Private Equity 8 Hours

Last updated: May 5, 2026, 2:30 PM ET

Private Equity Exits & Sales Activity

The secondary market appears active, evidenced by Copley Equity Partners testing the market for its civil and structural engineering firm, LJB, with sources suggesting bids could value the company at 12x-14x EBITDA. In a separate portfolio realization, KKR and XPV Water Partners are divesting their joint venture, Axius Water, which was formed in 2019 to consolidate nutrient management companies, selling the platform to CRH. In major tech divestitures, THL Partners plans to sell its portfolio company AMI to Lattice Semiconductor for $1.65bn, with the transaction targeted for closure in the third quarter of 2026, while Siris Capital is preparing to sell its global transfer agent and shareholder services platform, Equiniti, to Bullish for a substantial $4.2bn following its 2021 integration with AST Siris Capital is preparing to sell.

Middle Market Acquisitions & Platform Building

Platform consolidation remains a dominant theme across various sectors, with several PE-backed firms executing strategic add-on acquisitions. In healthcare services, MBF Healthcare-backed Arete Health is expanding its outpatient physical therapy footprint by acquiring Virginia Rehabilitation & Wellness and Summerville Physical Therapy & Balance for Adults. Simultaneously, Sterling Group-backed HLSG is broadening its service offering in outsourced linen laundry and management for healthcare institutions via the purchase of Texas Textile Services. Waste and environmental services saw movement as Allied Industrial-backed Liberty Waste Solutions picked up Randolph County Garbage Services to bolster its North Carolina operations, a strategy mirrored by Miller Environmental Group, backed by Coalesce Capital, acquiring Central Ohio Oil for environmental services expansion. Elsewhere, Align Capital-backed Armko snapped up engineering consulting firm Kuhn & Associates, and Boyne launched a commercial cleaning platform by investing in H&B Facility Services.

Dealmaking in Technology & Services

Deal flow in specialized services and technology continues apace, including a significant exit in the IT management space where Salt Creek Capital sold its largest franchisee, IT Assist, which specializes in managed IT and cybersecurity for SMBs, to Team Logic. In fund administration, Cinven-backed Alter Domus is acquiring MSC Group, a provider of trustee and fund administration services, to scale its European operations. On the advisory front, William Blair is set to acquire Inner Circle Sports, which will operate under its existing name for a transition period post-closing. Furthermore, Platinum Equity closed the purchase of electric heating firm Infratech from founders Sam Longo Jr. and CEO John Mazzotta.

Venture Capital Backing & High-Value Rounds

Venture investment remains highly concentrated in enterprise software and AI, though deal-making sentiment in secondaries is being analyzed for potential shifts reading the signals in secondaries sentiment. Blitzy, an autonomous software development startup, secured $200M in a funding round that established a $1.4bn post-money valuation, following a trend where large rounds inflated April's global funding to $56bn, the third-highest monthly total in a year Billion-Dollar AI Rounds Push April To Third-Highest Startup Funding Month In A Year. Voice AI firm ElevenLabs attracted new capital from investors including BlackRock and Jamie Foxx, announcing it has reached $500M in annualized recurring revenue. In deep tech, Intel participated in a $178M Series B round for quantum startup Quantware to accelerate industrial-scale production, while Columna Capital agreed to acquire Evidenze Group, a pan-European outsourced pharma services platform, from Buenavista Equity Partners.