In a power move set to rattle the European healthcare landscape, KKR & Co. has inked a deal to acquire Sweden’s Karo Healthcare from EQT in a blockbuster transaction reportedly valued between €2.5 billion and €2.6 billion ($2.85 billion), the companies announced Wednesday.

This strategic handoff of one of Europe’s fastest-growing consumer health companies marks a milestone moment in EQT’s investment playbook, showcasing a transformation from local player to global contender under its stewardship.

“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 at EQT's private equity advisory team.

From Nordic Roots to Global Footprint: Karo’s Five-Year Growth Explosion

Since EQT acquired Karo in 2019, the once regionally-focused pharmaceutical outfit has reinvented itself into a pan-European consumer healthcare force, with sales quadrupling over five years. Karo now operates in over 90 countries and boasts a portfolio spread across skincare, foot health, digestive health, and vitamins and mineral supplements.

Karo’s workforce numbers around 470 employees spread across 13 international hubs, reflecting its robust expansion fueled by eight strategic acquisitions since 2019.

“Karo is a unique platform with high-quality brands, strong digital and commercial capabilities, and a proven strong leadership team,” said Iñaki Cobo, partner at KKR.

KKR plans to absorb Karo into its core private equity strategy, further positioning the company to capitalize on the accelerating demand for consumer-centric healthcare solutions.

Legal and Financial Powerhouses Behind the Deal

While the financial terms remain undisclosed, industry sources confirmed the acquisition hovers around the €2.6 billion mark. The transaction is subject to regulatory approvals and is expected to close in the coming months.

White & Case LLP is spearheading legal representation for EQT, with a star-studded team led by partner Patrik Erblad, and includes notable names like Michael Weir, Michael Engel, Philip Trillmich, Johan Thiman, and others.

EQT also received financial counsel from Morgan Stanley, Jefferies, and PwC, while Citigroup stepped in as financial adviser to KKR.

The Big Picture: Betting Big on Consumer Health

Karo's transformation story mirrors a broader trend in private equity—betting on consumer-facing health brands that are nimble, digitally capable, and globally scalable. With consumer health needs shifting toward personalization, prevention, and accessibility, KKR is wagering that Karo can ride that wave straight to the top.

As digital engagement replaces doorstep delivery in the healthcare world, this deal may be KKR’s version of a moonshot.

With the ink barely dry and regulatory hurdles looming, KKR’s acquisition of Karo Healthcare signals the dawn of a new chapter—not just for the companies involved, but for the future of consumer health in Europe and beyond.