Non-core carve-out

Successful carve-outs can deliver substantial value for both vendors and buyers – but they are inherently more complex than full asset sales, with risks that can make outcomes highly variable. 
 
For vendors, divesting non-core assets releases capital, sharpens strategic focus, and reduces operational complexity. Removing lower-growth segments can lift growth rates, improve profitability, and reduce leverage – boosting shareholder returns. For buyers, carve-outs offer underperforming or underfunded assets with clear potential for value creation, scale, and targeted investment a chance to improve margins and accelerate growth. 

Non-core assets can include subsidiaries, business units or cross-border operations, branded products, IP portfolios, manufacturing or distribution facilities, customer books, and shared service functions. They may also include asset packages or partial equity stakes for IPO or joint venture. 
 
Separation requires disentangling operational, financial, and contractual dependencies to ensure continuity – sometimes via Transitional Service Agreements. Vendors must prepare the asset for sale without disrupting core operations, while buyers need to replace critical services, close information asymmetries, and assess capabilities, deficiencies, technologies, and client contracts to shape and execute their business plan.  
 
BTG helps business owners, boards and investors plan and deliver carve-outs that preserve value and meet timetables. Our team combines M&A, due diligence and restructuring expertise with sector insight to clarify the divestment rationale, inform valuation, address deal barriers early, and deliver strategic goals. We work to manage interdependencies and resolve bottlenecks early to transaction deadlines and protect deal value.