Private Equity 3 Days

Last updated: May 5, 2026, 11:30 AM ET

Private Equity Deal Activity & Exits

The middle-market saw considerable consolidation across engineering and essential services, while larger exits signaled varied market sentiment. Copley Equity Partners is reportedly initiating a sales process for its civil, structural, and geospatial engineering firm, LJB, with sources suggesting bids could value the company at a multiple of 12x-14x EBITDA over the coming weeks. In infrastructure and environmental services, KKR and XPV Water Partners are preparing to divest Axius Water, a nutrient management platform formed in 2019, to the industrial conglomerate CRH. Additionally, Platinum Equity finalized its acquisition of electric heating manufacturer Infratech from its founders, Sam Longo Jr. and CEO John Mazzotta. Elsewhere, THL Partners is set to realize a significant exit, agreeing to sell semiconductor firm AMI to Lattice Semiconductor for $1.65bn, with closing anticipated in the third quarter of 2026.

Platform acquisitions continued across specialized sectors, including significant activity in engineering consulting and industrial services. Align Capital-backed Armko expanded its footprint by snapping up competitor Kuhn & Associates, while CataCap-backed Thranekær acquired engineering consultancy Ingeniørgruppen. In the essential services space, Allied Industrial saw its portfolio company, Liberty Waste Solutions, acquire Randolph County Garbage Services in North Carolina. Meanwhile, in energy management, Bregal Milestone injected growth capital into Meteoviva, an AI-powered building energy management software provider. Exits for SK Capital included the sale of Phoenix Flavors & Fragrances to Turpaz Industries Ltd., though the firm will retain ownership of its US and Canadian finished-dose-form CDMO, Halo Pharmaceuticals following the disposal of other units.

In the US home and commercial services sectors, deal flow remains active despite broader economic concerns. Bain Capital, Sixth Street and existing investor Harvest Partners provided backing for Power Home Remodeling, maintaining Harvest as the largest shareholder. Simultaneously, Audax’s sale process for commercial HVAC provider Nextech is advancing, with bidders reportedly valuing the company around $1.5bn at a 15x EBITDA multiple in the second round. Concurrently, SE Capital sold HVAC and plumbing firm Sierra Platform to Redwood Services, which focuses on essential home services platforms. Further specialized consolidation occurred as PE-backed Vasco acquired two court contractors, Howard B. Jones and Court Surfaces, while IFM Investors-backed Mobius Renewables purchased biogas production assets from Air Liquide across the US, France, Norway, and Sweden.

Technology & Growth Equity Dynamics

Venture funding remained elevated, largely fueled by mega-rounds in artificial intelligence, even as the broader startup ecosystem recalibrates. Global venture funding for April reached $56bn, marking the third-highest monthly total in the past year and achieving a 100% year-over-year increase, driven primarily by a handful of large investments. Voice AI company ElevenLabs announced it achieved $500M in Annual Recurring Revenue and welcomed new investors including BlackRock and actor Jamie Foxx, signaling strong private market appetite for mature AI infrastructure. Furthermore, Intel contributed to a $178m Series B funding round for quantum computing startup Quantware, aimed at scaling production to an industrial level.

Growth equity firms continued to target specialized B2B software and AI applications. Bregal Milestone made a majority growth investment in Meteoviva, which offers AI-powered predictive building energy management solutions. In a move reflecting the increasing integration of AI into professional services, Y Combinator alum Moritz raised $9m to build an AI-supercharged law firm, while SAP agreed to acquire German AI startup Prior Labs. In contrast to the US focus on generative models, some investors are betting on the 'boring parts' of AI, building portfolios around foundational technologies that become critical interfaces over time, a theme echoed by investors noting Europe's divergent strategy relative to Silicon Valley on AI adoption.

Secondaries and Talent Moves

The secondaries market is showing signs of maturation, with focus shifting from mere transaction volume to favorable fee structures and terms. Discussions among market participants suggest that the consensus is moving toward 'best practice terms' in contract negotiations, rather than simply prioritizing deal closure speed in the current environment. This sentiment was explored in PEI Group’s new podcast miniseries, which analyzed findings from Secondaries Investor’s inaugural Global Market Survey regarding current sentiment across the secondary market. Talent acquisition within private equity saw internal restructuring and external hires aimed at platform scaling. Amulet Capital appointed Adam Grossman as a partner to concentrate on sourcing and building out healthcare services platforms, while RoundTable brought on Amardeep Kahlon as an operating partner to accelerate value creation at portfolio companies.

Dealmaking & Firm Strategy

Firms are also making strategic acquisitions to build out vertical capabilities, particularly in healthcare and wealth management. Carlyle acquired health technology firms Knack RCM and Equalize RCM, with the founders of both businesses choosing to reinvest a portion of their proceeds back into the platform. In wealth advisory, Integrum, Lightyear, and Ontario Teachers’ committed further capital to support wealth management advisor Allworth Financial. Meanwhile, William Blair announced its planned acquisition of sports advisory firm Inner Circle Sports, which will operate under its existing name for an interim period post-closing. Despite the flurry of investment, advice suggests that founder expectations about M&A mechanics often lead to deals failing before they even begin, underscoring the complexity of aligning seller aspirations with buyer valuation models. Firms attending industry events are seeking advantages, as evidenced by a limited-time offer providing 50% off a second pass to Tech Crunch Disrupt 2026 for those aiming to accelerate deal flow before the price increase deadline of May 8 at 11:59 p.m. PT.