DSM-Firmenich sells animal nutrition business for €2.2 billion – meet the M&A advisors

DSM-Firmenich has agreed to sell its Animal Nutrition & Health business to private equity firm CVC Capital Partners for an enterprise value of approximately €2.2 billion. The landmark transaction was supported by a large consortium of banks, consultants and law firms on both sides of the deal.

Formed in 2023 through the merger of Royal DSM (the Netherlands) and Firmenich (Switzerland), DSM-Firmenich is a global leader in nutrition, health and beauty. Following a strategic review, the group has now confirmed the long-anticipated divestment of its animal nutrition activities.

Under the terms of the agreement, DSM-Firmenich will receive around €1.2 billion at closing, with the potential for a further earnout of up to €500 million. The company will also retain a 20% minority stake in the divested business, allowing it to participate in future value creation alongside CVC.

The sale marks the final step in DSM-Firmenich’s multi-year transformation into a fully focused consumer company centred on nutrition, health and beauty. Last year, the group had already sold its feed enzymes business to Novonesis for €1.5 billion.

“Since the creation of DSM-Firmenich, we have consistently delivered on every milestone in our strategic roadmap,” said CEO Dimitri de Vreeze. “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. This transaction marks the final step in that journey.”

Animal Nutrition & Health is a global provider of science-based animal nutrition and health solutions, offering products ranging from vitamins and premixes to feed additives designed to improve animal health, performance, feed efficiency and sustainability across livestock production. Its portfolio includes labels such as Performance Solutions, Premix, Precision Services, as well as Vitamins, Carotenoids and Aroma Ingredients.

In 2025, Animal Nutrition & Health generated revenues of approximately €3.5 billion and employed around 8,000 people worldwide.

M&A dealmakers

The divestment and complex carve-out process were supported by a broad range of professional services firms. On the buy side, CVC was advised by Rabobank and Morgan Stanley, both acting as M&A advisers. McKinsey & Company provided strategic and commercial advice, while Kearney supported value creation and operational due diligence.

EY advised on financial and tax due diligence and supported carve-out planning, while ERM conducted environmental, health and safety due diligence. Legal advice was provided by White & Case, Latham & Watkins and Montgomery.

On the sell side, DSM-Firmenich was advised by EY-Parthenon on commercial strategy and valuation, while EY supported the finance, accounting, tax, legal and technology workstreams.

Commenting on the transaction, Mark Reich, partner at EY-Parthenon, wrote on LinkedIn: “We are thrilled to congratulate DSM-Firmenich on the divestment of Animal Nutrition & Health to CVC. It was a privilege working with their management team on this transaction.”

Other sell-side advisers were not publicly disclosed at the time of writing.

Split into two companies

Following completion, Animal Nutrition & Health will be separated into two independent Swiss-based businesses. The ‘Solutions Company’ will comprise Performance Solutions, Premix and Precision Services, while the ‘Essential Products Company’ will house Vitamins, Carotenoids and Aroma Ingredients.

“This transaction represents a unique opportunity to create two new leading companies in the animal nutrition and health space,” said Steven Buyse, managing partner at CVC. “Both businesses offer significant potential for value creation.”