Can dsm-firmenich’s ANH Divestment Boost Long-Term Growth?
dsm-firmenich has announced it is entering into an agreement with CVC, a leading global private markets manager, to divest its Animal Nutrition & Health (ANH) business for an enterprise value of around €2.2bn (US$2.6bn).
The transaction represents a strategic step to becoming fully-focused on nutrition, health and beauty while retaining a 20% equity stake in the divested ANH Companies.
The firm says that it aims to deliver consistent and sustainable dividends to its shareholders through adopting a "stable to preferably rising" dividend policy, reflecting growing commitment to long-term value creation. This allows dsm-firmenich to streamline its operations to the more narrowed sectors.
Discussing the agreement in a company statement, CEO Dimitri de Vreeze said: "Since the creation of dsm-firmenich, we have consistently delivered on every milestone in our strategic roadmap. 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.
"Today marks the final step in that journey, and this transaction reflects our commitment to accelerating our growth and creating long-term value for all stakeholders. At the same time, this agreement opens an exciting new chapter for ANH, enabling it to thrive and realise its full potential."
Transaction structure and financial performance
ANH, a global provider of science-based animal nutrition and health solutions improving areas like vitamins and feed efficiency, generated approximately €3.5bn (US$4.1bn) in 2025. According to the company, the divestment includes all ANH activities, including Performance Solutions, Premix and Precision Services.
The provider will be split into two standalone companies: the "Solutions Company" and the "Essential Products Company" - jointly referred to as the "ANH Companies". dsm-firmenich says these two companies will continue to work closely together.
Total enterprise value realised
This also follows the sale of its Feed Enzymes activities to Novonesis for €1.5bn (US$1.7bn) in 2025, representing a total €3.7bn (US$4.4bn) enterprise value.
The move, announced on 9 February, allows dsm-firmenich to fully concentrate on its core, higher-margin, consumer-focused and specialised nutrition, health and beauty sectors.
Steven Buyse, Managing Partner at CVC says in the announcement: "We are delighted to partner with dsm-firmenich and the ANH team. This transaction represents a unique opportunity to create two new leading companies in the animal nutrition and health space.
"Both businesses offer significant potential for value creation. The Solutions Company will continue to drive innovation and efficiency in animal farming, delivering tailored solutions with high proximity to its global customer base.
"The Essentials Products Company will be built as a resilient global leader in essential feed, food and fragrance ingredients, providing customers with reliable, high-quality supply based on an independent and highly integrated value chain."
He adds that both companies will collaborate to create maximum value for the customer.
CVC partnership history and implications
Before DSM became dsm-firmenich following the completion of a merger of equals between the Dutch company and Swiss-based Fimenich in 2023, it had created a successful joint venture Chemicalnvest in 2015 - in which CVC also held a majority.
Partnerships have been crucial to dsm-firmenich, enhancing its capabilities in innovation, accelerating its sustainability goals, expanding its global markets reach and securing its supply chains.
By collaborating with industry leaders, NGOs and research institutions, the company combines its core expertise in nutrition, health and beauty with external specialised knowledge to create value-added sustainable solutions.
Dimitri adds in a post on LinkedIn: "I want to extend a special thanks to everybody in the ANH team: your unwavering commitment and resilience have been instrumental throughout this journey, and your dedication and energy made all the difference."
