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 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.