CVC Capital Partners announced Tuesday a deal to acquire dsm-firmenich’s Animal Nutrition & Health business for €2.2 billion ($2.6 billion), completing the Swiss-Dutch company’s pivot away from industrial operations toward consumer-focused nutrition and beauty products.
CVC will split the acquired business into two Switzerland-based companies: a solutions unit covering performance products, premixes and precision services, and an essential products company handling vitamins, carotenoids and aroma ingredients. The transaction leaves dsm-firmenich with a 20% stake in the divested operations.
The animal nutrition business generated about €3.5 billion in sales in 2025 with 8,000 employees. Its products range from vitamins to feed additives that improve livestock health and production efficiency. The sale excludes Bovaer, a methane-reducing feed supplement, and Veramaris, an omega-3 oil producer, which remain with dsm-firmenich. The deal values the animal nutrition business at seven times adjusted EBITDA.
“Since the creation of dsm-firmenich, we have consistently delivered on every milestone in our strategic roadmap,” CEO Dimitri de Vreeze said. “Today marks the final step in that journey.”
The transaction requires regulatory approvals and employee consultations. dsm-firmenich will record a €1.9 billion non-cash impairment in 2025 and expects €200 million in cash costs for taxes and transaction expenses in 2026. Closing is expected by the end of 2026.
CVC managing partner Steven Buyse called the deal “a unique opportunity to create two new leading companies in the animal nutrition & health space.”
The acquisition marks the second partnership between CVC and dsm-firmenich. In 2015, the firms created ChemicaInvest, a joint venture where CVC held a majority stake.
Advisors
Rabobank and Morgan Stanley provided M&A advice to CVC on the transaction. Kearney provided value creation and operations consulting, while McKinsey handled commercial matters. EY advised on financial, tax, carve-out, IT and pension issues. White & Case served as legal counsel, with Latham & Watkins advising on regulatory matters. ERM provided environmental, health and safety advisory services, and Montgomery IP handled intellectual property matters.
