EQT’s Exit from Galderma
EQT has fully exited its investment in Galderma Group AG by selling approximately 34 million shares in a transaction worth around $5.5bn on March 13, according to Private Equity Wire. The shares were placed via an accelerated book-building process, and the deal was coordinated by a syndicate of banks including Goldman Sachs, Morgan Stanley, UBS, Citigroup, Jefferies, and JPMorgan. As part of this exit, the EQT VIII vehicle generated about $1.3bn in gross proceeds, marking what the firm described as the largest sponsor-backed block trade on record.
Background on the Investment
EQT originally acquired Galderma in 2019 from Nestlé through a carve-out alongside co-investors. Following the acquisition, Galderma listed on the public markets in 2024 in one of Europe’s largest IPOs that year. EQT gradually reduced its stake through a series of secondary share sales, including a two-stage transaction with L’Oréal Groupe involving a 20% holding.
Galderma’s Growth and Performance
Under EQT’s ownership, Galderma, headquartered in Switzerland and active in more than 90 countries, increased its revenues from $2.8bn in 2018 to $5.2bn in 2025 while more than doubling its EBITDA to $1.2bn. The company expanded its global platform, increased investment in research and development, and broadened its portfolio with new product launches. Galderma’s share price has almost tripled since its 2024 IPO, according to Private Equity Wire.
Overall Proceeds from the Investment
Across the investment lifecycle, EQT and its co-investors have realised roughly $26bn in proceeds from the disposal of Galderma shares, representing the largest value creation outcome in the firm’s history.
