KKR first invested in Novaria Group (“Novaria” or the “Company”) in 2020 and supported the management team and the company in more than tripling in size through 13 strategic add-on acquisitions that broadened its product portfolio and enhanced its manufacturing footprint.

Throughout the partnership, Novaria’s employees fostered an ownership mindset that drove remarkable results:

• Safety: Improvements reduced the total recordable incident rate by over 60% since 2021
• Talent Retention: Achieved an almost 20% reduction in voluntary turnover since 2021
• Ownership Culture: Achieved top-quartile performance among manufacturing companies on the Ownership Works index

In November 2025, KKR announced the sale of Novaria to Arcline Investment Management. As a result of the sale, all of the Company’s more than 1,600 employees received cash payouts.

In the video below, team members from Novaria and KKR reflect on the partnership and the impact that collective effort and ownership cultures can have.

Since 2011, we have supported companies in implementing broad-based employee ownership programs throughout our portfolio, and in 2022, KKR committed to deploying the ownership model in all new control investments across the entire Americas Private Equity platform. To date, 85 KKR portfolio companies have awarded billions of dollars in equity to over 190,000 non-senior management employees. KKR is also a founding partner of the cross-sector initiative Ownership Works, a nonprofit on a mission to increase prosperity by developing and implementing broad-based employee ownership programs.