Carve-Out Paradox: The Deal Closes, But Integration Has Just Begun
When Forvia SE announced on April 27, 2026 that it would sell its Interiors Business Group to Apollo-managed funds for €1.82 billion, the headlines focused on the price. A clean carve-out. A strategic pivot. €1 billion in net debt reduction for Forvia. A standalone automotive interiors company for Apollo. What the headlines rarely capture is what happens next — and why "next" is where most carve-outs succeed or fail. The Scale of What's Being Moved The Forvia Interiors unit is not a startup. It is one of the world's largest automotive interior suppliers: approximately €4.8 billion in 2025 consolidated revenue, 59 production sites, 8 R&D centres, 31,000 employees across 19 countries. In 2025, it represented roughly 18% of Forvia's total revenue. Carving out an entity of this scale is fundamentally different from a standard acquisition. In a conventional deal, the buyer acquires an already-standing legal entity with its own ERP, its own contracts, its own HR...