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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
KKR deployed **$5.9B** into medical device infrastructure while broader PE M&A fell **37%**, buying multi-year revenue visibility and manufacturing scale.
$5.89 billion
acquisition of Integer Holdings in August
37%
month-over-month in August
214
announced deals
$21.3 billion
of that total
KKR & Co. completed its $5.89 billion acquisition of Integer Holdings in August, the largest private equity transaction of a month otherwise marked by declining deal volumes. The medical device manufacturer, which supplies components for cardiac rhythm management and neurostimulation systems, became KKR's third healthcare platform acquisition in fourteen months.
Global private equity M&A volumes fell 37% month-over-month in August, retreating to $87 billion across 214 announced deals. Healthcare accounted for $21.3 billion of that total, representing 24.5% of all PE capital deployed despite constituting only 18% of transaction count. The Integer transaction alone comprised 27.7% of August healthcare deal value. KKR paid $107.50 per share, a 22% premium to Integer's thirty-day volume-weighted average price at announcement. The transaction closed six weeks ahead of the initial October guidance.
The velocity matters more than the headline. Integer generated $1.47 billion in trailing twelve-month revenue with 18.2% EBITDA margins as of June. KKR is acquiring manufacturing scale in a sector where device component suppliers face rising regulatory complexity and customer consolidation pressure. Integer's client base includes all four major cardiac device OEMs and sixteen of the top twenty medtech manufacturers. That customer concentration creates margin pressure but also makes Integer difficult to replace in existing supply chains. The deal gives KKR control of production capacity already embedded in multi-year device development cycles, a structural advantage in an industry where switching costs rise with each FDA submission.
This follows KKR's $2.1 billion take-private of Cotiviti in May 2024 and its $1.8 billion acquisition of Healthcomp in June 2023. The firm now holds three separate healthcare platforms with minimal revenue overlap, suggesting a buildout strategy rather than bolt-on consolidation. Integer's 43% exposure to cardiac rhythm management positions it adjacent to Abbott and Medtronic product roadmaps already locked through 2027. The $342 million in net debt Integer carried at closing is modest relative to the $1.47 billion revenue base, leaving KKR room to lever the platform for tuck-in acquisitions without breaching typical 5.5x debt-to-EBITDA covenants in this subsector.
Allocators should track three developments in the next ninety days. First, whether KKR initiates a secondary offering to reposition Integer's capital structure, likely in late Q4 if credit markets hold. Second, any executive departures from Integer's Plano and Tijuana facilities, where 68% of manufacturing headcount sits. Third, KKR's filings on its Health Care Strategic Growth Fund II, which held $4.2 billion in dry powder as of June and has now deployed $9.9 billion across six platform deals since January 2023.
Integer's order backlog stood at $547 million in June, up 11% year-over-year, with 73% of that volume tied to products in clinical trials or pending regulatory approval. Those timelines extend eighteen to thirty-six months, which means KKR bought revenue visibility into 2027 at a moment when most PE exits face twelve-to-eighteen-month holds in softer exit markets.
Branded by POPS4 · proof in 60 seconds
For the principal
Integer's $547M backlog with regulatory timelines into 2027 suggests KKR bought cash flow visibility, not growth optionality.
For the operator
Monitor KKR's other healthcare platforms for cross-portfolio operational synergies; three non-overlapping assets in fourteen months signals buildout mode.
For the house
Named accounts: reduce exposure to broadly syndicated healthcare PE; consolidate into direct co-invest structures around established platform builders.
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