dsm-firmenich agreed on 9 February to sell its Animal Nutrition & Health business to CVC for an enterprise value of about €2.2bn, including an earnout of up to €0.5bn, while retaining a 20% equity stake.
Why CVC Capital Partners is buying dsm-firmenich Animal Nutrition & Health
dsm-firmenich called the sale the final step in becoming a fully focused consumer company in nutrition, health and beauty. Together with the 2025 sale of feed enzymes to Novonesis for €1.5bn, the overall exit values ANH at €3.7bn.
Deal terms and financing
ANH will be split into a Solutions Company (performance solutions, premix and precision services) and an Essential Products Company (vitamins, carotenoids and aroma ingredients). dsm-firmenich expects about €1.2bn at closing, including €0.6bn of net cash, €0.5bn of transferred debt and liabilities and a €0.1bn vendor loan note, and will provide the Essential Products Company with a loan facility of up to €450m. It will book a non-cash impairment of about €1.9bn for 2025.
Regulatory approvals and timing
Completion is expected at the end of 2026, subject to regulatory approvals, employee consultations and the separation of the two standalone companies. No completion had been announced as of October 2026.
Market context
ANH supplies vitamins, premixes and feed additives to livestock producers worldwide. Bovaer and Veramaris are not part of the sale. dsm-firmenich will sign a long-term vitamin supply agreement with the Essential Products Company for human and pet food uses.
