Private Equity 24 Hours

Last updated: May 7, 2026, 8:30 AM ET

Private Equity Dealmaking & Portfolio Activity

Private equity dealmaking saw a flurry of platform acquisitions across various sectors, indicating continued investment interest despite broader market fluctuations. NTC Group-backed Entwistle successfully acquired Hales, with the founders Ray and Trudy Hales exiting the business, while Main Capital-backed Zig expanded its proptech footprint by purchasing Unik System Design, a software developer for property management. In the consulting space, Sovereign-backed Bioscript absorbed Triducive, a firm specializing in clinical opinion gathering for life sciences, and in the industrial services sector, Allied Industrial Partners took a stake in Trinity Industrial, allowing the Foreman family founders to retain meaningful ownership. Further consolidation occurred in services, as ParkSouth-backed Infinite purchased Dukas Linden Public Relations to bolster its communications offerings, and PE-backed Pye-Barker expanded its fire protection reach by acquiring a security and fire alarm firm in Alpharetta, Georgia.

The European market displayed an appetite for overseas expansion, with European GPs pushing overseas deals even as overall April deal value dipped following a strong first quarter, as demonstrated by Mutares’ CIO Johannes Laumann detailing concrete plans to launch a Houston office. Meanwhile, specific strategic exits were tested, including MSouth preparing to market HVAC and plumbing provider USA Hometown Experts, which sources suggest could achieve a valuation exceeding $480M based on peer multiples around 16x EBITDA, and Baird Capital testing the market for water treatment firm Cleanwater1, potentially fetching a 15x-17x EBITDA multiple on $40M of recent year EBITDA. In secondary markets, Ares is leading a continuation vehicle for Blue Matter Consulting, backed by Baird Capital, which a partner deemed a CV "happening for the right reasons."

Sector-specific transactions involved strategic roll-ups and acquisitions in specialized fields. Norvestor is set to acquire Debtist in Germany, an AI-driven receivables management service, reflecting a trend toward tech-enabled financial services. In healthcare, Frazier Healthcare-backed CareTria added digital pharmacy Cary Health to its platform, which serves as a therapy initiation partner for pharmaceutical companies, while Kainos-backed Colorado Premium acquired Old Hickory Smokehouse to broaden its protein supply chain across foodservice and retail. Additionally, Ansor-backed Complii moved to acquire Classic Lifts Scotland to enhance its maintenance and modernization services.

Asset Management & Operational Moves

Asset managers continued to refine strategies, with Texas Teachers pivoting toward co-investments despite potentially higher costs, while Japan’s Advantage is targeting a doubling of its assets under management in one year, coinciding with a 5% equity sale to Australia’s Pinnacle Investment Management earlier this year. On the operational front, portfolio companies made key leadership appointments to drive growth and efficiency. Tayeh Capital Group tapped Scott Harrison as an operating partner to aid management teams with operational improvement initiatives, and L Squared appointed Philip Gunn as an operating executive to pursue a thematic buy-and-build platform focused on aerospace and defense. Concurrently, Tortuga Growth Partners added Michael O’Neil as an operating partner, who also serves as vice chair at GW Rhythm X, an AI-first healthcare firm.

Venture Capital Trends and AI Investments

Venture capital activity remains highly concentrated in artificial intelligence and deep tech, though some incumbent tech companies are streamlining operations. DeepL announced layoffs, cutting 250 jobs as part of its strategy to maintain an edge in the competitive AI race. In quantum computing, Quantum Motion successfully raised a €160M Series C round, underscoring growing investor appetite for foundational technology, while A16z spearheaded a $16M seed round for Pit, a new AI startup founded by a Revolut cofounder. Corporate venture arms are also active; Amex Ventures detailed its thesis for backing startups building autonomous commerce infrastructure, moving beyond traditional credit card services. Meanwhile, retail participation in private markets is accelerating, as Robinhood’s CEO stated that over 150,000 retail investors joined its venture fund, gaining access to private holdings like OpenAI and Stripe. Despite the tech focus, other niche areas attracted funding, such as a $9M raise for a startup automating workflows for non-coders, and Corgi, an insurance startup, achieving a $1.3B valuation after a $160M Series B led by TCV.