The 2025 State of the Carve-Out Report: Insights from 50+ Global Transactions

sebandersen
Sep 29
2 min read

Carve-outs have moved from tactical clean-ups to one of the most strategic tools companies and investors have at their disposal. Whether the driver is portfolio reshaping, funding reinvestment, or responding to investor and regulatory pressure, carve-outs are now central to corporate strategy.

Over a period of four months, ClarityNorth Partners engaged with dealmakers, corporate development leaders, and execution specialists involved in more than 50 unique carve-out transactions worldwide across highly regulated industries such as life sciences, healthcare, and chemicals. Their candid insights, combined with our own benchmarks, form the backbone of the 2025 State of the Carve-Out Report.

This report offers one of the most detailed views available into how carve-outs are evolving, what drives success, and where execution risks remain.

Key Findings in Brief

Portfolio reshaping is accelerating: Companies are doubling down on their core, shedding non-strategic or underperforming assets.
Private equity is leading on the buy-side: Firms with dry powder and separation expertise are stepping in where corporates hesitate.
Execution is the biggest risk: 4 in 5 deal leaders reported lost value due to underestimated operational complexity.
IT and TSAs remain pain points: Digital disentanglement and poorly scoped service agreements consistently stall timelines.
Culture is harder than expected: 64% of respondents said talent retention and cultural clarity are more difficult to manage than financial or technical issues.

How to Use This Report

The State of the Carve-Out Report is designed as a practical resource for:

Sellers: to anticipate complexity, design credible separation plans, and set realistic TSA frameworks.
Buyers: to identify blind spots, accelerate Day 1 readiness, and ensure integration momentum.
Advisors and operators: to benchmark against peers and prepare for the next wave of carve-outs.

Each chapter combines market outlook, survey data, and direct insights from practitioners. The goal is to help carve-out and integration leaders turn lessons into execution discipline.

Download the Full Report

Gain access to the complete 2025 State of the Carve-Out Report, including deep dives on:

✅ Top trends shaping carve-out activity today

✅ Execution challenges and underestimated risks

✅ Integration blind spots from the buyer perspective

✅ What successful carve-outs are getting right

✅ The outlook for 2026 and beyond

Disclaimer:The information provided in this article is for general informational purposes only and does not constitute legal, financial, or professional advice. ClarityNorth Partners makes no representations or warranties of any kind regarding the accuracy, completeness, or suitability of the information. Readers should consult with their advisors before making any business decisions based on this content.