steven Buyse, managing partner at CVC. “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 deal includes an earnout of up to €500m, the value of which will be realised upon exit from each of the respective ANH Companies. dsm-firmenich will provide the Essential Products Company with a loan facility of up to €450m, available to be drawn as required, and if needed, additional liquidity support of up to €115m, to be redeemed latest at exit.
The divestment will result in a non-cash impairment of around €1.9bn in 2025 before taxes. dsm-firmenich expects to incur cash tax, transaction and separation costs of €200m in 2026.
Earlier feed
The transaction follows the sale of the Feed Enzymes activities to Novonesis for €1.5bn 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 €3.7bn. The overall ANH divestment value implies a 10x EV/Adjusted Ebitda multiple.
The company intends to launch a new share repurchase programme to buy back ordinary shares with an aggregate market value of €500m and reduce its issued capital.
Second partnership
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.
CVC was supported by Rabobank (M&A), Morgan Stanley (M&A), Kearney (Value Creation & Operations), McKinsey (Commercial), EY (Financial, Tax, Carve-Out & IT, Pension), White & Case (Legal), Latham & Watkins (Regulatory), ERM (EHS), and Montgomery IP (IP).
Press release: dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners
