Carve-Outs: A Springboard for Value Creation — With the Right Cost Planning

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• The Entanglement Cost Trap: It is not the size, but the degree of entanglement with the parent company that drives one-time costs – in complex structures, these can exceed 15 percent of revenue.
• Lasting Effects: Following the carve-out, ongoing costs rise by an average of 11 percent, particularly in IT, Finance, and HR – the loss of economies of scale makes itself felt.
• Value Creation Through Transformation: Those who not only replicate but truly transform the target organization lay the foundation for sustainable value creation and competitive advantage.

Munich, April 2026: For many companies, carve-outs are a key tool for strategic realignment and value creation. However, they must take into account the actual costs and complexities of such separation projects to avoid costly surprises and achieve sustainable value creation. This is demonstrated by the latest report, “The True Price of Carve-outs,” by Roland Berger, for which more than 50 international carve-out experts from various industries were surveyed.

In the case of highly intertwined spin-offs—such as those requiring physical separation, an independent IT infrastructure, or significant personnel changes—high one-time separation costs can sometimes arise. These can account for up to 15 percent of the new company’s revenue.

It is particularly the degree of organizational and structural dependencies that causes high one-time costs in carve-outs. Around 92 percent of survey participants cite this as the main cost driver—especially with regard to IT, HR, and procurement.

Company size rarely seen as a cost driver
Following closely behind are time pressure (80.8%), geographic presence (78.8%), and industry-specific characteristics (73.1%)—additional factors that, according to survey participants, drive up costs. In contrast, only 19 percent believe that the size of the new company acts as a cost driver.

Operating as an independent entity is structurally more expensive; independence comes at a price. When economies of scale are lost and critical functions previously provided by the parent company must be replaced, recurring costs rise by an average of 11 percent across all areas. Notable are IT (+19.8%), Finance & Accounting (+15.6%), and HR (+12.7%).

Key levers for value creation in carve-outs
“Carve-outs create value—but only if companies realistically plan for separation costs from the outset and manage them consistently. Those who merely replicate the status quo are squandering potential. Transformation is the key to value creation,” says Dr. Patrick Heinemann, Senior Partner at Roland Berger.

To achieve sustainable value creation in carve-outs, companies should establish transparency early on by systematically identifying dependencies and key cost drivers. Building on this, a transformational separation design is crucial: The target organization should not simply be copied, but specifically aligned with efficiency and value creation. Equally important is rigorous management with clear responsibilities and consistent implementation to ensure the long-term success of the separation.

About the Study
The findings are based on a survey of more than 50 experienced carve-out experts from various industries in Europe and the United States. Each of them has led at least one carve-out project in a senior management role over the past three years.