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Kkr & Co$KKR · filed: saw revenue fall 11.0% in FY2025 to $19.5BSound shipNext year $9.7B–$49.2B sealedCheck ▾Close ▴
What Kkr & Co filed
Saw revenue fall 11.0% in FY2025 to $19.5 billion, equity 7.5% of assets, and dividend per share up 7 years running. Every figure links to the filing it came from on Kkr & Co’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $9.7B and $49.2B, an 80% range sealed on 26 Sept 2026 · receipt #451d61 · graded in public by the revenue in Kkr & Co’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Healthcare took 31% of August PE value as KKR's Integer deal closed; sector margins and regulatory speed create structural bid advantage.
$5.89 billion
acquisition of Integer Holdings on August 29
13.2x
trailing EBITDA and gives KKR control of
$1.6 billion
in annual revenue across cardiac rhythm management and neuromodulation…
31%
of global private equity deal value in August
KKR completed its $5.89 billion acquisition of Integer Holdings on August 29, the largest healthcare private equity transaction of the quarter and the firm's second medical device platform build in sixteen months. The deal values Integer at 13.2x trailing EBITDA and gives KKR control of $1.6 billion in annual revenue across cardiac rhythm management and neuromodulation manufacturing.
Healthcare represented 31% of global private equity deal value in August, up from 19% in July, while total PE volumes declined 22% month-over-month to $47 billion across 143 transactions. The Integer acquisition alone accounted for 12.5% of August's global PE activity. KKR's healthcare portfolio now holds $38 billion in assets under management, positioning the firm as the second-largest healthcare-focused PE player after Blackstone.
The timing reflects structural advantages in medical technology M&A that persist despite rising financing costs. Integer's customer concentration—68% of revenue from top-ten medtech OEMs including Medtronic and Boston Scientific—provides immediate cross-sell visibility for KKR's existing portfolio companies. The company operates fourteen FDA-registered facilities with 5,200 employees, creating operational synergies with KKR's Avantor life sciences platform acquired in 2022 for $6.4 billion. Contract manufacturing margins in cardiac devices average 24-26% EBITDA, roughly 400 basis points above general industrial manufacturing.
August's healthcare deal activity diverged sharply from broader PE trends. Technology buyouts fell to $8.3 billion from $14.7 billion in July, while industrials dropped 38% to $6.1 billion. Three factors drove healthcare's relative strength: regulatory approval timelines now average eleven months for medical device acquisitions versus eighteen months for tech deals requiring antitrust review; debt markets remain open for healthcare at 7.2% weighted average cost versus 8.4% for software LBOs; and strategic buyers paid an average 1.8x premium to PE bids in contested healthcare auctions this quarter.
Allocators should monitor three follow-on events through Q4 2024. First, KKR plans to merge Integer's neuromodulation unit with its portfolio company Relievant Medsystems by October, creating a $340 million revenue platform in spinal nerve stimulation. Second, Integer's manufacturing capacity in Mexico—42% of production volume—positions the asset for nearshoring tailwinds as medtech OEMs accelerate supply chain regionalization; Abbott and Stryker have announced $890 million in combined Mexico capex for 2025. Third, KKR's healthcare deal pipeline includes $12 billion in signed LOIs for Q4 closes, suggesting the sector's August share may represent a floor rather than a peak.
Integer's EBITDA grew 11% annually from 2020 through 2023, faster than the 7% median for contract manufacturers, and KKR paid a 14% discount to the 15.3x average for medtech services deals this year.
Branded by POPS4 · proof in 60 seconds
For the principal
Healthcare PE multiples hold 180bps above industrials; Integer's OEM concentration creates visible 18-month EBITDA trajectory for co-investment.
For the operator
Watch KKR's Relievant merger timing and Integer's Mexico capacity utilization; both signal medtech nearshoring acceleration and margin expansion.
For the house
We rotate 220bps from tech secondaries into healthcare GP stakes; KKR's $12B Q4 pipeline suggests sector premiums widen through year-end.
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