Karo Healthcare has confirmed the acquisition of Perrigo’s Dermacosmetics portfolio of skin health brands, following the completion of its takeover by KKR.

The deal, which is expected to close in the first quarter of 2026, will add more than €120m in annual revenues across the Nordics, the Netherlands, and Poland.

The portfolio includes leading brands such as ACO (Cosmica, Canoderm, Cliniderm, Miniderm), Biodermal, Emolium, and Iwostin, all with strong brand recognition and endorsements from healthcare professionals.

Karo said the transaction represents a “major transformational step” towards becoming a multi-channel European consumer healthcare leader. The acquisition strengthens its core presence in Northern Europe and provides an entry platform into Poland, one of the region’s fastest-growing consumer health markets.

“This brings a portfolio of attractive, science-backed, and trusted skin health brands to Karo,” said CEO Christoffer Lorenzen. “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.”

Hans Arstad, Managing Director at KKR, added: “The strong foundation provided by Karo’s leading Nordics consumer healthcare platform and KKR’s deep experience in successful corporate carve-outs will position these businesses, brands and employees to thrive and deliver long-term success.”

Morgan Stanley acted as financial advisor to Karo. Legal counsel was provided by Kirkland & Ellis, Simpson Thacher & Bartlett, and White & Case, with PwC advising on financial due diligence and Alvarez & Marsal on integration.

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