€2.2B: What we know about the sale of dsm- firmenich’s animal nutrition unit
Following the divestment to CVC, the unit will split into two entities focused on feed solutions, vitamins and additives.
Swiss-Dutch ingredient producer dsm-firmenich announced last month the sale its Animal Nutrition & Health (ANH) business to CVC, a private markets manager, for an enterprise value (EV) of roughly €2.2 billion ($2.5B).
According to CVC, the value means a multiple of 7x EV/adjusted EBITDA, based on ANH’s normalized adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). ANH has generated €3.5 billion ($4B) in net sales in 2025.
Sister companies
After the transaction, the business will be separated into 2 Switzerland-based companies, in which dsm-firmenich will retain 20% of the equity stake.
One entity will focus on nutrition solutions, including premix, performance solutions and offerings to increase health and productivity. The other will focus on essential products, including vitamins, feed additives and aroma ingredients.
Even as separate companies, both businesses are designed to work closely together, “especially with regards to the vitamin supply in the animal nutrition and health value chain,” CVC says.
To ensure continuity of operations, dsm-firmenich will sign a long-term vitamin supply agreement with the essential products company. It will also provide the company a loan of up to €450 million ($522M), to be used if needed.
Pet portfolio
ANH’s portfolio of pet food products includes vitamin and mineral premixes, prebiotic supplements, carotenoids (organic pigments) and taste ingredients.
Last October, dsm-firmenich opened a new pet-only premix facility in Kansas, only the second to serve its pet food portfolio, after launching 1 site in Austria earlier in 2025. The American facility features a 100% automated micro-ingredient addition and fully traceable batch assembly.
Blurred plans
CVC plans to invest in the growth and research capabilities of both businesses. GlobalPETS reached out to the firm, but it did not disclose any concrete plan. With its other portfolio companies, the firm has invested via international expansion and strategic M&As.
The firm also acquired Partner in Pet Food, a Hungary-based manufacturer of branded and white-label pet food, in 2024; Medivet, a UK-based provider of veterinary care, in 2021; and Petco, a specialty retailer of pet food and supplies in North America, in 2016.
GlobalPETS has heard that the investor was confident in the increasing demand for advanced feed solutions that also meet stricter environmental standards, especially in Europe, to move into the ingredients category.
Strategic repositioning
In 2025, dsm had already sold its Feed Enzymes activities, focused on livestock, to Novonesis. Combined, the transactions represent a total enterprise value of €3.7 billion ($4.3 billion) for the animal health operations.
Despite the divestment, the Swiss-Dutch company will retain 2 animal-related brands, including a joint venture with Evonik that produces algae-based oil and omega-3 fatty acids.
dsm’s animal health business was part of the Taste, Texture & Health segment within the company, whose revenue dropped 1.7% during the third quarter of 2025. Although it’s not possible to determine ANH’S contribution to the segment, the Swiss-Dutch manufacturer highlighted in a December presentation that pet food “continued to perform well.”
Now, the company will focus only on nutrition, health and beauty. “This agreement opens an exciting new chapter for ANH, enabling it to thrive and realize its full potential,” CEO Dimitri de Vreeze said after the announcement.
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