EQT Finalizes Exit from Galderma
EQT has fully exited its investment in Galderma Group AG by selling approximately 34 million shares in a transaction worth around CHF4.9bn ($5.5bn), according to Private Equity Wire. The sale occurred via an accelerated book-building process on 13 March and represents what the firm described as the largest sponsor-backed block trade on record. As part of this deal, the EQT VIII vehicle generated about CHF1.3bn in gross proceeds, with the transaction coordinated by a syndicate of banks including Goldman Sachs, Morgan Stanley, UBS, Citigroup, Jefferies, and JPMorgan.
Background of the Investment
EQT originally acquired Galderma in 2019 from Nestlé through a carve-out alongside co-investors. Under EQT’s ownership, Galderma, headquartered in Switzerland and active in more than 90 countries, expanded its global platform and focused on dermatology products across injectable aesthetics, dermatological skincare, and therapeutic treatments. The company increased investment in research and development and broadened its portfolio with new product launches, leading to revenues rising from $2.8bn in 2018 to $5.2bn in 2025 while more than doubling EBITDA to $1.2bn.
Post-IPO Developments
Galderma listed on the public markets in 2024 in one of Europe’s largest IPOs that year, after which its share price almost tripled. Following the listing, 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. Across the investment lifecycle, EQT and its co-investors have realised roughly CHF21bn ($26bn) in proceeds from the disposal of Galderma shares, according to Private Equity Wire, marking the largest value creation outcome in the firm’s history.
Significance of the Exit
This exit concludes EQT’s involvement with Galderma, building on the company’s growth during the firm’s ownership. As a widely-known aspect of private equity, such exits allow funds to return capital to investors, and in this case, the transaction underscores the scale of returns from the investment. The deal’s record size highlights the firm’s strategic approach, as detailed in the source material from Private Equity Wire.
