Karo Healthcare (“Karo”) will change owner following the announcement that EQT has agreed to sell Karo to funds managed by KKR, a leading global investment firm. The transaction marks a significant milestone in Karo’s journey, following a period of rapid transformation, geographic expansion, and strategic portfolio development. Building on its digitised platform, Karo now welcomes new ownership under KKR to accelerate its next phase of growth.
The transaction follows Karo’s significant strategic transformation from a Nordic specialty pharma business into a leading pan-European consumer healthcare platform, with an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. During the past five years, Karo has scaled substantially, quadrupling in sales, building leading digital capabilities and establishing market presence to reach consumers in more than 90 countries with top brand positions across European markets.
This rapid growth has been driven by a focused strategy that combines strong organic performance with targeted M&A, enabling Karo to consistently outperform its peers while maintaining industry-leading profitability. M&A has played a central role in Karo’s expansion, evidenced by the successful completion of eight acquisitions since 2019, including deals with industry players which have enriched Karo’s portfolio, strengthened its presence in key markets, and accelerated its entry into new geographies.
The consumer healthcare sector continues to grow strongly with increasing consumer preferences for self-care products and trusted brands. KKR sees significant opportunities to further deepen Karo’s reach across categories and channels, with Karo’s portfolio of leading brands and differentiated marketing platform positioning the company for continued success.
“This is an exciting moment for Karo,” said Christoffer Lorenzen, CEO of Karo Healthcare. “ We’re incredibly proud of what we’ve achieved in recent years and grateful to EQT for their partnership, which has been instrumental in helping us grow and evolve into the business we are today. With KKR as our new owner, we are entering an exciting next phase in our journey. Their global reach, deep sector understanding, and long-term approach make them the ideal strategic partner as we continue to invest in our brands, expand into new markets and meet the evolving health needs of consumers.”
Inaki Cobo, Partner at KKR, said: “Karo is a unique platform with high-quality brands, strong digital and commercial capabilities, and a proven strong leadership team. We are thrilled to invest in this European champion’s next phase of growth, drawing on our deep experience in the consumer health space to support continued expansion, innovation, and organic and inorganic growth.” Hans Arstad, Managing Director at KKR, added: “Karo operates in a resilient, growing sector supported by long-term demographic trends and increasing consumer focus on wellness and self-care. We engaged the full capabilities of our firm to deliver this transaction during a period of market disruption and we look forward to supporting Karo’s growth as a value-enhancing strategic partner.”
“Karo is a textbook example of EQT’s approach – scaling a local company into a fast-growing sector champion with international reach,” said Erika Henriksson, Partner in the EQT Private Equity advisory team. “Thanks to its consumer centricity, strong M&A track record, and proven brand growth playbooks, Karo is now primed to further expand on its leadership position. We’re proud of what Christoffer and the team have achieved and excited to hand over to a new owner for the next phase.”
KKR is making the investment in Karo Healthcare through its Core Private Equity strategy, which represents capital targeting longer-term compounding opportunities. The firm has deep expertise across consumer health and beauty products, with recent investments including category leaders such as nexeye, KDC/ONE, Wella Company, Coty and The Bountiful Company.
The transaction is subject to customary conditions and regulatory approvals and is expected to close in the coming months.
