Private Equity 24 Hours

Last updated: May 4, 2026, 5:30 PM ET

Private Equity Dealmaking & Exits

Private equity activity showed continued momentum across sectors, with Audax advancing bidders into the second round for its sale of commercial HVAC provider Nextech, reportedly valuing the firm near $1.5bn based on bidder interest around 15 times EBITDA. In contrast to ongoing sales processes, SK Capital completed its exit from its specialty chemical and pharmaceutical ingredients platform, selling Noramco, Extractas Biosciences, and Purisys to Siegfried Holding, though SK Capital will retain ownership of US/Canada-based CDMO Halo Pharmaceuticals. Further portfolio restructuring saw SE Capital divest HVAC and plumbing firm Sierra Platform to Redwood Services, a platform focused on essential home services, while SK Capital also exited Phoenix Flavors & Fragrances to Turpaz Industries Ltd.

Sector Consolidation & Platform Building

Platform building remained a key theme, particularly in outsourced services and healthcare technology. Carlyle acquired two health tech firms, Knack RCM and Equalize RCM, with the founders of both companies reinvesting a portion of their proceeds back into the newly combined platform. Simultaneously, PE-backed Vasco expanded its footprint in sports facility construction by acquiring court contractors Howard B. Jones & Son and Court Surfaces of Florida, signaling consolidation within the niche court surfacing market. In the managed technology space, Riata Capital-backed COEO Solutions snapped up S-NET Communications to bolster its offerings for multi-location mid-market enterprises, while Grovecourt-backed Traffic & Mobility Consultants acquired Chindalur Traffic Solutions to deepen its engineering capabilities in transportation planning.

New Capital & Strategic Backing

Firms continued to secure fresh capital and reinforce existing investments. Venture investor Katie Haun successfully raised $1 billion across new funds dedicated to backing blockchain and cryptocurrency startups, signaling continued confidence in the digital asset technology space despite regulatory headwinds. On the infrastructure front, IFM Investors-backed Mobius Renewables expanded its biogas operations by purchasing Air Liquide’s production units across the US, France, Norway, and Sweden, including six operating landfill gas-to-RNG sites. Furthermore, established backers like Harvest Partners reinforced their commitment to home remodeling platform Power Home Remodeling, remaining the largest investor alongside new capital from Bain Capital and Sixth Street.

Operational Expertise & Public Market Events

Firms are actively integrating operational talent to drive portfolio value ahead of potential exits. RoundTable tapped Amardeep Kahlon as an operating partner to accelerate value creation within its existing portfolio companies and assist in evaluating new deal targets. Meanwhile, portfolio company GMR, a Texas-based emergency medical services provider, set its initial IPO pricing terms, indicating a move toward the public markets following its private equity ownership. In the wealth management sector, Integrum and Lightyear joined previous backer Ontario Teachers’ to invest further in advisor Allworth Financial, demonstrating sustained interest in the fragmented advisory space.

Venture Capital Focus in AI & Compute

Venture capital strategies are diverging, with some investors focusing on foundational or "boring" technology underpinning the current AI boom. While European investors are zagging on AI generally compared to Silicon Valley's approach, investors like Nicolas Sauvage continue to place bets on the less glamorous, essential infrastructure required for AI expansion since 2019. This quiet infrastructure focus contrasts with the broader excitement surrounding compute advancements, where VCs are closely monitoring startups in areas like future of compute. Separately, in enterprise software, SAP agreed to acquire German AI startup Prior Labs, suggesting large incumbents are prioritizing bolt-on acquisitions for specialized AI capabilities.