Private Equity 24 Hours

Last updated: May 5, 2026, 2:30 PM ET

Deal Flow & Exits in Software & Services

Private equity firms demonstrated active portfolio management with several strategic divestitures and acquisitions across the services sector. Siris Capital is exiting its ownership in the shareholder services platform Equiniti, agreeing to sell the firm to Bullish for approximately $4.2bn, a move that follows Siris's 2021 acquisition and subsequent scaling alongside AST. In a separate transaction, THL Partners plans to divest its stake in the semiconductor design firm AMI to Lattice Semiconductor, with the sale valued at $1.65bn and expected to close in the third quarter of 2026. Furthermore, Copley Equity Partners is testing the market for its civil and structural engineering firm LJB, with sources indicating potential bids could reach valuations of 12x to 14x EBITDA, while KKR and XPV Water Partners are selling their unified nutrient management platform, Axius Water, to industrial conglomerate CRH.

Sector Consolidation via Add-On Acquisitions

The trend of platform building through bolt-on acquisitions remains strong across niche industrial and healthcare verticals. Sterling Group-backed HLSG, a provider of outsourced linen laundry services to healthcare institutions, acquired Texas Textile Services to expand its footprint. In the specialized environmental services space, Coalesce Capital-backed Miller Environmental Group scooped up Central Ohio Oil, enhancing its waste and industrial service capabilities. Healthcare services platform Arete Health, supported by MBF Healthcare, continued its expansion by acquiring Virginia Rehabilitation & Wellness and Summerville Physical Therapy & Balance. Simultaneously, Align Capital-backed Armko, an engineering consulting firm, snapped up Kuhn & Associates, while CataCap-backed Thranekær added engineering consultancy Ingeniørgruppen to its platform.

Technology & Growth Equity Investments

Venture capital activity remains concentrated in AI and deep technology, even as the broader startup funding market saw a significant monthly surge. Global venture funding in April reached $56 billion, representing the third-highest monthly total in a year and marking a 100% year-over-year increase, largely propelled by several mega-rounds. In the AI space, voice technology startup ElevenLabs secured new investors including BlackRock and actor Jamie Foxx, as the company reportedly hit $500M in annual recurring revenue. Autonomous software developer Blitzy raised $200M, achieving a $1.4bn post-money valuation, while quantum computing startup Quantware received $178M in Series B funding backed by Intel to scale production. Separately, Lithosquare is raising $25M to apply AI in the discovery of critical metals, signaling investor interest beyond traditional software.

Mid-Market & Specialist Transactions

Activity in the lower and middle markets saw PE firms deploy capital into specialized infrastructure and service providers. Platinum Equity acquired electric heating manufacturer Infratech from its founders. In the IT managed services sector, Salt Creek Capital sold its largest franchisee of TeamLogic IT, which specializes in cloud solutions and cybersecurity for SMEs. Furthermore, Boyne invested in H&B Facility Services to initiate a commercial cleaning platform, and O2 invested in Atlas Asphalt, supporting the second-generation leadership team. Elsewhere, CapMan Infra is acquiring a majority stake in HeliAir Sweden, a Nordic helicopter operator involved in aerial services like firefighting and defense.

Secondaries Market Dynamics & Firm Strategy

Market participants are analyzing evolving sentiment in the secondary market, where deal terms are reportedly becoming more standardized despite ongoing challenges. Recent industry discussions indicated that the secondary market may have moved past the initial "stages of grief," with a growing focus on achieving 'best practice terms' rather than solely prioritizing deal closure velocity, according to analysis shared at a recent conference addressing DPI metrics. This focus on quality is reflected in ongoing market intelligence efforts, such as the inaugural Global Market Survey released by Secondaries Investor. In firm strategy, Amulet Capital appointed Adam Grossman as partner to focus specifically on scaling healthcare services platforms, while RoundTable brought on Amardeep Kahlon as operating partner to accelerate value creation across its portfolio companies.