Private Equity 3 Days

Last updated: May 4, 2026, 2:30 PM ET

Private Equity Dealmaking: Sector Activity & Exits

Private equity deal activity showed a mix of platform acquisitions and strategic exits across specialized sectors over the past three days. In essential home services, SE Capital sold its HVAC and plumbing firm, Sierra Platform, to Redwood Services, a Memphis-based company focused on that specific vertical. Concurrently, in the home remodeling space, Bain Capital, Sixth Street, and Harvest Partners backed Power Home Remodeling, with Harvest Partners maintaining its position as the largest existing investor in the platform. Meanwhile, PE-backed Vasco made two acquisitions, snapping up Howard B. Jones & Son Inc. and Court Surfaces of Florida, both specialized contractors in tennis and pickleball court construction, signaling consolidation in the sports facility maintenance niche.

In the healthcare and life sciences arena, Carlyle Group acquired two health tech firms, Knack RCM and Equalize RCM, with the founders of both companies reinvesting a portion of their proceeds into the new combined platform. This followed a significant exit by SK Capital, which completed the sale of its Noramco, Extractas Biosciences, and Purisys businesses to Siegfried Holding, though SK Capital retained ownership of the finished-dose-form CDMO, Halo Pharmaceuticals. Adding to portfolio adjustments, SK Capital also exited Phoenix Flavors & Fragrances Inc., selling the business to Turpaz Industries Ltd.

Asset Sales and Infrastructure Investments

Activity in infrastructure and specialized manufacturing saw several key transactions. IFM Investors-backed Mobius Renewables expanded its footprint by acquiring Air Liquide’s biogas production assets across the US, France, Norway, and Sweden, including six operating landfill gas-to-RNG sites in the US and a 51% stake in Redo Biosolutions. In the process sector, Audax advanced bidders into the second round for its commercial HVAC company, Nextech, with interested parties reportedly valuing the firm at $1.5bn based on offers around 15 times EBITDA, indicating strong appetite for specialized industrial services. Furthermore, Avista unveiled its new platform, Birchwell Consumer Health, which immediately acquired the therapeutic skincare brand Bag Balm from a seller group led by Gemini Investors.

Technology, Managed Services, and IPO Preparations

In technology services, Riata Capital-backed COEO Solutions expanded its reach by acquiring S-NET Communications, a managed tech provider catering to multi-location mid-market enterprises. Further consolidation in engineering services occurred as Grovecourt-backed Traffic & Mobility Consultants acquired Chindalur Traffic Solutions, bolstering its capabilities in transportation planning in Florida. Looking toward public markets, Lewisville-based emergency medical services provider GMR has set its initial public offering pricing terms, signaling a potential near-term debut for the company. In wealth management, Integrum, Lightyear, and Ontario Teachers’ committed capital to the advisory firm Allworth Financial, with Lightyear and Ontario Teachers’ already being previous backers.

Venture Capital Trends and AI Focus

Venture capital continued to show interest in specialized technology, with European activity differentiating itself from trends in Silicon Valley. While Europe is zagging on AI applications, focusing on specific enterprise needs, Silicon Valley appears to be zigging toward broader applications. This specialized approach is reflected in investors like Nicolas Sauvage, who is betting on the less-hyped components of AI by assembling a portfolio of technologies that have recently gained wider VC interest. The appetite for future compute infrastructure also remains high, with VCs identifying 11 startups to watch in that space. In major late-stage financing, defense tech led the pack this week, with space security startup True Anomaly securing $600M in funding, though non-dilutive capital also made headlines, as DTC brand Musely raised $360M from General Catalyst without equity dilution to fuel customer acquisition.

Industry Recognition and Secondary Markets

The secondary market saw recognition for rising talent, as professionals from firms including Step Stone, LGT Capital Partners, and Kirkland & Ellis were named to Private Equity International's latest list of future leaders in the space. This focus on talent development occurs as dealmakers continue to monitor the pipeline, with reports suggesting that more transactions in the roofing, landscaping, and remodeling sectors are anticipated following the Nextech sale process.