Private Equity 24 Hours

Last updated: September 3, 2026, 6:12 AM ET

Deal of the Day: Veritas Wins Bodycote

Private equity's appetite for listed industrial assets showed no signs of cooling, with Veritas Capital outbidding CVC to land London-listed engineer Bodycote in a recommended cash deal valuing the equity at approximately £1.65bn, or around £1.85bn including debt. The acquisition is expected to be followed by a carve-out of non-core assets. In another sizable take-private, Yellow Wood agreed to acquire Nestlé's Holistic Health business for $1bn, a portfolio whose established brands include Nature's Bounty, Osteo Bi-Flex and Gard. The deal underscores the continued appetite for consumer health assets, while a separate flurry of activity saw KSE's acquisition of the LA Angels add to a busy period for pro sports team transactions.

Mega-Deals and Infrastructure

The infrastructure and energy transition space delivered some of the largest transactions of the past 24 hours. CPP Investments took control of Nordic data centre developer at North in a deal valued at $4bn, cementing the Canadian pension giant's push into digital infrastructure. In the energy sector, Apollo backed ONEOK's Permian expansion with a $9bn structured equity investment, a significant bet on continued US shale output. Meanwhile, Blackstone and Apollo are among a clutch of private equity firms weighing bids for Syensqo's performance and care division, a chemicals unit that could fetch €3bn, according to sources.

Healthcare and Life Sciences

Healthcare services and technology remained a magnet for buyout firms. Frazier Healthcare Partners snapped up Matrix Care, an EHR and RCM software provider, with plans to invest in product innovation and post-acute care capabilities. HIG Capital acquired Outcomes One, a provider of clinical network services and pharmacy technology to US pharmacies, healthcare plans and pharmaceutical manufacturers. The sector's deal flow also included Blue Sea Capital completing the acquisition of Complete Pet from Align Capital Partners, which had formed the company in 2025 by merging Custom Veterinary Services and Green Mountain Animal.

Financial Services and Fintech

The financial services vertical saw a series of strategic moves. Apax Digital agreed to become majority shareholder in Wematch, a London-based platform managing close to $2tn of outstanding notional and processing some $7tn in basket substitutions over the past year. The firm also featured in a separate report on securities finance tech, alongside legal heavyweights Clifford Chance and White & Case weighing in on the European Commission's draft merger guidelines. In the mortgage space, Pollen Street's Pivotal acquired mortgage broker LR Finance, founded in 1996 and led by managing director Elanor Hill. NewSpring and Signal Cove backed a management buyout of Iris from Redion, with Iris OnWatch serving millions of consumers through enterprise clients, employers, financial institutions and insurance providers.

Industrial and Business Services

Industrial bolt-ons continued to feature prominently. ACP-backed Marco Sealing Solutions added Global O-Ring and Seal, which stocks more than 125 million O-rings for industrial supply chains worldwide from its 52,000-square-foot facility. LLCP acquired the Colt Group from Leichtman Capital Partners, with the transaction representing Leichtman Capital Partners VII's fifth platform investment. New Mountain exited Lincoln Investment, having helped modernize its operating platform, strengthen its leadership team and expand its fee-based business.

Emerging Managers and AI

The competitive dynamics of the fundraising market are shifting, with emerging GPs seeking an edge through technology. AI tools are increasingly seen by first-time managers as a chance to leapfrog legacy systems and larger rivals. Yet the return on investment from artificial intelligence is proving slow to materialize at the GP level, despite theoretical promises of cost reduction and productivity gains. Nearly every GP is now experimenting with AI, but almost none feel they're doing it well. The technology is also reshaping how LPs evaluate PE funds, with manager due diligence increasingly reliant on data quality and human judgment as AI becomes more widespread.

Regulatory Landscape

The regulatory environment for PE dealmaking is evolving, with the European Commission planning to finalize the review process of its draft merger guidelines in the fourth quarter. The sectors most likely to feel an impact are digital, pharma and life sciences, where the draft guidelines introduce an 'innovation shield,' according to White & Case's Michael Engel. The implications for PE dealmaking are significant, particularly for tech-enabled buyouts and life sciences platforms where innovation arguments are central to deal rationale.

European Expansion and Mid-Market

Mid-market activity remained robust across Europe. Sandberg Capital entered Poland with a majority stake in Carrot, a platform that connects insurers and leasing firms with more than 20,000 professional buyers and facilitates around 30,000 vehicle auctions a year. The deal highlights continued interest in Central and Eastern European marketplaces and tech-enabled business services.

Venture Capital and Tech

The venture capital world delivered several notable funding rounds. Nvidia backed Spanish spinout IPronics in a $125m Series B, while Lyte, a physical AI startup building sensing and perception technology for robots, raised a Maverick Silicon-led $165 million Series C at a $1.6 billion post-money valuation. In Europe's largest AI round, Samsung, Nvidia, ASML and Scaleup Fund backed Mistral in a €3bn fundraise, a landmark deal for the French AI champion. A former Legora and Revolut employee is betting big on legaltech, aiming to build a decacorn. Meanwhile, with the IPO window closing, 58 venture-backed companies joined public listings at $1 billion or above in the first half of the year, per Crunchbase data, with a small window remaining for others.

LP Trends and Fundraising

Limited partner activity showed notable developments. Florida SBA appointed John Bradley to head private markets investments at the $219bn system, where he pioneered the use of secondaries sales. In a sign of continued appetite for infrastructure exposure, Pantheon opened its infrastructure secondaries strategy to international investors with a new evergreen fund. The co-investment landscape is also tightening, with Evergreens creating conflicts, while data shows women earn significantly less carried interest than men in the UK. In the Nordics, a ranking of the most capital-efficient startups highlights which companies are generating the most value per dollar raised.