dsm-firmenich has agreed to sell its Animal Nutrition & Health (ANH) business to private equity firm CVC Capital Partners for approximately €2.2 billion (~US$2.6 billion), which includes an earnout of up to €500 million (US$590 million). The company will retain a 20% equity stake in the divested business.
The deal marks the final step in dsm-firmenich’s transformation into a consumer-focused company centered on nutrition, health, and beauty.
The transaction follows last year’s sale of its Feed Enzymes activities to Novonesis for €1.5 billion (US$1.77 billion). Taken together, the total enterprise value of the ANH segment amounts to €3.7 billion (US$4.37 billion), implying a 10x EV/Adjusted EBITDA multiple for the overall divestment.
ANH generated annualized net sales of roughly €3.5 billion (~US$4.13 billion) in 2025 and employs around 8,000 people. The business will be split into two standalone companies, both headquartered in Kaiseraugst, Switzerland.
A “Solutions Company” will encompass Performance Solutions, Premix, and Precision Services, while an “Essential Products Company” will house Vitamins, Carotenoids, and Aroma Ingredients.
dsm-firmenich says the two entities will continue to work closely together, particularly around vitamin supply in the animal nutrition value chain.
The company expects to receive approximately €1.2 billion (~US$1.42 billion) after closing, of which an estimated €600 million (US$709 million) will be net cash proceeds. The company also plans to launch a new €500 million (US$590 million) share buyback program starting in Q1 2026.
The divestment will result in a non-cash impairment of around €1.9 billion (~US$2.24 billion) in 2025 before taxes. The transaction is expected to close by the end of 2026, subject to regulatory approvals and employee consultation processes.
Innovation and customer proximity
The company’s methane-reducing feed additive Bovaer, and the omega-3 joint venture Veramaris, will remain part of the company’s portfolio and are not included in the sale.
“Since the creation of dsm-firmenich, we have consistently delivered on every milestone in our strategic roadmap,” says Dimitri de Vreeze, CEO of dsm-firmenich. “This 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.”
Steven Buyse, managing partner at CVC, says the deal represents “a unique opportunity to create two new leading companies in the animal nutrition and health space.” He adds that the Solutions Company will focus on innovation and customer proximity, while the Essential Products Company will be positioned as a global leader in feed, food, and fragrance ingredients.
Recent ANH developments
The divestment comes as dsm-firmenich’s ANH division has been actively expanding its portfolio. In January, the unit launched its Sustell Carbon Value Program, an ISO-assured platform enabling agri-food companies to measure and monetize farm-level emission reductions across their supply chains.
Last July, EFSA confirmed the safety and efficacy of the division’s vitamin D3 ingredient Hy-D across all animal species, paving the way for broader EU authorization.
dsm-firmenich will report its full-year 2025 results on February 12.
