Following the closing of KKR’s acquisition of Karo Healthcare on 27 August, Karo confirms that the agreement to acquire a portfolio of skin health brands, including ACO, has been transferred to Karo. The pending transaction was previously announced by a KKR-affiliated vehicle and Perrigo Company plc on 14 July, 2025, and the terms remain unchanged with the transaction expected to close in Q1 2026. Perrigo’s Dermacosmetics branded business, which generated more than EUR 120 million in net sales in 2024 across the Nordics, the Netherlands, and Poland, includes trusted, science-backed skincare brands and has a strong strategic fit with Karo’s business.
This planned transaction marks another major milestone in Karo’s growth journey and is a testament to the company’s commitment to expanding its portfolio of brands and to building strong omnichannel market positions in European consumer healthcare. It is a complementary fit within Karo’s skin health category and supports the company’s ambition to provide superior consumer solutions, supported by healthcare professional endorsement and scientific credibility.
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Karo will be acquiring an established business that includes the ACO (including Cosmica, Canoderm, Cliniderm, and Miniderm), Biodermal, Emolium, and Iwostin brands — each with strong brand heritage, high consumer trust, and a solid scientific foundation. The portfolio spans products across Face, Body, and Sun care categories, as well as medicated skin health brands.
In addition to the brands, the transaction also includes a dedicated organisation with proven capabilities across a number of important areas, which will contribute to Karo’s future-proofed operating model and its long-term commitment to the skin health category. The transaction also deepens Karo’s presence in its core Northern European markets. Moreover, it provides an attractive platform for establishing a presence in Poland, a growing consumer health market.
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“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,” said 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,” said Hans Arstad, Managing Director at KKR.
This previously announced transaction is subject to customary closing conditions and regulatory approvals. It is expected to close in the first quarter of 2026.
Morgan Stanley & Co. International Plc 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.
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Source- PR Newswire
