Perrigo Company, a global provider of Consumer Self-Care Products, has signed an agreement with Kairos Bidco AB, an investment vehicle managed by KKR, to sell its Dermacosmetics-branded business. The deal is valued at up to €327 million, comprising €300 million in upfront cash and up to €27 million contingent on future sales milestones.
This divestiture aligns with Perrigo’s “Three-S” plan to Stabilize, Streamline, and Strengthen the organization, allowing it to focus on high-growth, high-return opportunities. The brands involved in this transaction include ACO, Biodermal, Emolium, and Iwostin.
Perrigo intends to use the net proceeds to strengthen its balance sheet and support long-term value creation. The transaction, which generated approximately €125 million in net sales and about 5% of Perrigo’s 2024 adjusted operating income, is expected to close in the first quarter of 2026, pending regulatory approvals and customary closing conditions.
Advisors: Greenhill (an affiliate of Mizuho) is serving as financial advisor to Perrigo and Latham & Watkins is serving as legal advisor.
KEY QUOTES:
“This transaction marks another significant milestone in the execution of our ‘Three-S’ plan. By sharpening our focus on core self-care categories that align with our One Perrigo model, we are enhancing our ability to drive sustainable growth and deliver greater value to consumers, customers and shareholders. We believe these brands are well-positioned to thrive under new ownership, where they can benefit from dedicated focus and investment.”
Patrick Lockwood-Taylor, President and Chief Executive Officer
“We are pleased to announce the acquisition of Perrigo’s Dermacosmetics business, home to trusted brands and high-quality products. We’ve been impressed by the talented team behind its success and the strong and loyal market reputation they’ve built. This acquisition aligns with KKR’s strategy of investing in resilient, growth-oriented consumer health platforms. We look forward to working closely with the management team to accelerate growth by leveraging our global network, operational expertise, and long-term capital, unlocking lasting value in this dynamic and important sector.”
Inaki Cobo, Partner at KKR
