Private Equity 3 Days

Last updated: July 13, 2026, 11:30 PM ET

Buyouts and Exits Continue Amid Sector Consolidation

CAI Capital exited its HVAC provider Custom Air to Service Logic Holdings Canada, concluding an eight-year holding period marked by five add-on acquisitions that expanded the company's reach and services. In a similar move within the industrial sector, Wynnchurch Capital sold its flow control specialist Flo Works to Ferguson for $1.6 billion, a deal valued at 10 times last twelve months adjusted EBITDA, including anticipated synergies of approximately $45 million. Elsewhere, AE Industrial bolstered its specialty materials platform with the acquisition of powder spray producer Powder Alloy. Atlas Holdings-backed Stryten Energy expanded its battery manufacturing footprint by acquiring KPS-backed C&D Trojan Battery, bringing its total to 15 facilities across the U.S. with 3,700 employees. Mill Point completed its acquisition of Total Safety Supplies & Solutions from a Littlejohn & Co. portfolio company, while Broadwing-backed Lehr expanded into the Southeast by acquiring emergency vehicle upfitting assets from Pro Logic ITS, marking its tenth add-on acquisition.

Healthcare and Veterinary Sector Sees Increased PE Activity

Warburg Pincus-backed Bond Vet merged with Small Door Veterinary, creating an entity that will manage over 55 clinics across the Northeast, Mid-Atlantic, and Midwest, with plans for further expansion. HIG Capital's OB Streem acquired Med Frigo in Greece, leveraging the latter's cold-chain facilities and refrigerated fleet to transport fresh fish exports across Europe for major aquaculture producers.

Secondaries Market and GP Financing Draw Attention

The secondaries market is experiencing a notable surge, with hiring a managing director from PJT for its secondaries advisory services, signaling a trend of talent movement. Similarly, Moelis & is building out its LP-led secondaries business by bringing on a team from Evercore, including a vice president who will step into a managing director role. Discussions among LGT Capital Partners, Dawson Partners, and Pomona Capital highlight how current market conditions are prompting more sellers to enter the secondaries arena. In a significant debut, Arctos Capital announced a $6.2 billion GP financing offering, with its Keystone strategy expected to maintain relevance through various fundraising cycles.

Technology and AI Investments Highlight Growth Opportunities

Nous Research, a maker of Hermes agents, is reportedly in talks to raise at least $75 million in new funding at a valuation of $1.5 billion, with Robot Ventures leading the round and significant participation from USV and other investors. In the artificial intelligence space, Helsing raised $1.8 billion with backing from Goldman Sachs and Lightspeed. Anthropic has recruited Monzo cofounder Tom Blomfield to its AI compute team. Sapphire Ventures partner Anders Ranum discussed the challenges institutional capital faces in navigating the valuation gap between public and private AI companies.

European Markets Focus on Infrastructure and Defense

Nordic Capital sees significant attractiveness in the water treatment sector, citing substantial investment requirements for water and wastewater infrastructure and constraints in skilled labor and specialized equipment. This theme is echoed by the observation that Europe's entrepreneurs are actively seeking capital, though the pace of market pull remains a question. Bridgepoint has agreed to acquire a majority stake in Danish defense company UMag, a founder-led business spun out of the Technical University of Denmark. Additionally, Ardian is set to take a majority stake in German battery-tech firm Munich Electrification, with plans to use fresh capital for expansion. Meanwhile, Nscale's £2 billion UK data center project is facing delays due to grid issues.

UK Policy and Investor Intentions Shape Market Landscape

One year after the Mansion House Accord, the UK pension schemes' shift towards private markets is supported by policy and infrastructure, though the speed of this transition will be influenced by fee structures and the availability of growth capital. Goldman Sachs notes that AI is complicating underwriting processes, and Moldova's incoming prime minister is reportedly a private equity enthusiast. In Asia, KBIZ is seeking domestic blind-pool PE/VC funds for 2026, aiming to commit 300 billion won. Sixth Street is exploring Asian sports deals as part of its regional expansion efforts, having already investigated opportunities in Japan and India.