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Case Study

DSM: Transforming to a sustainable business model

By Knut Bjarne Haanaes and Marc Chauvet

3 pages

May 2022

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Reference: IMD-7-2254

DSM was incorporated in the beginning of the 20th century as a mining company. With the depletion of Netherland’s coal resources, the company pivoted in the 1960s into a chemical company, producing fertilizer and plastics. By the end of the century, the company started successfully pivoting into life sciences, to support its growing focus on sustainability.

Learning Objective

Showcase how Orsted succeeded to transform into a world class sustainable energy supplier from a coal-focused energy company in only 10 years

Keywords

Sustainability, Transformation, Pivoting, Good Health, Well-being, Clean Water, Sanitation, Industry Infrastructure, Industry Innovation, Responsible Consumption, Responsible Production, Business Model Transformation

Settings

Europe, Netherlands
Dutch State Mines, Manufacturing, Chemicals, Materials, Metals and Mining
1900-2022

Type

Published Sources

Available Languages

English

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This case study is part of a series

DSM: Transforming to a sustainable business model
Ørsted: On the path to net zero

This case study is part of a series

DSM: Transforming to a sustainable business model
Ørsted: On the path to net zero

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DSS+: Carving out a sustainability consulting leader

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Case reference: IMD-7-2639 ©2025

Summary

The case examines the entrepreneur-led carve out and buyout of dss+, DuPont’s safety and sustainability consulting division, by Gyrus Capital and dss+ management team. dss+ (formerly “DuPont Sustainable Solutions”) played a pivotal role in high-risk industries such as oil, gas, and chemicals, providing critical consulting services at a time when global regulatory pressure on operational safety and sustainability was intensifying. Gyrus Capital, a mid-market private equity specialist, came together with the management team to engineer the buyout, based on the firm’s strong and predictable revenue streams, long-term client relationships and specialized expertise in safety and sustainability consulting. What emerged out of the 2019 transaction was an independent sustainability consulting powerhouse with over 1,500 consultants around the world. By 2024, dss+ was still expanding rapidly in terms of staff and domains of expertise, not to mention geography, and had to respond to quickly evolving external and internal demands, with clients increasingly expected to be served globally on a full range of sustainability-related services. With a strong sense of purpose (saving lives and creating a sustainable future), a potent pitch line (Protect. Transform. Sustain), over 750 clients on 1,800 projects across 41 countries, a global team of 1,500 people and plenty of organic growth across 7 core industries, the company was clearly heading for the stars. Yet, new questions loomed: Was it time to start managing that wild growth, deepening competitive advantages and building functional moats? How would dss+ remain competitive? Was it time to put a few new initiatives on high octane fuel: Leadership? Digital transformation? Global growth? Some totally new ideas?

Reference IMD-7-2639

Organization dss+, Gyrus Capital, Inflexion

Industry Services, Environmental Services;Healthcare, Health and Medical Services;Services, Public Safety;Business Management Services, Consultancy

Available Languages English

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