Apollo Global Management, Bain Capital, CVC Capital Partners, and Lone Star Funds are among the private equity firms weighing bids for DSM-Firmenich’s animal nutrition and health business, in a potential €3bn ($3.32bn) transaction, according to Bloomberg.

The Dutch-Swiss company has mandated UBS Group and Piper Sandler to run the process and is expecting indicative offers by 17 April. DSM-Firmenich, which is listed in Amsterdam, is reportedly gauging early-stage interest as part of a strategic review of the business.

Other invited bidders include industry players Nutreco, Archer-Daniels-Midland, and Cargill. Discussions are ongoing, and there is no certainty that a transaction will take place.

The auction comes amid growing private equity appetite for assets in the agri-health and life sciences sectors, where defensiveness and global demand continue to underpin investment interest.