Following the closing of KKR’s acquisition of Karo Healthcare, Karo has confirmed that the previously announced agreement to acquire a portfolio of skin health brands from Perrigo Company plc has now been formally transferred to Karo. The transaction, first revealed on July 14 by a KKR-affiliated entity and Perrigo, remains unchanged and is expected to close in the first quarter of 2026.
The deal includes Perrigo’s Dermacosmetics business, which generated over €120 million in net sales in 2024 across key European markets, including the Nordics, the Netherlands, and Poland. The portfolio features a collection of trusted, science-backed skincare brands that align closely with Karo’s strategic focus on consumer healthcare and skin health innovation.
Among the brands joining Karo’s lineup are ACO—along with its sub-brands Cosmica, Canoderm, Cliniderm, and Miniderm—plus Biodermal, Emolium, and Iwostin. These brands are well-established, with deep consumer trust and strong scientific credibility, spanning categories from face and body care to sun protection and medicated skincare.
Beyond the products, the transaction includes a dedicated organization with proven expertise in marketing, product development, and operations. This team will play a key role in strengthening Karo’s operating model and supporting its long-term ambitions in the skin health space.
The acquisition also expands Karo’s footprint in Northern Europe and opens up new opportunities in Poland, one of the region’s fastest-growing consumer health markets.
While the transaction is still subject to customary regulatory approvals and closing conditions, it marks a significant milestone in Karo’s growth journey—one that reinforces its position as a leading player in European consumer healthcare.
Morgan Stanley acted as financial advisor to Karo, while Kirkland & Ellis, Simpson Thacher & Bartlett, and White & Case acted as legal counsel. PwC advised on financial due diligence, and Alvarez & Marsal acts as support in the integration.
KEY QUOTES:
“This will be a major transformational step forward in our strategy of becoming a multi-channel European leader in consumer healthcare. It brings a portfolio of attractive, science-backed, and trusted skin health brands to Karo, which have strong consumer positions and healthcare specialist endorsement in key markets. Following completion, we look forward to welcoming talented employees to Karo, adding critical capabilities that will support the continued strengthening and long-term development of our company.”
Christoffer Lorenzen, CEO of Karo
“We are confident Karo is the ideal strategic partner for Perrigo’s Dermacosmetics business and its portfolio of trusted skin health brands. The strong foundation provided by Karo’s leading Nordics consumer healthcare platform and KKR’s deep experience in successful corporate carveouts, will position these businesses, brands and employees to thrive and deliver long-term success for partners and consumers.”
Hans Arstad, Managing Director at KKR
