Private Equity 3 Days

Last updated: May 4, 2026, 5:30 PM ET

Private Equity Dealmaking & Exits

SK Capital finalized the divestiture of several specialized chemical units, completing the sale of Noramco, Extractas Biosciences, and Purisys to Siegfried Holding, although the firm intends to retain ownership of its US and Canadian finished-dose-form CDMO, Halo Pharmaceuticals. In another exit, SK Capital also successfully divested Phoenix Flavors & Fragrances Inc. to Turpaz Industries Ltd., demonstrating active portfolio management across its specialized chemical holdings over the past few days. Meanwhile, activity in the essential home services sector saw SE Capital selling its HVAC and plumbing platform, Sierra Platform, to Redwood Services, based in Memphis, signaling continued interest in fragmented service industries.

The distribution and infrastructure space saw significant transaction volume, with Audax advancing bidders into the second round for its commercial HVAC company, Nextech, reportedly receiving interest valuing the firm at $1.5bn based on 15x EBITDA multiples. Further acquisitions in related infrastructure areas included IFM Investors-backed Mobius Renewables acquiring biogas production assets from Air Liquide across the US, France, Norway, and Sweden, encompassing six operating landfill gas-to-RNG sites in the US alone. Concurrently, the market is anticipating more activity in adjacent sectors, as reports suggest forthcoming sales processes in roofing, landscaping, and remodeling following the Nextech sale.

In the healthcare and technology roll-up strategies, Carlyle acquired two health tech entities, Knack RCM and Equalize RCM, with both founders rolling over a portion of their proceeds to remain invested in the newly consolidated platform. In consumer health, Avista launched Birchwell Consumer Health concurrent with the acquisition of therapeutic skincare brand Bag Balm from a seller group led by Gemini Investors. On the technology services front, Riata Capital-backed COEO Solutions snapped up S-NET Communications, a managed network provider focused on multi-location mid-market enterprises, as PE firms continue to build scale in IT services.

Buyouts, Growth Equity, and Sector Expansion

Firms are continuing to deploy capital into specialized service providers. Bain Capital, Sixth Street, and Harvest Partners backing Power Home Remodeling saw the existing sponsor, Harvest Partners, maintain its position as the largest investor in the remodeled home services platform. In the sports and leisure segment, PE-backed Vasco expanding its footprint by acquiring two court contractors, Howard B. Jones & Son and Court Surfaces of Florida, to bolster its capabilities in tennis and pickleball court construction. Furthermore, engineering and consulting firms are consolidating, with Grovecourt-backed Traffic & Mobility Consultants acquiring Chindalur Traffic Solutions to enhance its transportation planning offerings in Florida.

Capital deployment in financial services saw a consortium of investors, including Integrum, Lightyear, and Ontario Teachers’ investing further into wealth management advisor Allworth Financial, signaling sustained confidence in the wealth advisory space. Separately, PE-backed emergency medical services provider GMR is preparing for a public offering, setting preliminary pricing terms for its expected initial public offering based in Lewisville, Texas. This move suggests that sponsors are looking to realize returns through the public markets for essential service providers that demonstrate stable cash flows.

Venture Capital and Operational Talent

Venture funds remain active, particularly in the digital asset space, as Katie Haun successfully raised $1 billion across new funds specifically earmarked for backing blockchain and crypto startups. This capital raise underscores continued institutional belief in the digital asset infrastructure, even as some VCs focus on more foundational technology. In a related vein, investors are betting on the less glamorous components of emerging technologies, with one fund manager focusing on the "boring parts" of AI by assembling a portfolio of enabling technologies that have recently gained broader VC interest.

In operational enhancements, RoundTable tapped Amardeep Kahlon as an operating partner, tasking him with accelerating value creation across the firm’s portfolio companies and aiding in the evaluation of prospective deals. Meanwhile, the talent pool in the secondary market is being recognized, with several professionals from Step Stone and LGT Capital Partners making the cut on Private Equity International’s latest list identifying future leaders in the secondaries space. On the acquisition front for technology firms, SAP agreed to acquire German AI startup Prior Labs, though the specific financial terms were not disclosed in the initial reports.

Non-Dilutive Funding and Market Shifts

In direct-to-consumer financing, Musely secured $360M in non-dilutive capital from General Catalyst, which the skincare and menopause care brand plans to deploy to aggressively super-charge customer acquisition efforts without diluting existing equity stakes. This form of flexible funding contrasts with traditional venture rounds, offering growth capital while preserving founder ownership. European venture capital appears to be taking a distinct path on artificial intelligence compared to Silicon Valley, with reports indicating that Europe is "zagging" on AI strategy while the US West Coast is "zigging," suggesting different investment priorities for compute and foundational models among regional players.