DSM-Firmenich has agreed to sell a majority interest in its Animal Nutrition and Health (ANH) business to CVC Capital Partners. Under the terms of the agreement, DSM-Firmenich will retain a 20% minority stake to benefit from future upside. The transaction structure involves a combination of cash proceeds (~EUR600 million) and the transfer of debt/liabilities (~EUR500 million) to the new standalone entity. Additionally, the deal includes an earn-out component based on future performance. Post-closing, the business will be operationally split into two separate entities: "Solutions Company" and "Essential Products Company," both headquartered in Switzerland. A long-term supply agreement has been established to ensure the ongoing provision of vitamins between the parent and the divested entities.

DSM-FIRMENICH ANH (ANIMAL NUTRITION & HEALTH), which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 10.2x average currently observed in the Industry & Manufacturing sector.

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