Private Equity 3 Days

Last updated: April 22, 2026, 11:30 AM ET

Mega-Deals and Strategic Bids

Private equity dealmaking showed high-stakes activity, highlighted by EQT improving its offer for the FTSE 100 testing group Intertek to an approximate £9.7 billion valuation as part of a revised $12.3 billion takeover bid. In the healthcare sector, CVC Capital and GTCR jointly submitted a bid targeting the privatization of medtech firm Teleflex, potentially marking one of the most significant transactions in that space recently. Separately, First Eagle completed its take-private buyout of Diamond Hill Investment Group, delivering $175.00 per share in cash to Diamond Hill shareholders, while Sycamore Partners is reportedly eyeing a potential $8 billion-plus exit via a London IPO for Boots in 2027.

Sector-Specific Acquisitions and Roll-Ups

The industrial and specialty sectors saw numerous bolt-on acquisitions, indicating a continued appetite for platform building. Behrman Capital acquired Metallizing Service Company Holdings, which offers solutions across aerospace, defense, and industrial applications, while SK Capital snapped up Brothers International Food Holdings from seller Benford Capital Partners. In the technical services sphere, Bessemer-backed Tencarva acquired WWater Tech, a distributor of flow control equipment, and New State Capital-backed Blackhawk purchased UK-based maintenance provider MCA Aviation. Furthermore, the fire safety segment remains active, with HIG-backed Andwis completing its 29th acquisition since 2023 by purchasing Senseco Systems, while Gryphon Investors is testing the market for its fire safety platform, Jensen Hughes, potentially seeking a valuation exceeding $1.5 billion.

Defense, Resilience, and Infrastructure Focus

Themes of resilience and strategic importance are driving investment in the defense sector across Europe. Warburg Pincus is preparing to deploy €200 million checks via a new strategy focused specifically on European defense, security, and resilience businesses, a trend supported by sources noting that defense assets are currently trading at "attractive valuations". This surge in defense deals is viewed positively by both limited partners (LPs) and general partners (GPs) as investors prioritize resilience. On the infrastructure side, Excelsior-backed Lydian Energy acquired a portfolio of renewables projects from Hanwha Renewables, while Blackstone is reportedly preparing for a public markets exit from Jersey Mike’s Subs in a potential $8 billion transaction.

Fundraising Milestones and LP Dynamics

Firms continued to announce significant fundraising successes across various strategies. Adams Street Partners achieved the final close of its sixth co-investment fund, Co-Investment Fund VI, securing $2.5 billion in committed capital, while HarbourVest Partners reeled in $2.4 billion for its thirteenth U.S. flagship fund, with its venture arm closing above target. Meanwhile, KKR secured a commitment from the UAE’s $30 billion ALTÉRRA fund for its global climate transition strategy. Investor sentiment regarding liquidity remains a key topic, as LPs are reportedly seeking greater visibility through side letters due to extended election periods causing them to become forced sellers in continuation vehicles (CVs).

Secondaries Market Evolution and Evergreen Structures

The secondaries market is expanding rapidly in both breadth and depth, with firms like Coller planning to expand into real asset secondaries and build out an insurance offering alongside its next fundraising cycle. Despite the general activity, pricing remains the most contentious issue in negotiations, with the bid-ask spread causing friction in many transactions. Furthermore, there is divergent opinion on GP-led secondaries and CVs regarding alignment and valuation. Separately, Temasek’s Azalea is betting on an evergreen structure to broaden access to private equity, even as an Australian wealth manager warns that such unlisted funds have overpromised on liquidity management.

Consumer, Financial Services, and Specialized Tech

Dealmaking in the consumer sector is expected to remain strong, with Forward Consumer Partners targeting six to eight control positions out of its second fund, as partner Matt Leeds anticipates "really good companies" coming to market soon. In financial services, GTCR finalized its acquisition of Fiduciary Trust Company, bringing on Doris Meister, former chair of Wilmington Trust, as executive chair. In the insurance brokerage space, JC Flowers-backed OneItalia Alliance picked up Strategica Group, while Goldman Sachs-backed Doxa is set to acquire Eaton Gate Group. In specialized technology, Apax is focused on technology companies that are either proven AI winners or, at minimum, AI-neutral, navigating the current period of tech uncertainty.

Vertical Integration and Regional Deployments

Firms are actively building out platforms through numerous add-on acquisitions across various verticals. Century Park unveiled its new platform, Green Summit Landscape Group, immediately following up with acquisitions of two Lansing, Michigan-based companies. In the aviation services sector, Avem Partners scooped up manufacturer Precision Aircraft Machining Company, supported by capital from various family offices, while Acorn Capital is set to acquire MTI Aviation, citing its strong growth potential in the aerospace and defense segment. On the deployment front, Australian investors are increasing their focus on European private markets, with senior representatives embarking on a UK-France tour to deploy capital totaling $430 billion into the region.