Private Equity 3 Hours

Last updated: March 31, 2026, 8:30 AM ET

Private Equity Deal Flow & Exits

Leonard Green & Co. is preparing a massive exit, reportedly looking to sell its portfolio company Jetro Restaurant Depot to Sysco for an agreed price of $29.1 billion, which would rank among the largest take-private deals this year; Jetro currently operates 166 warehouse stores serving over 725,000 independent foodservice operators across 35 states. Meanwhile, exit planning continues for the elevator giant TK Elevator, as sponsors Advent and Cinven are exploring either an Initial Public Offering or a full sale amid persistent speculation regarding a potential takeover by Kone. In other primary market activity, Wynnchurch-backed Archer is executing a carve-out acquisition of Sterno’s food service business, a Texarkana, Texas-based provider of portable food-warming solutions.

Sector Investments & Infrastructure Focus

Firms continue deployment into specialized sectors, with Greenbelt making an investment into American Wire Group to fuel its expansion, while TA Associates has targeted software, injecting capital into the firm iBase-t to support global scaling and product innovation. In the climate and consumer space, Ambienta invested in Bridge, a producer of dairy alternatives including plant-based drinks and yogurts, indicating sustained interest in sustainable food technology. Elsewhere, Inflexion has agreed to acquire Marioff, a specialist in high-pressure water mist fire suppression systems and related services, signaling appetite for mission-critical industrial safety assets.

Credit, Governance Shifts, and Geopolitical Headwinds

Large-scale credit vehicles are mobilizing liquidity, highlighted by Ares leading a $1.7 billion continuation vehicle for Antares to unlock capital within its private credit portfolio. Governance adjustments are also underway, as Advent has secured an 8% to 10% stake in cosmetics group Natura as part of a board overhaul. On the infrastructure front, the Blackstone-backed Mundys is actively increasing its holding in Getlink, moving closer to a 30% ownership threshold in the channel tunnel operator. Fund managers, however, are navigating complications, with reports indicating that private funds are experiencing rising risks tied to international sanctions, which is concurrently forcing changes in allocation behavior due to a prolonged distribution drought.