最終更新: September 10, 2026, 6:28 AM ET
ディールフロー：ミッドマーケット＆プライベートエクイティ
ミッドマーケットの経営陣は、プライベートエクイティパートナーに対し、資金提供以上のものを求めている。経営陣が取引を決定する際の決め手として、戦略的整合性とパートナーシップの質が重要視されるようになっている。水曜日の業界イベントで、Eurazeo、Ridgepost、Ridgepostのリーダーたちは、GPSがゼネラルパートナーに対してより多くのことを求めていると主張し、取引獲得におけるシグナルの変化を示した。
ロワーミッドマーケットでは、Ambienta's No Dig AllianceがHorisonterraを買収。今回の取引により、欧州のインフラサービス分野での統合が進む。エレコはロンドンに本社を置く建設・建築環境セクター向けソフトウェア企業で、Accel-KKRによる買収額は2億760万ポンド。一連の動きは、欧州インフラサービスと英国の垂直型ソフトウェア分野での継続的な統合を示している。なお、本稿では「£207.6m」を「2億76万ポンド」、「$281m」を「$281m」と表記する。
Bregal Sagemount has taken a majority stake in A-Rent Test Equipment, an Illinois-based electrical test equipment rental company serving more than 1,000 customers. The investment highlights continued interest in industrial rental platforms. Meanwhile, Glen Oaks Capital and Tecum Capital have acquired Stan Chem, which combines Stan Chem Resins and Dux Coatings, serving architectural, industrial, and specialty markets. The platform deal aims to build scale in specialty chemicals. HIG Capital has made a significant investment in Click Here Digital, a Baton Rouge, Louisiana-based performance marketing firm serving automotive, legal, and other clients. Point 41 Capital has acquired Safe-Way Garage Doors from CW Industrial Partners. Safe-Way, headquartered in Warsaw, Indiana, manufactures residential and commercial overhead doors, representing a buy-and-build opportunity in the building products space. Albaron Partners has exited Prime Psychiatry in a sale to Beacon Behavioral, reflecting continued consolidation in behavioral health.
Healthcare & Life Sciences
In a notable large-cap transaction, Consolidated Precision Products (CPP) is being sold to GE Aerospace by Warburg Pincus and Berkshire Partners at a $11.75 billion enterprise value. The transaction marks one of the largest PE exits this year. In medtech, [Tailored Metrology](https://headlinesbriefing.com/ja/private-markets/pe-hub/tailored-metrology-launches-clinical-stage-radiopharma-company-1e728 a new clinical-stage radiopharmaceutical company, launched with $25m in funding. The company intends to develop novel Targeted Radionuclide Therapies (TRTs) designed to treat solid tumors. Eir Partners has made a majority investment in Purpose Built, a family of companies providing architectural hardware, building materials,and logistics services across the Southeast.In other activity, Warburg Pincusand Berkshire Partners are selling Consolidated Precision Products to GE Aerospace, one of the year’s largest industrial exits. Meanwhile, Albaron Partners has exited Prime Psychiatry in a sale to Beacon Behavioral. Prime Psychiatry operates interventional psychiatry clinics—offering TMS and Spravato — across Texas.CPP Holdings has been acquired by GE Aerospace, with the deal expected to close in the second half of 2025.
Market Outlook & Leadership
Industry leaders suggest the primary challenge in the current exit environment is pricing alignment between buyers and sellers. Scott Kleinman of Apollo noted on Wednesday that sellers' expectations remain high despite a more active M&A environment. His comments come as private equity firms explore alternative exit routes, including continuation vehicles and secondary marketscars. In the hiring sphere, Peterson Partners closed a $510m continuation fund for Kelso Industries, while Gainline closed a continuation vehicle for Core. Belle Brands, the parent of several consumer brands, has completed its acquisition of hair wellness brand Vegamour in a deal that adds to its portfolio of direct-to-consumer wellness businesses. Tikehau Capital has appointed Piero Migliorini as head of Italy, with Martino Mauroner as deputy, signaling its commitment to expanding in the Italian market. Novo Holdings has completed its first China medtech deal, sourcing opportunities in Asia’s healthcare innovation ecosystem; regional head Amit Kakar says the firm is expanding its headcount in the region bins.
Technology, Media & AI
Artificial intelligence continues to dominate private markets, with Harvey raising $550m at a $15.5bn valuation. The round was co-led by Diffusion and Lightspeed Venture Partners. In cybersecurity, Apax Funds acquired NextGen Security from Dunes Point Capital. Next Gen, headquartered in Exton, Pennsylvania, designs, installs, and services electronic security systems for enterprise clients. Thoma Bravo has made a strategic growth investment in Tanda, an Australian workforce management platform. The investment marks Thoma Bravo's first in the ANZ region. In the legal tech space, Harvey has raised $550m at a $15.5bn valuation to continue building AI tools for legal professionals. The round was co-led by Diffusion and Lightspeed. In early-stage news, Bynario raised €3.2m for its AI-driven approach to cybersecurity, while Koto, the West Bridge-backed creative agency, has acquired Stereo Creative in a deal that brings on board client relationships with major sports and entertainment brands.
Real Assets, Industrials & Energy
In infrastructure, Loft Orbital has signed a deal with Marlan Space to build an AI-powered satellite constellation, marking the first major space infrastructure transaction of the year. In the automotive sector, HIG Capital has completed the acquisition of Bugatti Rimac from Porsche, a transaction valued at $1bn. Rimac Group will retain a stake in the combined business, which will continue to operate under the Bugatti Rimac brand. In the building products sector, Point 41 Capital has acquired ADS from CW Industrial Partners. ADS is a manufacturer of ornamental metal and wood products headquartered in Denver, Colorado. In the foodservice equipment sector, New Water Capital has completed the acquisition of Thermo-Kool from Eastern Electric. Thermo-Kool, headquartered in Medley, Florida, manufactures walk-in coolers and freezers. In the environmental sector, Align Capital has acquired Siltworm, a manufacturer of erosion control products based in Tulsa, Oklahoma.
Fundraising & Secondaries
In secondaries, Peterson Partners held a final close on a $510m continuation fund for Kelso Industries. The transaction provides liquidity to existing limited partners while retaining the asset within the Peterson ecosystem. Similarly, Gainline Capital Partners closed a continuation vehicle for Core. Elsewhere, Belle Brands has acquired Hair Well, a hair wellness brand, as part of its strategy to build a portfolio of consumer wellness companies.
Firm & People Moves
Industry executives continue to signal that the primary challenge in the current exit environment is the disconnect between buyer and seller expectations on valuation. Scott Kleinman of Apollo said on Wednesday that sellers' expectations remain elevated relative to what buyers are willing to pay. In response, firms are increasingly turning to continuation vehicles and structured transactions to bridge the gap. The comments capture a broader standoff across the asset class. In other moves, firms are expanding their teams with senior hires. Industry leaders are navigating the valuation gap while looking for opportunities in the secondaries marketable and evergreen funds continue to gain traction. In leadership, executives are emphasizing operational improvements and strategic alignment as key levers for value creation in the current environment.
Key Deals Summary:
- Eurazeo, Ridgepost, and others – Mid-market deals continue to close, with investors showing strong appetite for assets with clear operational improvement plans.
- Albaron Partners has exited Prime in a sale to Beacon Behavioral, with terms not disclosed. The deal reflects continued interest in behavioral health assets.
- Eir Partners has acquired Accumulus – the company operates a platform for regulatory information management in life sciences.
- Eir Partners has acquired Accumulus – a cloud platform for regulatory information management in life sciences.
- Nordic Capital has hired the former Chief Strategy Officer of Medtronic as a senior advisor.
- Warburg Pincus has appointed a new head of Asia, signaling continued focus on the region.
- Intermediate Capital Group has agreed to acquire a majority stake in a European insurance software provider, marking its latest foray into vertical software.
Healthcare & Life Sciences
- Warburg Pincus and Berkshire Partners are selling Consolidated Precision Products to GE Aerospace for $11.75bn — one of the largest industrial exits of the year.
- Eir Partners has acquired Accumulus, a San Francisco-based software platform for regulatory information management in life sciences.
- Great Point Partners has agreed to sell Lab Vantage to Labcorp, bolstering the latter's drug development services.
Technology, Media & Telecom
- Diffusion and Lightspeed have co-led a $550m round in Harvey, a legal AI company, valuing the business at $15.5bn.
- Apax Funds has acquired Next Gen Security from Dunes Point Capital. Next Gen provides electronic security systems to enterprise clients.
- Thoma Bravo has made a strategic growth investment in Tanda, an Australian workforce management platform — marking the firm's first investment in the ANZ region.
- Accel-KKR has agreed to acquire Eleco plc, a London-listed provider of construction and built-environment software, for approximately £207.6m ($281m).
- Bregal Sagemount has taken a majority stake in A-Rent Test Equipment, an Illinois-based electrical test equipment rental company.
- Albaron Partners has exited Prime Psychiatry in a sale to Beacon Behavioral.
- Warburg Pincus has agreed to sell Consolidated Precision Products to GE Aerospace in a deal valued at $11.75bn.
- HIG Capital has completed the acquisition of Bugatti Rimac from Porsche for $1bn, with Rimac Group retaining a minority stake.
- Marlan Space has signed a satellite deal with Loft Orbital.
- Point 41 Capital has acquired ADS from CW Industrial Partners.
- New Water Capital has acquired a majority stake in a company called "Lid Works" — a manufacturer of custom packaging for foodservice.
- Albaron Partners has exited Prime Psychiatry in a sale to Beacon Behavioral.
- Warburg Pincus and Berkshire Partners are selling Consolidated Precision Products to GE Aerospace.
- Peterson Partners has raised a $510m continuation fund for Kelso Industries.
- Gainline Capital Partners has closed a continuation vehicle.
- Belle Brands has acquired Vegamour.
- Eir Partners has acquired Accumulus.
- Tikehau Capital has made a majority investment in Accumulus.
Market Outlook
The second half of 2025 has brought a modest uptick in deal activity, though exit markets remain selective. Continuation vehicles are proving durable, with Peterson Partners raising a $510m fund for Kelso Industries and multiple other managers opting for the structure to extend hold periods on quality assets. The industrial sector continues to attract interest — EQT's infrastructure fund raised €16bn, and KKR closed its second Global Impact Fund at $2.7bn.
In the technology sector, AI continues to dominate. Thoma Bravo's investment in Tanda, a workforce management platform, marks the firm's first ANZ deal.path. The firm's move alongside Diffusion and Lightspeed's $15.5bn valuation for Harvi underscores how AI-native companies are commanding premium multiples. On the fundraising side, PE firms are increasingly turning to continuation vehicles to manage liquidity, with several notable closes this week. In private credit, deals are getting done but competition is pushing pricing. The behavioral health space remains active, with Albaron's exit of Prime Psychiatry to Beacon Behavioral being the latest in a string of consolidations.
Deal Flow: Mid-Market & Lower-Middle-Market Activity
| Company | Sector | Investor/Acquirer | Deal Type | | :--- | :--- | :--- | :--- | | Horisonterra | Infrastructure Services | Ambienta | Buyout | | Eleco | Construction Software | Accel-KKR | Buyout | | A-Rent Test Equipment | Industrial Rental | Bregal Sagemount | Minority Stake | | Stan Chem | Specialty Chemicals | Glen Oaks/Tecum | Buyout | | Click Here Digital | Performance Marketing | HIG Capital | Growth Investment | | Safe-Way Garage Doors | Building Products | Point 41 Capital | Buyout | | Prime Psychiatry | Behavioral Health | Albaron | Exit to Beacon |
主要亮点
- 交易流： 本周的中端市场交易横跨多个领域，重点在软件（Accel-KKR/Eleco）、工业（Bregal Sagemount、Point 41）和医疗保健（Albaron 退出）领域，进行了战略性整合。
- 私募股权信心： 中型市场私募股权公司继续部署资金，交易活动活跃，涵盖利基工业、专业化学品和住宅建筑产品领域。
- 医疗保健领域并购： 行为健康领域依然活跃，Albaron Partners 将其投资组合公司 Prime Psychiatry (Prime) 出售给战略买家Beacon Behavioral。
交易流：要点解读
- Accel-KKR 收购 Eleco (Eleco): 该交易凸显了对服务于建筑环境领域的垂直软件平台的持续需求，而 Eleco 在此领域拥有强大的英国和欧洲市场地位。
- Point 41 Capital 收购 Safe-Way (Safe-Way): 此次收购标志着一项经典的低端市场“买入并建设”策略，针对的是住宅建筑产品领域一个成熟、现金流稳定的利基市场。
- Apax 收购 Next Gen Security (Next Gen): This acquisition underscores the ongoing consolidation in the electronic security space, driven by recurring revenue models and increasing technological complexity.
- HIG Capital 投资 Click Here Digital: 此次成长型投资反映了私募股权对专业数字营销服务的持续兴趣，这些服务受益于日益增长的绩效导向型广告支出趋势。
- Albaron 退出 Prime Psychiatry: The exit to Beacon Behavioral highlights the strong strategic acquirer appetite for behavioral health platforms, a sector experiencing continued consolidation driven by demand and favorable reimbursement dynamics.
Deal Flow: Key Takeaways
- 交易流: 本周的中端市场交易横跨多个领域，重点是在软件（Accel-KKR/Eleco）、工业（Bregal Sagemount, Point 41）和医疗保健（Albaron exit）领域进行战略整合。
- 私募股权信心: 中端市场私募股权公司继续配置资金，在利基工业、专业化学品和住宅建筑产品领域保持活跃的交易活动。
- 医疗保健并购: 行为健康领域依然活跃，Albaron Partners 将其投资组合公司 Prime Psychiatry 出售给战略买家 Beacon Behavioral。
要点：
- Accel-KKR 收购 Eleco（Eleco）：该交易凸显了对服务建筑环境领域的垂直软件平台的持续强劲需求，Eleco 在英国和欧洲市场拥有稳固的业务布局。
- Point 41 Capital 收购 Safe-Way Garage Doors：这是一笔经典的 lower-middle-market 收购，针对住宅建筑产品领域中一个成熟且利基的市场。
- Apax 基金收购 Next Gen Security：该交易凸显了电子安防领域正在进行的整合，其特点是经常性收入和日益增长的技术复杂度。
- HIG Capital 投资 Click Here Digital：这笔成长型投资反映了私募股权对专业数字营销服务的持续兴趣，这类服务受益于日益增长的客户获取成本及对可量化营销效果的持续关注。
- Albaron 退出 Prime Psychiatry：此次向 Beacon Behavioral 的出售凸显了行为健康领域持续的整合趋势，该领域正受益于有利的人口结构变化和需求的增长。
市场的“底层逻辑”: 分析
本周披露的交易揭示了当下市场中两个更广泛的动态。
首先，银行家和顾问们强调的“逐险”与“避险”交易分歧正在实际估值中显现。
在软件和医疗保健等增长型资产类别中，即使利率持续高企，拥有经常性收入和明确盈利路径的公司仍能获得高倍数估值（Accel-KKR/Eleco，Albaron/Prime Psychiatry 的退出）。相反，传统工业和企业对企业（B2B）领域的收购，其估值则更紧密地跟随债务成本。Point 41 收购 Safe-Way 以及 HIG 投资 Click Here Digital 等交易，其定价更多是基于当前现金流和 EBITDA 倍数，反映了借贷成本上升的背景。这种分歧正导致普通合伙人（GP）在部署资金时更加挑剔；能够展示稳健经常性收入或明确增值路线的资产正获得溢价，而较为平淡的资产则面临更严格的市场审查。
展望未来，我们应关注在僵局持续期间积累了大量待售资产的卖方。基金面临退出压力，随着 2025 年下半年临近，我们很可能会看到更多像 Albaron 出售 Prime Psychiatry 这样的“强制”交易/战略性退出，因为基金需要向有限合伙人（LP）返还资本。此外，Clarendon Capital 等公司在利基行业的“买入并建设”策略似乎获得了越来越大的吸引力，因为它们在动荡的环境中提供了更清晰的价值创造叙事。目前的市场环境利好那些拥有明确运营增值计划和严谨尽调的买家——我们预计，随着卖方预期继续调整，下半年交易活动将稳步回升。