July 10, 2025

CVC and Apollo among final bidders for DSM-Firmenich's €3 billion animal nutrition unit

Private equity (PE) giants CVC Capital Partners and Apollo Global Management are among the final bidders vying to acquire DSM-Firmenich's animal nutrition business which could be valued at up to €3 billion (US$3.51 billion), according to a report from Dutch newspaper Financieele Dagblad.

Alongside Dutch strategic rival Nutreco, the two PE firms are expected to submit binding offers by July 24, with DSM-Firmenich targeting a deal completion by the end of summer 2025.

The divestment is part of DSM-Firmenich's broader strategic shift to streamline operations and reduce exposure to volatile segments such as vitamins, in favour of a more focused strategy around fragrances, flavours, and beauty ingredients.

A successful sale of the unit, which was first flagged last year, would mark one of the largest European private equity-led carve-outs in 2025 so far.

DSM-Firmenich declined to comment on the sales process. With final bids due in the coming weeks, the outcome of the auction will be closely watched by industry and financial sponsors alike as competition for scale assets in European mid-to-large-cap sectors intensifies.

- Private Equity Wire