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       Carve-outs rarely fail in a way that is immediately apparent. In most cases, the process is formally successful – yet a significant portion of the potential value remains untapped. This is precisely where our English-language study, „Winning the Carve-out Relay“, comes in: It shows that value losses are often not caused by the deal itself, but by incorrect or missing decisions at the outset.

      The defining mistake is always the same: companies start the detailed work too early – and the strategic clarification too late.

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      Winning the carve-out relay: From team selection to the finish line

      Designing, executing and winning consumer and industrials carve-outs
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      Value is created prior to the transaction process

      A key finding of the study is the importance of the early stages. The success of a carve-out is not determined during the sale process, but rather during the strategic preparation phase. 

      Companies that establish clarity at an early stage regarding the future target state of the business to be spun off are better able to demonstrate its independence convincingly. This includes a clearly defined transaction target, transparent financial boundaries and a robust business model.

      Using carve-outs as an opportunity for transformation

      Carve-outs realise their full potential when they are not viewed merely as a means of separation. Successful companies use them strategically as a lever to challenge existing structures, streamline processes and redefine responsibilities.

      The right carve-out approach

      Whether it is a complete spin-off, partial independence or a phased transition: the study shows that there is no one-size-fits-all approach to carve-outs. The optimal solution depends on strategic objectives, the organisational starting point and the transaction context. Successful companies make these fundamental decisions early on, thereby reducing operational risks as the process progresses.

      Operational separation as a critical success factor

      In addition to strategic direction, operational implementation is crucial. Technology/IT, data, supply chains and staff are at the heart of this process. A poorly prepared separation prolongs operational dependencies and impairs the ability of both organisations to act. A clear separation strategy and transparent responsibilities, on the other hand, create stability and trust – both internally and externally.

      FAQ – short and to the point

      Ein Carve-out bezeichnet die Abtrennung eines Geschäftsbereichs aus einem bestehenden Unternehmen, mit dem Ziel einer eigenständigen Weiterführung oder Veräußerung.

      Weil zentrale strategische Entscheidungen zu spät getroffen werden und der Prozess zu stark von Finanzperspektiven getrieben ist.

      Eine zeitige Klärung von Zielbild, Kauflogik und Trennungsansatz – noch vor der operativen Umsetzung.

      Die Wahl der Monetarisierungslogik und des Carve-out-Ansatzes, da sie alle weiteren Schritte beeinflussen.

      Weil spätere Anpassungen deutlich aufwändiger sind und oft nicht mehr vollständig greifen.

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      Your contact

      Dr. Jesco Willms
      Dr. Jesco Willms

      Partner, Performance & Strategy, Head of Integration & Separation

      KPMG AG Wirtschaftsprüfungsgesellschaft