Private Equity 24 Hours

Last updated: May 7, 2026, 2:30 PM ET

Dealmaking & Sector Consolidation

Private equity firms continued an aggressive pace of add-on acquisitions across diverse sectors, with activity centering on healthcare, fire safety, and energy infrastructure. Silversmith Capital Partners bolstered its healthcare IT footprint by backing a portfolio company’s purchase of Avarion, a managed healthcare IT services provider based in Valencia, California. Simultaneously, in the safety services space, Pye-Barker, a fire protection and security services provider headquartered in Alpharetta, Georgia, acquired AAA Fire Extinguisher Co. Further sector consolidation appeared in the building services realm, where NTC Group-backed Entwistle snapped up Hales from its founders, Ray and Trudy Hales.

In the energy transition space, Carlyle Group partnered with Diversified Energy to purchase Andarko Basin oil assets from Camino for $1.2bn, securing an additional 100 undeveloped inventory locations in the Oklahoma region. Separately, SVP finalized its acquisition of the New Frontera Holdings power generation facility, a company in which SVP had previously invested via a first lien term loan before its 2021 restructuring. In a divestiture involving prior PE ownership, Siris Capital purchased renewable energy services provider Takkion from Apollo Global Management, which had originally acquired the firm in 2020.

Platform Launches & Exits

Platform building and strategic portfolio shifts marked activity for several large managers. GI Partners formally launched Rose Bio Solutions through the acquisition of Charles River Laboratories International’s contract and development and managing organization and cell solutions business. Meanwhile, in the competitive industrials space, Allied Industrial Partners invested in equipment rental firm Trinity Industrial, with the Foreman family founders retaining meaningful ownership alongside the PE firm. In a minority stake transaction, specialty fabrics manufacturer Dalco-GFT was sold by Snow Peak, though both the seller and CEO Joey Duncan will retain a minority stake.

The secondary market is proving fertile ground for liquidity, with one observer noting that geopolitical shocks are actively fueling record-breaking secondaries activity. This contrasts with a general feeling of coming to terms with a new liquidity reality, as described by Munich Private Equity Partners' Hans-Christian Moritz using the five stages of CV grief. Separately, European dealmaking saw geographical pivots, with firms like Mutares planning to open a Houston office as European GPs increase their overseas deal sourcing, even as overall April deal value dropped following a strong first quarter, according to S&P Global data.

Personnel Moves & Firm Strategy

Senior leadership appointments and strategic realignment characterized developments among major investment firms. ICG named Brant Gresham as managing director and US West head, based in California, while Felipe Sotomayor was appointed managing director for Latin America, operating out of Chile. Elsewhere, Vistria brought on John Atkinson, formerly of Marsh, as an operating partner focused on the financial services team. In internal promotions, Kainos elevated Cate Mason to Investor Relations director from her previous role as a senior associate. Furthermore, MiddleGround promoted Alexander van der Have to partner, recognizing his role in expanding the firm's European presence.

In the venture capital sphere, major financial institutions are adjusting strategies. Fidelity is reportedly shuttering its dedicated venture capital arm, according to sources, signaling a strategic retreat from direct VC investments. This contrasts with the success seen by the IPO of Robinhood’s venture fund, which reportedly attracted over 150,000 retail investors seeking exposure to private tech leaders like OpenAI and Stripe. Separately, Amex Ventures detailed its thesis for backing startups focusing on autonomous commerce, such as those building AI-powered financial operations tools; this aligns with the $17M Series A raised by Fazeshift, which uses AI agents specifically for accounts receivable automation.

Valuations and Market Sentiment

Valuation challenges persist, particularly in the industrials sector, while high-growth areas like AI and quantum computing continue to attract substantial late-stage capital. Advisors noted that the business services sector, including companies being shopped by Audax and MSouth, is seeing headwinds, with Capstone Partners pointing to a generally challenged industrials deal market. This environment is making pricing difficult, exemplified by reports that MSouth is testing the market for HVAC provider USA Hometown Experts, which could command a sale price exceeding $480M based on peer multiples near 16x EBITDA. In contrast, late-stage funding in cutting-edge technology remains strong; Quantum Motion secured $160M in a Series C round as the quantum sector heats up, while TCV led a $160M Series B in insurance startup Corgi, propelling its valuation to $1.3B just four months after its Series A.