KAISERAUGST, SWITZERLAND and MAASTRICHT, NETHERLANDS — dsm-firmenich announced it has entered into an agreement with CVC Capital Partners, a global private markets manager, to divest its Animal Nutrition & Health (ANH) business for a value of about €2.2 billion ($2.6 billion USD), which includes an earnout of up to €500 million ($595 million USD). With the agreement, dsm-firmenich will retain a 20% equity stake in the divested ANH Companies, in partnership with CVC.
The transaction represents the second partnership between dsm-firmenich and CVC. In 2015, DSM had created the successful joint venture ChemicaInvest, in which CVC also held a majority ownership.
The ANH business serves as a global provider of science-based animal nutrition and health solutions, from premixes to feed additives to support animal health, performance, feed efficiency and sustainability in the livestock and pet nutrition industries. According to dsm-firmenich, the business generated net sales of about €3.5 billion ($4.17 billion USD) in 2025 and currently has about 8,000 employees.
“We are delighted to partner with dsm-firmenich and the ANH team,” said Steven Buyse, managing partner at CVC. “This transaction represents a unique opportunity to create two new leading companies in the animal nutrition and 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 deal involves all of ANH’s activities including performance solutions, premixes, precision services, vitamins, carotenoids and aroma ingredients. The business will be split into two standalone companies: Solutions Company, which will focus on performance solutions, premixes and precisions services; and Essential Products Company, which will include vitamins, carotenoids and aroma ingredients. dsm-firmenich’s Bovaer® and Veramaris™ products will remain with the company.
Additionally, dsm-firmenich will develop a long-term vitamins supply agreement with the Essential Products Company to ensure continuity and supply for human and pet food applications.
“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,” Buyse added. “Both companies will work closely together to create maximum value for the customer.”
This transaction follows the sale of the Feed Enzymes activities to Novonesis for €1.5 billion ($1.8 billion USD) in 2025 and marks the final strategic step for dsm-firmenich to become a fully focused consumer company active in nutrition, health and beauty, according to the company. The total enterprise value of the Animal Health & Nutrition business — including the prior sale of the Feed Enzymes activities —represents €3.7 billion ($4.4 billion USD).
“Since the creation of dsm-firmenich, we have consistently delivered on every milestone in our strategic roadmap,” said Dimitri de Vreeze, chief executive officer of dsm-firmenich. “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.”
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