Private Equity 3 Days

Last updated: May 6, 2026, 2:30 AM ET

Private Equity Deal Activity & Exits

Dealmaking across sectors saw persistent activity, with several platform acquisitions and strategic exits being finalized. In healthcare services, Carlyle acquired two health tech firms, Knack RCM and Equalize RCM, with the founders of both rolling over equity into the newly formed platform, while MBF Healthcare-backed Arete Health acquired two Florida-based physical therapy and wellness centers to expand its clinician-led outpatient footprint. Elsewhere, SK Capital completed the divestiture of Noramco, Extractas Biosciences, and Purisys to Siegfried Holding, though the firm elected to retain ownership of its finished-dose-form CDMO, Halo Pharmaceuticals. The industrial and services sectors were also busy, as Platinum Equity acquired electric heating firm Infratech, and SE Capital sold HVAC and plumbing firm Sierra Platform to Redwood Services, which is building out its essential home services platform.

Several infrastructure and engineering firms were active targets, including the potential sale of Copley Equity Partners is testing the market for LJB, a civil, structural, geospatial engineering firm, with sources indicating bids could arrive in the 12x-14x EBITDA range for the asset. In related activity, KKR and XPV Water Partners are selling Axius Water to CRH, a transaction that follows the formation of Axius in 2019 to consolidate nutrient management companies, while CataCap-backed Thranekær picked up engineering consultancy Ingeniørgruppen. Furthermore, Allied Industrial-backed Liberty Waste Solutions expanded its North Carolina footprint by acquiring Randolph County Garbage Services, a local provider of integrated waste and recycling solutions.

Mid-market buyouts continued across specialized services, as evidenced by Coalesce Capital-backed Miller Environmental Group scooping up Central Ohio Oil to enhance its environmental services portfolio, and Align Capital-backed Armko snapped up engineering consulting firm Kuhn & Associates. In the sports and leisure space, PE-backed Vasco acquired court contractors Howard B. Jones and Court Surfaces, while Boyne invested in H&B Facility Services to launch a commercial cleaning platform. In the financial services realm, William Blair agreed to acquire specialized advisory firm Inner Circle Sports, and Cinven-backed Alter Domus is acquiring fund administration services provider MSC Group.

Exits in the technology and specialized manufacturing space included THL Partners agreeing to sell AMI to Lattice Semiconductor for $1.65bn, with closing anticipated in Q3 2026, and SK Capital exiting Phoenix Flavors & Fragrances Inc. to Turpaz Industries Ltd. Meanwhile, Copley Equity Partners is testing the market for LJB, a civil, structural, geospatial engineering and environmental services firm, as KKR made targeted acquisitions to scale Axius Water before its sale to CRH. In the software space, Long Path Partners completed the take-private of UK-based information management software provider Idox.

Venture Capital & Growth Equity Trends

Venture funding momentum persisted into the spring, with global capital raising reaching $56bn in April, representing a 100% year-over-year increase driven by mega-rounds, though Europe remains cautious on pure AI plays compared to Silicon Valley's aggressive stance. AI startups attracted substantial backing, with Blitzy raising $200M at a $1.4B valuation for its autonomous software development technology, and Lithosquare securing $25M to deploy AI in critical metals discovery. Voice AI leader ElevenLabs added high-profile investors including BlackRock and Jamie Foxx, as the company reported reaching $500M in annualized recurring revenue.

Despite the cooling in some crypto cycles, specialized funds maintained focus; a16z crypto raised a $2.2B fund to continue backing blockchain startups, while Katie Haun announced $1B in new capital across her firm's funds dedicated to crypto and blockchain ventures. In deep tech, Intel participated in a $178M Series B for Quantware to industrialize quantum computing production, signaling continued institutional interest in foundational technologies. Furthermore, European founders are finding success in niche or "boring" enterprise applications; Silo founder raised €25M for a quantum computing analytics platform, and one VC is betting on the necessary, less flashy parts of AI.

Growth equity saw several major European expansion plays and strategic investments. French health unicorn Doctolib is plotting a £100M UK expansion, which includes the acquisition of London-based Medicus, while Bregal Milestone made a majority growth investment in Meteoviva, a firm providing AI-powered predictive building energy management services. Tech consulting specialists also attracted funding, as Baird closed a single-asset continuation vehicle for life sciences consultancy Blue Matter, and PAI Partners and FII acquired Mecaer Aviation Group, an Italian manufacturer of flight-critical systems.

Fund Structures & Operational Focus

The evolution of private market structures is focusing on flexibility and alignment with defined contribution plans. Updates from the US administration are accelerating the path for private markets to partner with American 401(k) capital, although the recent redemption pressures in credit evergreen funds underscore the need for careful calibration as market democratization proceeds. Structurally, the next generation of evergreen vehicles is shifting focus to asset engineering rather than solely investor type, while secondaries are becoming a key component for evergreens, currently representing an average of 13% of private wealth client portfolios, according to Hamilton Lane data.

Firms continued to bolster leadership teams to navigate deal sourcing and portfolio value creation. Amulet Capital appointed Adam Grossman as partner to focus on scaling healthcare services platforms, and RoundTable tapped Amardeep Kahlon as operating partner to accelerate value creation within portfolio companies. In the secondaries market, analysis of recent sentiment reveals key findings from the Global Market Survey, while fee terms in the continuation vehicle (CV) market are converging toward 'best practice terms' amid increased competition. Sector consolidation remains a theme, with Bain Capital, Sixth Street, and Harvest Partners backing Power Home Remodeling, where Harvest remains the largest investor.

European Hubs & Sector Consolidation

European private equity activity featured both platform build-ups and investments in emerging tech hubs. IFM Investors-backed Mobius Renewables acquired Air Liquide’s biogas production assets across the US, France, Norway, and Sweden, expanding its renewable natural gas footprint. In the specialized services space, Columna Capital is acquiring Evidenze Group, a pan-European outsourced pharma services provider, from Buenavista Equity Partners. Furthermore, analysts are tracking 20 early-stage startups in Europe's Tier 2 hubs as sources of future growth outside established centers.

In other M&A activity, Goldman Sachs-backed Xpress Wellness acquired Midwest Counseling Services to bolster its urgent care and behavioral health offerings in suburban and rural areas. In the IT services sector, Salt Creek Capital sold its largest Team Logic IT franchisee, IT Assist, to Team Logic. Meanwhile, O2 invested in Atlas Asphalt, providing capital to the second-generation-led paving company.