CEWE Stiftung & Co. KGaA has agreed to acquire “Kodak Moments Retail Photo Solutions,” a business unit of Kodak Alaris LLC
Kodak Moments Retail Photo Solutions
Kodak Moments Retail Photo Solutions operates an instant photo business globally under the Kodak Moments brand, with approximately 500 employees in 54 countries. The business unit operates approximately 37,000 in-store photo kiosks in 16,000 retail locations of leading retail chains and currently generates annual revenue of approximately €200 million. The transaction represents a carve-out from Kodak Alaris LLC. The CEWE Group is acquiring the business unit, including Kodak Moments’ consumables production facility in Windsor (Colorado, USA).
The Deal
Lincoln International advised the CEWE Group on its agreed acquisition of Kodak Alaris’ global Kodak Moments Retail Photo Solutions business from Kingswood Capital Management.
The acquisition combines CEWE’s operational capabilities and its European market position with Kodak Moments’ iconic brand, longstanding retail relationships and international point-of-sale network. It enables the CEWE Group to expand its presence in attractive markets, including the United States, Canada, Mexico and Australia, while the addition of the Windsor, Colorado-based consumables production facility improves supply-chain diversification and resilience.
Lincoln supported the CEWE Group throughout a complex cross-border carve-out involving multiple jurisdictions and significant operational and separation considerations. Lincoln’s integrated European and North American teams advised CEWE across the transaction, including strategic assessment, due diligence, negotiations and overall process coordination.
The closing of the transaction remains subject to customary conditions, including antitrust approvals.
Our Perspective
Harry Kalmanowicz, Managing Director of Lincoln’s Consumer Group, commented: “We are delighted to have advised CEWE on this strategically important acquisition. Kodak Moments brings a trusted brand, longstanding retail relationships, an established international platform and complementary capabilities that will be additive to CEWE’s existing photofinishing offering. The transaction supports CEWE’s continued international growth, and we greatly valued the opportunity to advise its management team through the complexities of this cross-border carve-out.”
Monika Nickl and Chris Stradling, Managing Directors and Co-Heads of Lincoln’s Consumer Group, added, “This transaction is an excellent example of Lincoln’s ability to combine sector expertise and relationships with integrated cross-border execution. By bringing together our teams across Europe and North America, we were able to support CEWE throughout a complex transaction and help secure a business that significantly improves its international position in the global photofinishing market.”
CEWE Stiftung & Co. KGaA
The CEWE Group is Europe’s leading photo service. In fiscal year 2025, the CEWE Group generated revenue of €864.5 million and EBIT of €88.2 million. The photo finishing business made a significant contribution to these results, with revenue of €745.5 million and EBIT of €86.6 million. From its beginnings in 1912, CEWE has progressed to become the leading photo service company for all those wanting to make more of their photos. This is mainly due to the much-awarded CEWE PHOTOBOOK, with about six million books being sold each year. Customers can purchase other personalized photo products under the brand names of CEWE, Cheerz, DeinDesign, Pixum and WhiteWall—and from many leading retailers in Europe. The CEWE Group has a staff of 3,500 employees and operates in 21 countries. CEWE is listed on the SDAX. For more information, please visit www.cewe-group.com.
Kingswood Capital Management
Kingswood partners with leading companies in the middle market which stand to benefit from its capital and extensive operating resources. Kingswood embraces complexity and believes it is well-positioned to support businesses at inflection points in their development to enhance value. Based in Los Angeles, Kingswood is a cohesive, entrepreneurial team with a long history of shared success developing “win-win” partnerships with its portfolio companies and management teams. For more information, please visit www.kingswood-capital.com.
Lincoln was exceptionally dedicated throughout this transaction. The team worked closely with us to navigate a complex cross-border carve-out, bringing pragmatic solutions to the commercial, structural and legal issues that arose. We especially valued their ability to coordinate a large internal team and external advisors. Their hands-on, collaborative approach made them a highly valued partner throughout the process.
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