09 Feb KMW advises CVC on the acquisition of dsm-firmenich’s ANH business
Our firm acts as Dutch counsel to CVC, a leading global private markets manager, on its acquisition of the Animal Nutrition & Health (ANH) business from dsm-firmenich, a global leader in health, nutrition, and bioscience, and the world’s largest privately owned fragrance and taste company. The transaction values the ANH business at an enterprise value of about EUR 2.2 billion, which includes an earnout of up to EUR 0.5 billion. dsm-firmenich will retain a 20% equity stake in the divested ANH companies, in partnership with CVC.
ANH generated annualized net sales of approximately EUR 3.5 billion in 2025, with around 8,000 employees. ANH will be split into two new standalone companies: the “Solutions Company”, including Performance Solutions, Premix, and Precision Services, and the “Essential Products Company”, including Vitamins, Carotenoids and Aroma Ingredients.
The transaction is expected to be completed at the end of 2026 and is subject to conditions, including regulatory approvals, the finalization of all required employee consultation processes and the creation and separation of a standalone Essential Products Company and standalone Solutions Company by dsm-firmenich.
White & Case acted as lead counsel to CVC.