February 10, 2026

 

dsm-firmenich announces agreement to divest Animal Nutrition & Health to CVC Capital Partners

 

 

dsm-firmenich, innovators in nutrition, health, and beauty, announced on February 9 it has entered into an agreement with CVC, a leading global private markets manager, to divest its Animal Nutrition & Health (ANH) business for an enterprise value of about €2.2 billion (US$2.60 billion), which includes an earnout of up to €0.5 billion (US$0.59 billion).

 

dsm-firmenich will retain a 20 % equity stake in the divested ANH companies, in partnership with CVC.

 

This transaction follows the sale of the Feed Enzymes activities to Novonesis for €1.5 billion (US$1.77 billion) in 2025 and marks the final strategic step for dsm-firmenich to become a fully focused consumer company active in nutrition, health, and beauty. The total enterprise value of ANH, including the prior sale of the Feed Enzymes activities, represents €3.7 billion (US$4.37 billion).

 

The company intends to launch a new share repurchase programme to buy back ordinary shares with an aggregate market value of €0.5 billion (US$0.59 billion) and reduce its issued capital. The programme is planned to commence in Q1 2026.

 

In addition, dsm-firmenich aims to deliver consistent and sustainable dividends to its shareholders. To achieve this, the company has adopted a "stable to preferably rising" dividend policy, reflecting the company's commitment to long-term value creation. Under this policy, dsm-firmenich aims to maintain a stable dividend of €2.50 (US$2.95) per ordinary share and progressively increase dividends over time.

 

The assets and liabilities of the divested business have been classified as "Assets Held for Sale", and the financial results of the ANH activities have been reclassified to "Discontinued Operations". dsm-firmenich will report its full-year 2025 results on February 12, 2026, in line with this new classification as of January 1, 2025.

 

In addition to the announcement, on February 9, dsm-firmenich will also publish preliminary comparative figures for the most recent four reported quarters (Q4 2024, Q1 2025, Q2 2025, and Q3 2025), as well as full-year 2024, for net sales, organic sales growth, adjusted EBITDA and adjusted EBITDA margin.

 

Dimitri de Vreeze, chief executive officer of dsm-firmenich, highlighted the company's progress from integration to a sharpened consumer focus and affirmed that this transaction opens an exciting new chapter for ANH, enabling it to thrive and realise its full potential.

 

Steven Buyse, managing partner at CVC, said the partnership is a unique opportunity to create two leading companies in the animal nutrition and health space, each poised to deliver significant value for customers.

 

- dsm-firmenich