Private Equity 24 Hours

Last updated: April 20, 2026, 11:30 PM ET

Private Equity Dealmaking & Exits

Private equity firms are actively pursuing platform acquisitions and strategic exits across sectors, demonstrating continued appetite for differentiated assets despite some market headwinds. Blackstone, preparing for a potential public markets debut from its portfolio company, is reportedly filing for an initial public offering for sandwich chain Jersey Mike’s Subs that could value the exit at approximately $8 billion. In the industrial space, Quad-C-backed Vortex is bolstering its U.S. operations by acquiring water-main service provider Mainlining America, while Revelar-backed Steele Solutions expanded its product categories by completing the purchase of Maysteel Industries. Meanwhile, Gryphon Investors is testing the market for its fire safety platform, Jensen Hughes, with sources suggesting a potential valuation exceeding $1.5 billion based on recent EBITDA multiples for comparable firms.

The secondary market saw significant activity involving continuation vehicles (CVs), with Cerberus Capital successfully closing a single-asset CV for its Subsea Communications business, securing roughly $2.3 billion in commitments led by CVC Secondary Partners. This trend toward large secondary transactions aligns with investor expectations that General Partners (GPs) should be fully committed to "trophy, crown-jewel assets" when structuring such deals, often utilizing cross-fund investments to achieve maximum alignment. Elsewhere in deal flow, RedBird Capital Partners finalized its acquisition of Affinia, a fully-integrated accounting services platform based in the UK, while JC Flowers-backed OneItalia Alliance expanded its insurance brokerage footprint by scooping up Strategica Group.

Further consolidation occurred in the technical services and waste management spaces, showing PE's focus on specialized infrastructure and essential services. Concentric-backed Collective Waste deepened its service offerings by acquiring Straight Flush Rentals, adding assets to its portfolio. In Europe, IK Partners agreed to purchase Selatek, a specialist in security, electrical, and automation services from Amplio Private Equity, a move that comes as AI disruption is reportedly slowing legal services deal execution. In the UK, Bain Capital Insurance-backed Aptia continued its add-on strategy, picking up Pension Decision Service, which offers personalized guidance for retirement options within pension schemes.

Sector-Specific Moves and Biotech Mega-Deals

The biotechnology sector witnessed one of the largest funded startup acquisitions in years, as Eli Lilly announced a cash deal potentially worth up to $7 billion to acquire gene therapy developer Kelonia Therapeutics, which focuses on cancer treatments. This substantial transaction signals continued high-level interest in cutting-edge therapeutic science, even as other tech funding cools slightly. In related early-stage funding news, reports suggest CuspAI is nearing the completion of a $200 million fundraising round that would value the company at unicorn status. In M&A targeting listed entities, TA Associates is reportedly in talks to acquire UK-listed Advanced Medical Solutions in an $810 million takeover transaction.

European Market Focus & Investor Sentiment

European dealmaking remains competitive, with several firms circling major opportunities, even as questions persist regarding Europe's technological self-sufficiency relative to other global hubs. Firms including Hg, and Vitruvian Partners are reportedly among those submitting bids for the $270 million Benchmark deal amidst Schroders' portfolio reshaping efforts. Australian superannuation funds are increasing their Europe exposure, with senior representatives embarking on a tour of the UK and France to deploy capital into the region, targeting an allocation of $430 billion into European private markets. Meanwhile, interest remains high in specialized areas, as evidenced by Permira joining the race to acquire sports agency The Team, while several investors are monitoring the IPO target set by Revolut CEO.

Aerospace, Infrastructure, and Investor Education

Firms focused on aerospace and essential infrastructure continue to attract premium valuations. Acorn Capital is poised to acquire MTI Aviation, which a partner described as a "compelling platform" aligned with their strategy of investing in highly differentiated aerospace and defense businesses with strong growth prospects. In infrastructure services, IK Partners' acquisition of Selatek focuses on security-sensitive operations across buildings and industrial environments. Concurrently, institutional investors, such as UK local government pension schemes, are grappling with the integration and stewardship required following the transition to pension pooling, maintaining a long-term appeal for private market exposure despite the heavy lifting involved in education and management. However, industry observers note a significant education gap concerning private equity among individual investors, even as enthusiasm for products like ELTIFs remains undented by liquidity concerns.