Private Equity 3d Briefing
×Major Buyouts & Take-Privates
Kinderhook pehub.com agreed to take home health and hospice provider Enhabit private for $1.1 billion at $13.80 per share. KKR pe-insights.com is exploring a potential $1.5 billion sale of BMC Helix, testing the software market with the AI-driven IT service management platform. KKR pe-insights.com also outbid rivals to secure a majority stake in XCL Education Holdings for $1.3 billion, expanding its education portfolio.
Portfolio Company Exits
Turning Rock Partners pehub.com exited food company Ameri Qual, which remains majority-owned by the Harlan family. Frazier Healthcare Partners pehub.com backed Rev Spring in its acquisition of healthcare tech firm Trust Commerce from Waud Capital Partners. Lone View Capital pehub.com backed Cargo Sprint in its acquisition of Dray Dog, strengthening the cargo software provider's market position.
Fundraising & Investor Relations
Ardian pe-insights.com partnered with Legal & General to provide private equity access to 5.6 million UK defined contribution savers, expanding retail participation. Qatar Investment Authority pe-insights.com committed several hundred million dollars to 5C to expand its private credit operations. GHK Capital pehub.com acquired architecture, engineering and consulting firm CPL, which employs over 500 people across 25 offices in the Northeast, mid-Atlantic and Southeast regions.
Industry Trends & Market Analysis
Bain & Company pe-insights.com reported global buyout deal value surged to $904 billion in 2025, with the "12 is the new 5" dynamic reshaping returns expectations. Over 40% of general partners expect to consider continuation vehicles in the next two years, with 50% or more of mid-market GPs running CVs equivalent to 50% or more of their latest flagship funds, according to Lazard research cited by Secondaries Investor.
Sector-Specific Deals
EQT-backed Scale Microgrids pehub.com acquired Reload to expand its advanced energy solutions portfolio. L Squared pehub.com acquired Functional Devices with existing management reinvesting alongside the private equity firm. Haveli Capital pehub.com backed software firm Sirion to accelerate product innovation and global expansion. Goldman Sachs-backed CSD pehub.com acquired autism services provider Behavior Change Institute to expand its behavioral health offerings.
Strategic Investments
Green Heron pehub.com invested in Regency Plumbing Contractors, with the executive team retaining significant ownership. Vistria Group pehub.com acquired insurance holding company Lumen Holdings, which underwrites commercial property, builders' risk, commercial general liability, personal auto, homeowners and umbrella coverage across more than 30 states.
Sports & Entertainment
Bluestone Equity Partners pe-insights.com announced a three-year partnership with USA Archery ahead of the 2028 Games, strengthening its sports portfolio. The Indian Premier League has emerged as a serious private equity target, with global firms including KKR showing interest, according to Sports' Saturday coverage.
Infrastructure & Technology
Broadband internet provider Vero Networks pehub.com raised $500 million from an investor group led by Hamilton Lane, Braemont Capital and Delta-v Capital. ECI Partners pehub.com welcomed Marijn Pangemanan as new investment director while appointing Scarlett Salamon as investor relations analyst.
Secondary Market Activity
Evercore secondariesinvestor.com tapped Adams Street Partners for a new APAC secondaries head following Shane Gong's departure in January 2025. The secondary market continues to evolve as mid-market sponsors increasingly turn to continuation vehicles to hold trophy assets and deliver liquidity to investors.