This week we highlight a notable transaction in consumer health: EQT sold Karo Healthcare to KKR for $3B, a deal that underscores sustained investor confidence in brands addressing women’s intimate wellness. The deal demonstrates that platforms with durable category leadership and strong consumer trust continue to attract high-quality capital. It also surfaces an increasingly important theme: women’s health products, especially in intimate care, are becoming central pillars in the consumer-health landscape.
Since acquiring Karo in 2019, EQT has transformed the company from a regional specialty-pharma operation into a pan-European consumer-health platform with a distinct footprint in women’s intimate wellness. Among Karo’s hero products are leading treatments for bacterial vaginosis (BV) and other intimate-care conditions—categories that historically have been underserved despite high prevalence and clinical need.
KKR is acquiring Karo at a valuation in the €2.5–€2.65 billion range or $3 billion USD. This pricing reflects not only the scale of Karo’s general OTC and wellness categories but also the rising commercial and clinical relevance of intimate-wellness products. Treatments for BV and related conditions drive recurring demand and occupy a defensible niche within consumer health—factors that likely contributed to competitive interest and robust financing for the deal.
Karo Healthcare’s transition to KKR ultimately highlights the growing influence of women’s health within the broader self-care ecosystem. As conversations around vaginal health, BV treatment, and intimate wellness continue to move from stigma to mainstream, companies with trusted brands and evidence-based products are well positioned to lead. This acquisition serves as a timely signal that women’s health innovation—particularly in categories linked to everyday quality of life—is attracting meaningful investor interest and may catalyze further activity across the sector.
Emerging intimate wellness women’s health brands are gaining momentum and funding. Here are some examples of emerging innovation:
Evvy (Amboy Street Portfolio Company; Series A) - Women’s vaginal health testing and care platform
Playground (Amboy Street Portfolio Company; Seed) - Women’s intimate health and vaginal care brand
Freya Biosciences (Series A) - Clinical-stage women's health company developing microbial immunotherapies for vaginal health
