Private Equity 3 Days

Last updated: May 6, 2026, 11:30 AM ET

Dealmaking Activity & Sector Focus

Private equity firms continued an active pace of acquisitions across diverse sectors, with infrastructure, healthcare services, and industrial technology seeing substantial movement. Ansor-backed Complii is moving to acquire Classic Lifts Scotland, a provider of planned maintenance and modernization services, signaling continued investment in essential building services maintenance. In the industrial space, Investindustrial is forming an Italian mechatronics hub by combining acquisitions including TSM Sensors, High Tech Products, and Almec into the new TACH Systems Group. Healthcare saw several platform expansions, including Goldman Sachs-backed Xpress Wellness acquiring Midwest Counseling Services to bolster its behavioral health offerings across rural and suburban markets, while MBF Healthcare-backed Arete Health acquired two physical therapy clinics to scale its outpatient platform in Florida.

Further consolidation occurred in essential services and engineering consulting. PE-backed Pye-Barker snapped up a security and fire alarm firm to enhance its fire protection capabilities, while on the engineering front, Align Capital-backed Armko purchased Kuhn & Associates, an engineering consulting firm. Meanwhile, in facility services, Boyne invested in H&B Facility Services to launch a new commercial cleaning platform. Separately, Sterling Group-backed HLSG acquired Texas Textile Services, focusing on outsourced linen laundry for healthcare institutions, indicating a sustained appetite for outsourced business services.

Exits, Sales, and Valuation Metrics

Several portfolio companies moved toward exit or recapitalization, demonstrating active management of asset lifecycles. Sentinel is preparing to sell its manufacturer NSI Industries, which serves industrial and infrastructure end markets, for an expected $3bn price tag. In technology divestitures, THL Partners plans to sell AMI to Lattice Semiconductor for $1.65bn, with the transaction anticipated to close in the third quarter of 2026. In contrast, SK Capital completed the sale of Noramco, Extractas Biosciences, and Purisys to Siegfried Holding, though it retained ownership of Halo Pharmaceuticals. For middle-market sales, Copley Equity Partners is testing the market for its civil and structural engineering firm LJB, with sources suggesting bids could value the company at 12x-14x EBITDA, a premium valuation multiple.

Secondaries and LP Market Dynamics

The secondaries market is experiencing evolving dynamics characterized by greater focus on deal quality and the expansion of private market access to new investor classes. Baird Capital successfully closed a single-asset continuation vehicle (CV) for its life sciences consulting business, Blue Matter Consulting, which Ares led the financing on, suggesting such structures are being utilized for sound strategic reasons. Industry observers note that as the industry rushes to extend private markets access to new investors, there is a risk of prioritizing product volume over genuine portfolio enhancement, according to Harbour Vest Partners' CEO. Furthermore, analysis of secondaries sentiment suggests that fee terms are converging toward 'best practice terms' amid increased market competition, while secondaries currently account for an average of 13% of private wealth client portfolios based on a Hamilton Lane report analyzed in a podcast.

AI Integration and Technology Investing

Artificial intelligence continues to reshape investment theses across venture capital and private equity, particularly concerning software and deep technology. Leading PE firms like Clearlake, Thoma Bravo, and TPG discussed their strategies for navigating AI disruption at a recent industry event. Thoma Bravo emphasized that success in software investing amid AI shifts will rely on firms possessing 'deep domain expertise' and franchises highly trusted by enterprise customers as they evaluate software targets. In venture, AI is impacting early-stage team evaluation, where technical skills are becoming less of a differentiator as tools enable broader capability, shifting focus toward other team attributes as noted by one accelerator director. Separately, voice AI firm ElevenLabs announced that BlackRock and Jamie Foxx joined as new investors while reporting $500M in annual recurring revenue, underscoring the commercial momentum in generative AI applications.

Personnel Moves and Firm Strategy

Firms are making key appointments to bolster investment sourcing and operational execution capabilities. Tortuga Growth Partners tapped Michael O’Neil as an operating partner, who concurrently serves as vice chair at GW Rhythm X, an AI-first healthcare company. At RoundTable, Amardeep Kahlon was named operating partner to accelerate value creation across portfolio companies. In leadership promotions, AnaCap elevated Alberto Sainaghi to partner after his tenure as managing director. Meanwhile, Amulet Capital appointed Adam Grossman as partner, tasking him with sourcing and scaling healthcare services platforms. On the investor relations side, Aqualis Partners appointed Dan Santopietro as CFO, bringing him from CVC Secondary Partners.

Corporate Development & Transactions in Focus

The M&A environment remains active, though dealmakers face volatility that can cause hesitation, as noted in recent market commentary addressing deal execution challenges. In the build-up to specialized tech conferences, M&A is being framed as an early-stage strategy, with leaders from Coinbase and M13 scheduled to discuss the topic at Tech Crunch Disrupt 2026, where promotional offers are currently running for event passes with a 50% discount on a second ticket. In specific transactions, Cinven is investing in Ongoing Warehouse, a Swedish provider of cloud-native warehouse management systems, and concurrently Cinven-backed Alter Domus will acquire fund administration services provider MSC Group. In the energy transition space, IFM Investors-backed Mobius Renewables acquired biogas production activities from Air Liquide across multiple countries, expanding its renewable natural gas footprint.