Kirkland Advises Kingswood Capital Management and Kodak Alaris on Sale of Kodak Alaris’s Global Instant Photo Business

Kirkland & Ellis has advised Kingswood Capital Management and its portfolio company Kodak Alaris on the sale of Kodak Alaris’s KODAK MOMENTS Retail Photo Solutions business unit (KODAK MOMENTS), which operates a global instant photo business, to CEWE Stiftung & Co. KGaA. 

In the carve-out transaction, Kodak Alaris is selling the business unit, including its consumables production facility in Windsor (Colorado, USA), for an agreed enterprise value totaling approximately €88 million. The completion of the transaction is subject to various closing conditions, including regulatory and antitrust approvals, and is expected in the first half of 2027.

KODAK MOMENTS is a global leader in photo products, services and experiences for retailers, consumers and the travel & leisure industry. The business unit currently generates annual revenue of approximately €200 million and operates 37,000 connected in-store photo kiosks in 16,000 retail locations in 54 countries.

The Kirkland team included corporate lawyers Sebastian Pitz, Benjamin Clinger, Matthew Dunnet, Mark Keohane, Mattias Prange, Henrik Kilian, Mirjam Meyer, Katharina Steinbrück, Jan Ditrich, Maximilian Beilner, Felix Spehl, Henry Cole, Jennifer Leserman and Veronica Yunlu Shen; environmental transactions lawyers Cheyenne Overall and Anna Todd; tax lawyers Michael Ehret, Anne Kim and Florian Schütte; and technology & IP transactions lawyers John Lynn, Martin Schwertmann and Reilly Caitlin Townsend.