Private Equity 8 Hours

Last updated: March 24, 2026, 12:30 PM ET

Dealmaking Momentum & Sector Focus

Private equity activity showed varied focus across sectors, with Advent agreeing to acquire premium beauty brand Salt & Stone for $165 million, simultaneously exiting a partial stake in online review platform Trustpilot for £46 million, which triggered a sharp decline in the latter's shares. Elsewhere, Apollo is leading a massive transaction, committing $3.7 billion for the acquisition of Nippon Sheet Glass, marking one of the largest Japan private equity investments by Apollo-managed funds. This activity contrasts with ongoing high-stakes bidding, as Apollo and Bain Capital compete fiercely in the €4 billion race to purchase Continental’s industrial unit, Conti Tech.

Infrastructure & Real Assets Transactions

Firms continued to deploy capital into infrastructure and real assets, evidenced by Blackstone targeting a disposal of €100 million in Parisian apartments as part of its value-creation strategy following a larger €700 million acquisition in the city. In energy, Hull Street agreed to purchase two power plants—the Lee County Generating Station in Illinois and the dual-fuel Tait Electric Generating Station in Ohio—from Rockland. Meanwhile, Generate Capital divested its greenhouse operator, Equinox Growers, to Taylor Farms, a move supporting regional food supply chains, while GI Partners is advancing sale talks for American Residential Services, potentially valuing the firm at $3.5 billion.

Software, Consumer Goods, & Specialist Investments

Deployment in the software and consumer space saw several mid-market moves, including Main Post investing in pretzel manufacturer Stellar Snacks, which boasts extensive retail distribution across major chains like Costco and Target. In enterprise technology, Main Capital backed Gingco Systems, a developer of modular software for intelligent workplace management. Furthermore, Princeton Equity Group provided backing to children’s education provider Kid Strong, which currently supports over 85,000 members across 184 franchised centers in the U.S. and Canada. In government technology, TSCP invested in the firm Karpel, which serves public defender and prosecutor offices nationwide.

Secondary Strategies & IPO Aspirations

The secondary market faces evolving dynamics, as AI concerns disrupt processes within secondaries transactions, even as managers like New Mountain Atlas pursue GP-led buyouts by leveraging specialized sector teams rather than relying solely on secondaries hires. In exit planning, CVC Capital Partners and Silver Lake have begun investor outreach for a potential Initial Public Offering of RAC, which sources suggest could be valued around $6.7 billion. Additionally, Turnspire Capital Partners is preparing to collect first-round bids in mid-April for its municipal water utility service provider, USG Water Solutions, as it tests interest across the broad private equity universe.

Sector Specialization & Talent Moves

Firms continue to refine their focus areas, with Blue Fire Equity’s Farrah Holder detailing specialization in defense and government technology, following the firm's platform investment in Jovian Concepts earlier this month. In related activity, Goldner Hawn acquired Lone Star Environmental Companies, which operates across the greater Houston and San Antonio regions. On the operational front, O2 has appointed Rob Hays as its new Investor Relations head, formerly of Clean Bridge Securities. Separately, reports indicate that Altor has agreed to buy electrical installation services provider Eltera from Valedo, concurrent with broader regulatory scrutiny over the pet care industry following the UK CMA's final reforms.