Private Equity 24 Hours

Last updated: May 4, 2026, 2:30 PM ET

Private Equity Dealmaking: Exits and Acquisitions

The private equity sector saw a mix of portfolio sales and strategic acquisitions across specialized sectors, demonstrating continued interest in niche infrastructure and services. SK Capital finalized the divestiture of its specialty chemical assets—Noramco, Extractas Biosciences, and Purisys—to Siegfried Holding, though the firm elected to retain ownership of its US and Canadian finished-dose-form CDMO, Halo Pharmaceuticals. In the essential services space, SE Capital sold HVAC and plumbing firm Sierra Platform to Redwood Services, a Memphis-based consolidator. Meanwhile, Audax's sale process for Nextech is progressing into the second round, with bidders reportedly valuing the commercial HVAC company at approximately $1.5bn, or 15 times EBITDA, suggesting strong appetite for critical building services as further deals in roofing and remodeling loom.

Further consolidation occurred in sports and technology platforms. PE-backed Vasco expanded its footprint in court construction by acquiring both Howard B. Jones and Court Surfaces of Florida, specialists in tennis and pickleball infrastructure. In a similar vein of platform building, Carlyle acquired health tech firms Knack RCM and Equalize RCM, with both founders reinvesting a portion of their proceeds back into the combined entity. On the technology services front, Riata Capital-backed COEO Solutions snapped up managed network provider S-NET Communications to bolster its offering for multi-location mid-market enterprises.

In the consumer and infrastructure arenas, IFM Investors-backed Mobius Renewables executed a key acquisition, purchasing several biogas production activities from Air Liquide across the US, France, Norway, and Sweden, including six operating landfill gas-to-RNG sites. Simultaneously, Avista unveiled its new Birchwell Consumer Health platform by acquiring Bag Balm, the Vermont-based therapeutic skincare brand, from a seller group led by Gemini Investors. Exits in the flavors sector were also reported, as SK Capital exited Phoenix Flavors & Fragrances Inc., selling the business to Turpaz Industries Ltd.

Financing, Growth Equity, and IPO Preparations

Firms are actively deploying capital to back growth initiatives, particularly in wealth management and home services. Bain Capital, Sixth Street, and Harvest Partners jointly backed Power Home Remodeling, although Harvest Partners will maintain its position as the largest shareholder. In the financial advisory space, Integrum, Lightyear, and Ontario Teachers’ are deepening their commitment to wealth management advisor Allworth Financial, continuing their prior investment. Separately, in the healthcare services realm, emergency medical services provider GMR set its IPO pricing terms ahead of its listing, based in Lewisville, Texas.

Sector Focus: AI Infrastructure & European Strategy

While many deals focus on established services, capital deployment is also tracking emerging technology trends, showing divergence in focus between the US and Europe. In Europe, there is evidence of investors betting on the less glamorous aspects of AI, assembling portfolios focused on fundamental technologies rather than consumer-facing applications. This contrasts with broader venture trends, as several startups involved in the fundamental compute layer are being closely watched by venture capitalists. Separately, the specialized chemical and ingredient space saw a minor exit, while Grovecourt-backed Traffic & Mobility Consultants acquired Chindalur Traffic Solutions to expand its engineering capabilities in transportation planning.

Industry Personnel and Secondary Markets

The secondary market continues to recognize rising talent, with Private Equity International's latest list of future leaders featuring professionals from firms including Step Stone, LGT Capital Partners, and Kirkland & Ellis. In corporate acquisitions outside the core PE deal flow, SAP agreed to purchase German AI startup Prior Labs, indicating large technology incumbents are actively acquiring specialized AI capabilities. For dealmakers seeking efficiency, a limited-time promotional offer is available for passes to Tech Crunch Disrupt 2026, allowing attendees to purchase one pass and receive a second at a 50% discount before the Friday deadline.