Private Equity 3 Days

Last updated: April 22, 2026, 8:30 AM ET

Dealmaking Activity & Sector Focus

Private equity firms continued an active acquisition pace across diverse sectors, with several consolidation plays emerging. Behrman Capital scooped up Metallizing Service Company Holdings, a provider serving aerospace and defense applications, while Bessemer-backed Tencarva expanded its flow control footprint by acquiring WWater Tech, targeting industrial and municipal clients. In consumer goods, SK Capital snapped up Brothers International Food Holdings from Benford Capital Partners, and Brightstar Capital acquired children’s products provider Bendon, with the founder remaining in place to lead operations.

The defense and resilience theme remains a key area of focus, evidenced by Warburg Pincus launching a dedicated strategy ready to deploy €200 million checks for European defense and security businesses. This focus aligns with broader market sentiment, as Houlihan Lokey noted that the surge in European defense deals is viewed positively by both limited partners and general partners due to the increased focus on resilience. Furthermore, HIG Capital-backed Coriant bolted on SCA, a support services provider across defense, marine, and infrastructure sectors, suggesting continued M&A activity in this specialized area.

The infrastructure and industrial services sectors saw several roll-up plays and strategic acquisitions. Century Park unveiled its new platform, Green Summit Landscape Group, immediately following initial acquisitions of two Lansing, Michigan-based landscaping firms. In the specialty chemicals space, Gemspring-backed Shrieve Chemical acquired FIS Chemicals, which services oil and gas and renewables markets, while in building services, Osceola Capital-backed Fortify Restoration purchased Beach Contracting to expand its structural restoration footprint across the Southeast.

Healthcare and specialized services also featured prominently in recent transactions. PE-backed Aqua Dermatology expanded its Southeast presence by acquiring Steele Dermatology in Palm Beach Gardens, Florida, while TA Associates is reportedly eyeing an $810 million takeover of UK-listed Advanced Medical Solutions, an independent developer of tissue-healing technology. In consulting and transformation services, Wendel completed the acquisition of a 56% stake in Committed Advisors, a global mid-market private investment firm, and Renovus-backed F2 Strategy acquired investment consultant Meradia to bolster its offerings to asset management clients.

Exit Strategies & Fund Activity

Potential large-scale exits and fundraising milestones indicate shifting capital deployment priorities among major firms. Blackstone is reportedly preparing a potential London stock market listing for Jersey Mike’s Subs in 2027, aiming for an $8 billion exit valuation, while Sycamore Partners is exploring a similar 2027 London IPO for Boots, potentially valued at over $8 billion. On the capital raising front, Baird Capital closed its third global fund, hitting its hard cap of $450 million, and Harbour Vest Partners successfully reeled in $2.4 billion for its thirteenth U.S. flagship fund, with its venture component closing above target.

The secondaries market continues to evolve, driven by LP demand for liquidity amid a challenging primary market. Coller plans to expand its offerings into real asset secondaries and insurance solutions under the ownership of EQT, while the overall secondaries market is seeing friction points, particularly concerning the bid-ask spread. Australian investors are also increasing their European exposure, with superannuation funds touring the UK and France to deploy an estimated $430 billion into European private markets, reflecting sustained LP appetite for non-U.S. assets.

Regulatory, Tech, and Operational Shifts

The regulatory environment and technological disruption are reshaping investment theses, particularly in Europe. Apax Partners focuses its tech investment thesis on companies that are either "AI winners" or "AI-neutral" to navigate uncertainty, while cybersecurity funding remains strong globally, with investors putting $4.9 billion into security-focused startups last quarter, slightly down sequentially but well above year-ago levels. Meanwhile, the trend toward digital solutions for operational challenges is clear: Schematic raised $6.5 million to simplify pricing and packaging for software companies in the AI era, and Simple Closure launched Asset Hub, a marketplace to salvage assets from failing startups during wind-down processes.

Consolidation is also evident in adjacent markets, providing positive signals for larger general partners. The acquisition of Aegon UK by Standard Life, which will create a pensions giant with an asset portfolio around £480 billion, is seen as ‘good news for bigger GPs’ due to the scale of the resulting entity. Separately, in the sports agency sector, Permira is among several bidders circling a potential acquisition of The Team, while in sports ownership, Clearlake Capital’s José E. Feliciano is closing in on a potential MLB-record $3.9 billion acquisition of the San Diego Padres.

Valuations and Sector Hot Spots

Specific sectors are showing clear valuation strength, particularly fire safety and technology enablement. Gryphon Investors is exploring a sale of its fire safety platform, Jensen Hughes, which sources suggest could command a valuation of $1.5 billion or more based on recent EBITDA multiples in the sector. This reflects a broader trend where the fire safety pipeline is boosted by visible revenue streams and regulatory stability, leading to high activity in the lower mid-market. In contrast, while life sciences saw a pandemic-era surge, its capital deployment picture remains mixed following the peak seen during Covid-19.