CVC Capital Partners is nearing a deal to acquire DSM-Firmenich’s animal nutrition and health business, in a transaction that could value the unit at about €2.2bn, or roughly $2.6bn, Bloomberg reported.

CVC and DSM-Firmenich are reportedly finalising the structure and terms of the transaction, which could be announced in the coming days. DSM-Firmenich is expected to retain a minority stake in the business following completion.

The potential sale forms part of DSM-Firmenich’s strategy to reduce its exposure to the global vitamins market, which has come under pressure from lower-cost Chinese competitors. The company began exploring options for the animal health unit in 2024 and has been advised by UBS and Piper Sandler.

In the first half of 2025, the animal health business generated net sales of €1.8bn, or about $2.1bn, representing a 14% increase compared with the same period a year earlier. DSM-Firmenich previously completed the €1.5bn, or $1.8bn, sale of its stake in the Feed Enzymes Alliance to Novonesis.

CVC has been competing with other private-equity firms, including Apollo Global Management, in what has become a drawn-out auction process. 

While talks are at an advanced stage, people cautioned that a deal could still be delayed or collapse.

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