Private Equity 3 Days

Last updated: May 5, 2026, 2:30 PM ET

Large-Cap Exits & Major Divestitures

The exit environment saw several large transactions materialize, most prominently Siris Capital agreeing to divest its transfer agent and shareholder services firm, Equiniti, to Bullish for $4.2bn, following an integration with AST. In the semiconductor space, THL Partners is planning the sale of AMI to Lattice Semiconductor for $1.65bn, with closing anticipated in the third quarter of 2026. Concurrently, KKR and XPV Water Partners are selling Axius Water, a nutrient management platform formed in 2019, to CRH, while SK Capital completed two exits selling Noramco, Extractas Biosciences, and Purisys to Siegfried Holding, though it retains Halo Pharmaceuticals.

Sector-Specific Acquisitions & Platform Builds

Private equity firms continued their aggressive strategy of platform building through add-on acquisitions across specialized services. In healthcare services, MBF Healthcare-backed Arete Health acquired two physical therapy and wellness providers in Florida, while Carlyle acquired two health tech firms, Knack RCM and Equalize RCM, with founders reinvesting proceeds. The environmental and industrial services sector was active, as Sterling Group-backed HLSG acquired Texas Textile Services, a linen laundry provider for healthcare, and Allied Industrial-backed Liberty Waste Solutions purchased Randolph County Garbage Services in North Carolina. Furthermore, Coalesce Capital-backed Miller Environmental Group scooped up Central Ohio Oil to expand its environmental services footprint.

Technology, Software & Artificial Intelligence Backing

Venture capital activity remained heavily weighted toward AI-driven platforms, even as the broader funding market moderated. Autonomous software developer Blitzy secured $200M at a $1.4bn valuation, signaling strong investor appetite for automation themes. Separately, the voice AI company ElevenLabs added high-profile investors, including BlackRock, as it reached $500M in annualized recurring revenue. In deep tech, Intel provided backing to quantum startup Quantware in a $178m Series B round intended to kick-start industrial-scale production. Meanwhile, European firms continued to invest in AI applications, with Bregal Milestone making a majority growth investment in Meteoviva, an AI-powered building energy manager, and Long Path Partners completed the take-private of UK software firm Idox.

Mid-Market Transactions in Services & Infrastructure

The middle market saw numerous platform investments and add-ons across essential services. Boyne invested in H&B Facility Services to initiate a commercial cleaning platform, while Riata Capital-backed COEO Solutions acquired S-NET Communications to boost its managed tech offerings for multi-location enterprises. In infrastructure and engineering, Align Capital-backed Armko snapped up Kuhn & Associates, an engineering consulting firm, and Grovecourt-backed Traffic & Mobility Consultants acquired Chindalur Traffic Solutions. In the home services arena, Bain Capital, Sixth Street, and Harvest Partners backed Power Home Remodeling, with Harvest maintaining its position as the largest shareholder.

Secondaries Market Dynamics & Operational Focus

Market participants are analyzing shifts in the secondaries space, with commentary suggesting the market may have moved past the initial stages of "grief" regarding deal flow, although concerns remain over DPI metrics. Market sentiment analysis, detailed in Secondaries Investor’s inaugural Global Market Survey, is providing key signals for navigating the current environment where CV fee terms are reportedly converging toward best-practice standards. On the deal execution front, Copley Equity Partners is testing the market for its civil engineering firm LJB, with sources suggesting bids could value the company around 12x to 14x EBITDA. Separately, William Blair announced its plan to acquire Inner Circle Sports, which will operate under its existing name temporarily post-close.

Healthcare & Specialized Platform Expansion

Healthcare services remained a key focus area for PE deployment, often involving platform consolidation. Avista unveiled Birchwell Consumer Health, immediately acquiring the therapeutic skincare brand Bag Balm. In the outpatient sector, Amulet Capital appointed Adam Grossman as a partner to focus specifically on scaling healthcare services platforms through deal sourcing and management collaboration. Further consolidation occurred as Columna Capital agreed to acquire Evidenze Group, a pan-European outsourced pharma services provider, from Buenavista Equity Partners. Simultaneously, in the wealth management space, Integrum, Lightyear, and Ontario Teachers’ invested in advisor Allworth Financial, with Lightyear and Ontario Teachers’ being prior backers.

Deal Flow in Industrials & Services

Industrial and essential services saw several transactions indicative of underlying demand for specialized maintenance and operational support. Platinum Equity acquired electric heating firm Infratech from its founder and CEO. In the specialized support sector, SE Capital sold HVAC and plumbing firm Sierra Platform to Redwood Services, a platform targeting the essential home services sector. Furthermore, CataCap-backed Thranekær picked up engineering consultancy Ingeniørgruppen to enhance its profile in building and civil engineering services. In waste management, IFM Investors-backed Mobius Renewables acquired Air Liquide’s biogas production assets across the US, France, and Norway, including six landfill gas-to-RNG sites in the US.

Venture Activity Beyond AI & Fintech

While AI dominated headlines, capital continued to flow into adjacent necessary technologies and specific fintech plays. Katie Haun announced the close of $1bn across new funds dedicated to backing crypto and blockchain startups, continuing her firm's established thesis. In resource discovery, Lithosquare raised $25M to deploy AI for discovering critical metals. In the specialized legal technology sector, a Y Combinator alum secured $9M to construct an AI-supercharged law firm structure. Meanwhile, investors are grappling with internal challenges, as reports suggest founder expectations frequently misalign with the realities of M&A negotiations, often causing deals to stall before execution.