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08/2025

KARO HEALTHCARE acquired by KKR

SWEDEN Consumer Products / Personal & Household / Hygiene & Beauty Brands EV 1b - 4b EUR

Context

KKR has finalized the 100% acquisition of Karo Healthcare from the EQT VIII fund in a transaction initially announced in April 2025. The strategic rationale for KKR is to capitalize on a pan-European platform already structured for significant scale. Following a period where revenues quadrupled under EQT, Karo is entering an international acceleration phase. KKR plans to leverage its global footprint to deepen Karo’s reach across new distribution channels and geographies, while continuing to consolidate the fragmented sector through targeted bolt-on acquisitions. The transaction was advised by Citigroup and J.P. Morgan for KKR, and Morgan Stanley and Jefferies for EQT.

KARO HEALTHCARE, which reported an EBITDA margin of LOGIN in 2024, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Karo Healthcare is a leading European platform specialized in over-the-counter (OTC) consumer healthcare products. Under EQT's ownership, the company underwent a radical transformation, evolving from a Nordic specialty pharma player into a pan-European champion. Its portfolio focuses on trusted brands in resilient categories: Skin Health, Foot Health, Intimate Health, Digestive Health, and Vitamins, Minerals & Supplements (VMS). Present in over 90 countries, Karo relies on a highly digitized commercial platform and a mixed growth model combining organic performance with an aggressive "Buy-and-Build" strategy, evidenced by eight acquisitions completed since 2019.

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Historical Financials (EUR)

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REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 100M - 200M EUR

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

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: kkr