Private Equity 3 Days

Last updated: June 16, 2026, 5:34 AM ET

Major Exits and Take-Private Transactions

European private equity firms completed several notable exits this week, with Altor, Strawberry and TDR Capital selling Nordic Leisure Travel Group for $846 million in a deal that values the operator of Ving, Spies and Tjäreborg brands along with 26 concept hotels across Spain and Greece. The transaction comes as Morgan Stanley finalized its exit from Brazos Delaware II at a $1.6 billion valuation, representing an 8x EBITDA multiple based on projected 2027 earnings. Meanwhile, H.I.G. Capital divested Celerion, a clinical pharmacology contract research organization, to THL Partners for $1.8 billion, and Aurelius exited protection relay manufacturer SEG Electronics to Arteche Group. Adding to the deal flow, Sycamore Partners saw Sigma Healthcare withdraw from the auction process for UK pharmacy chain Boots, narrowing the field of potential buyers for the iconic retailer.

Healthcare Sector Investment Surge

Private equity appetite for healthcare assets intensified as Abry Partners closed an oversubscribed $780 million continuation vehicle for Centauri Health Solutions, allowing the Boston-based firm to retain one of its strongest portfolio companies amid ongoing sector transformation. The healthcare focus was reinforced by Prime Radiant Partners, which made its inaugural investment with a $50 million growth equity commitment to Cellares, a life sciences company. These moves align with PE Hub's latest Sector Spotlight examining how investors are navigating tech disruption and reimbursement changes, featuring insights from major players including Arlington, Bain Capital and EQT. The sector analysis highlights opportunities in workflow automation and outcome-based care delivery models.

Technology and Saa S Evolution

The technology landscape continues shifting as private equity adapts to AI-driven changes. Advent International-backed Nuvei acquired Payoneer in a $2.75 billion take-private transaction, combining the New York-based financial services platform with its Canadian payments peer. This follows broader market dynamics showing U.S. companies capturing nearly 80% of global seed-through-growth AI financing in 2026, marking a sharp divergence from pre-boom years when European startups held a larger share. Orbio announced a $21 million Series A led by Dawn Capital to automate hiring and onboarding for frontline workers, while Crunchbase analysis notes that Saa S founders must now prioritize measurable business outcomes over pure software delivery. European tech's resilience was underscored by ASML CEO comments about pursuing more Mistral-style startup investments beyond its traditional semiconductor focus.

Defence Technology and Security Investments

Defence technology emerged as a significant theme as BAE Systems committed €50 million across venture capital funds Lakestar and Expeditions, reflecting the UK prime contractor's strategic push into emerging technologies. This follows broader European discussions about building self-reliant defence tech ecosystems, particularly as the continent grapples with questions about rolling out military AI at startup speed. Otro Capital entered the education technology space through an investment in University of Utah's Crimson Brand Partners, which will manage commercial operations across Utah Athletics and broader university functions. The defence theme gained additional attention as Elliott Investment Management built a near-5% stake in Bunzl, pressing the distribution company to consider buybacks and evaluate its structural breakup potential.

Credit and Financing Activities

Private credit markets showed significant activity as Apollo and Blackstone closed a $35 billion private credit facility to fund Anthropic's AI chip development, representing one of the largest dedicated AI infrastructure financings to date. Blackstone's Ancestry subsidiary is weighing a $2.25 billion loan to refinance existing debt, with Bank of America leading the syndication effort. In European credit markets, Blue Owl led Veld Capital's €355 million credit commitment vehicle, which includes follow-on capital to capitalize on existing pipeline opportunities. Adding to the fundraising momentum, Argosy doubled its fund size after raising $145 million for its small-deal-focused secondaries strategy, targeting check sizes between $100,000 and $10 million.

Operational Investments and Portfolio Additions

Several firms made platform and bolt-on acquisitions across diverse sectors. Cathay Capital acquired a majority stake in Equadis, a product data Saa S firm serving over 600 customers including Procter & Gamble, Unilever and Nestlé. LDC invested in Fortus, an accountancy business with a 115-strong team specializing in audit, tax and advisory services. Littlejohn-backed Ardurra acquired Kelly Engineers, building on its recent Northeast expansion. In the fitness sector, L Catterton entered exclusive talks for a stake in Hyrox, the extreme fitness brand backed by LVMH, while Inflexion made a majority investment in Ranger Fire and Security alongside substantial re-investment from Hyperion Equity Partners.

Corporate Governance and Activism

Activist pressure mounted as Elliott Investment Management accumulated nearly a 5% stake in Bunzl, urging the company to launch substantial buybacks and conduct a strategic review that could include asset separation. The activist move reflects broader market dynamics where institutional investors are pushing portfolio companies to optimize capital allocation amid rising interest rates and changing market conditions. Meanwhile, Birkenstock, controlled by L Catterton, prepared its first bond sale in more than five years with a €900 million issuance to fund shareholder buybacks, signaling confidence in the German footwear maker's cash generation capabilities.

People Moves and Fund Developments

Executive transitions marked the week as Urs Wietlisbach, one of Partners Group's three billionaire founders, carved out a separate unit within his family office in a succession planning move. On the institutional side, CalPERS' new alternatives head took charge of the $250 billion portfolio, overseeing one of the largest public pension fund allocations to private markets. The transition comes amid broader industry discussions about alignment between limited partners and general partners, particularly around evergreen fund structures and secondary market pricing for Saa S assets.