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01/2026

CARNE GROUP acquired by PERMIRA

IRELAND Healthcare Services EV €1–10bn

Context

Permira has reached an agreement to acquire a significant minority stake in Carne Group. The transaction facilitates the complete exit of Vitruvian Partners (who invested in 2021) and other minority shareholders. Crucially, the founder John Donohoe, the management team, and employees will retain the majority of the capital and voting control, ensuring continuity in governance. The partnership is intended to accelerate Carne's international expansion, specifically in the United States, and to fuel further development of its digital platform.

CARNE GROUP, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

Target

Carne Group is a leading international provider of fund management solutions, independent governance, and regulatory compliance services. It operates a hybrid model combining high-touch professional services with its proprietary technology platform, "Curator," to manage complex regulatory requirements for asset managers. In Luxembourg alone, the group oversees over EUR200bn in AuM.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

Above 6x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2025
€100–200M
[members only]
[members only]
2024
€100–200M
[members only]
[members only]

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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €100–200M

EV/Revenue range: Above 6x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of CARNE GROUP by PERMIRA are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: carne group

Acquirer: permira