Private Equity 24 Hours

Last updated: September 22, 2026, 10:03 PM ET

M&A Surge in Software and Industrial Assets

Platinum Equity has completed a $6.6bn sale of Urbaser to Blackstone and EQT, offloading the Madrid-based waste collection, treatment and environmental services provider in one of the largest European infrastructure exits of the year. The transaction underscores continued appetite for essential-services platforms with predictable cash flows.

Software Consolidation Accelerates

Hg has agreed a €1bn majority investment in Enter Softone, the Greek enterprise software group formed in 2025 through the merger of Entersoft and Softone. The deal marks the firm's debut in Greece and represents one of the largest software buyouts in Southeastern Europe to date.

In a related Greek move, Hg also invested in ES1, an ERP and business software provider, while Elvaston made its first Polish deal with a warehouse management systems company. Main Capital Partners separately acquired Qbees, the Ohlstadt, Germany-based managed IT and financial services provider founded in 2020.

Elvaston's Polish entry came via DataConsult, a Kraków-based warehouse software firm with more than 20 years of development history. The flurry of mid-market software deals signals continued sponsor conviction in European enterprise IT despite elevated financing costs.

Healthcare and Education Platforms Draw Capital

CPP Investments and Blackstone-backed Ascend Learning have acquired M7 Health, a scheduling platform whose AI-powered tools are used by health systems nationwide. The deal extends Ascend's push into clinical workforce software.

Tamarix Equity Partners has invested in Halal Shack, the Albany, New York-based campus foodservice platform operating four fast-casual restaurants. The investment reflects continued sponsor interest in niche foodservice concepts with expansion potential.

Insurance and Business Services Deals

Cornell Capital has acquired Hancock Claims Consultants, an Alpharetta, Georgia-based insurance claims services provider operating across 48 states with more than 1,000 employees. The deal adds a scaled, geographically diversified platform to Cornell's services portfolio.

Equipment Finance Buildout

KKR has committed $350m to launch Akrapoint Commercial Capital, a new equipment finance company. The platform play underscores sponsor appetite for asset-backed lending strategies with steady yield profiles.

Peakline Partners has acquired Kalon Capital, the Stamford, Connecticut-based mid-ticket equipment finance platform, expanding its own lending capabilities. The two moves highlight a broader push into specialty finance as traditional buyout multiples stay elevated.

Wealth Management in Play

CD&R and Warburg Pincus are in advanced talks to jointly acquire Canaccord Wealth, according to people familiar with the matter. A successful deal would mark one of the largest wealth-management take-privates in recent years and signal renewed sponsor interest in fee-based advisory assets.

AI, Cyber and Data Security Funding

Goldman Sachs Alternatives has led a $400m investment in data-security firm Cyera at a $12bn valuation. The growth-equity round cements Cyera's position among the most valuable private cybersecurity companies globally.

Cloud startup Verda has raised $189m in a round led by Emergence Capital, becoming Europe's newest AI unicorn. The raise reflects sustained investor enthusiasm for AI infrastructure plays despite broader valuation scrutiny.

Baselayer, an AI-powered startup helping financial institutions verify business identities, has raised $35M to help companies decide whether to trust AI agents. The funding highlights growing demand for identity and verification tooling as autonomous agents proliferate across enterprise workflows.

Cyber Resilience Under Pressure

A new report finds that AI-driven cyberattacks surged 56% according to IBM's 2026 analysis, with costs and concerns related to cybersecurity risk rising sharply in the wake of AI adoption. The findings underscore the growing operational and financial exposure facing portfolio companies across sectors.

Defense and Deep Tech

NIF has backed defence startup Terasi in an €11m raise, as European defense technology continues to attract sovereign and institutional capital. The investment reflects a broader re-rating of the sector amid elevated geopolitical risk.

Morphotonics has raised €40M from investors including 3M Ventures to expand its display technology into data centers. The deeptech raise signals continued appetite for hardware-adjacent innovation with data-center applications.

Energy Transition and Infrastructure

Verdane has led a major capital raise in Xpansiv, the infrastructure provider behind energy and environmental markets. A parallel report notes Verdane's capital raise for Xpansiv, which operates registries, marketplaces and data platforms for energy and environmental commodities.

Stonepeak has invested in ADE, a distributed energy platform, to fund European expansion. The infrastructure-focused firm's backing reflects continued institutional demand for renewable and distributed generation assets.

Industrial and Environmental Services

Butterfly Equity has agreed to acquire Sabert, the Sayreville, New Jersey-based global manufacturer of plastic and food packaging. The deal adds a scaled packaging platform to Butterfly's food and beverage-focused portfolio.

Bain Capital has agreed a $230m purchase of SOLitude Lake Management from Rentokil, acquiring the Virginia Beach, Virginia-based provider of lake and pond management services. The carve-out reflects continued sponsor interest in recurring-revenue environmental services.

Odyssey Investment Partners has taken a majority stake in Falcon Gases, a packaged gas distribution platform founded in late 2025. The deal signals sponsor appetite for newly-formed roll-up vehicles in fragmented industrial markets.

Granite Creek has invested in Climalock, the Warsaw, Missouri-based tank insulation maker, and named Mitch Poindexter as CEO. The investment pairs growth capital with a leadership reset.

Medical Devices and Broadband

Argosy-backed Command Medical has acquired IMATS, adding a Costa Rica manufacturing site and extending its capabilities across the medical device supply chain. The deal reflects continued nearshoring momentum in medtech.

Fvlcrum-backed FBR Solutions has acquired Southeastern Cable, the Southport, North Carolina-based broadband builder founded in 2008. The deal positions FBR to capture rising infrastructure spending on fiber deployment.

Continuation Funds and Co-Investment

Certares and New 2ND Capital have closed a continuation fund for Guardian Alarm, the Southfield, Michigan-based security, fire and automation solutions provider. The transaction extends the hold period for a stabilized asset while returning capital to existing LPs.

Schroders Capital has closed its fourth flagship co-investment fund at $1.3bn, capping a record year for the firm's global direct co-investment strategy. The close underscores LP demand for lower-fee co-investment exposure.

AI and Growth Equity Strategy

Mistral has acquired Pimento in a €12.7m cash-and-shares deal, according to filings, as the French AI champion bolsters its adtech capabilities. The tuck-in reflects a broader trend of AI leaders acquiring specialized application-layer assets.

Lone View Capital has backed HappyCo, whose AI-driven Joy AI system helps property teams manage maintenance and asset operations. The investment reflects continued sponsor interest in vertical AI software for real estate.

As growth and buyout strategies become harder to distinguish, a more pressing need for control and operational value creation is blurring the lines between the two approaches. The convergence is reshaping how sponsors underwrite and structure mid-market deals.

Venture and Talent Moves

a16z is launching a school for promising high school graduates, positioning the academy somewhere between a trade school and a traditional program in a bid to challenge Silicon Valley's drop-out culture. Separately, the firm wants to back more European startups but will not reopen a European office anytime soon.

N8n's chief executive has set a goal of reaching 1bn users with fewer than 1,000 employees, a striking efficiency target for the workflow automation company.

GFC and Firstminute have backed Benford, a startup founded by Palantir and Goldman Sachs alumni, in a $5m raise aimed at taking on the Big Four audit incumbents.

Grafine Partners has tapped Suzanne Flannery as managing director; she most recently served as managing director and head of product marketing at her prior firm. The hire reflects continued buildout of senior talent across mid-market sponsors.

New Platforms and Fundraising

Haelan Capital Partners has launched today as a new healthcare-focused shop, joining a wave of specialist first-time funds targeting sector-specific opportunities alongside KKR's Akrapoint launch and fresh PE bets on rail services.

Industry Outlook and Exit Strategy

In the latest Side Letter, Blackstone's Schwarzman touted the US AI opportunity while ADIA made notable allocations. The commentary reflects how large allocators are positioning for AI-driven productivity gains across portfolios.

A defense tech veteran has warned of "tourists and FOMO" as software VCs chase SpaceX alumni, according to an interview with Van Espahbodi, general partner at Generation Space. The caution underscores growing concern about late entrants crowding into defense technology.

In the latest Exit Playbook podcast, exit scenarios are framed as a core part of due diligence, with sponsors urged to build the investment thesis around exit routes from day one. The approach reflects a market where liquidity planning has become as important as entry pricing.

Conference and Community

Tech Crunch Disrupt 2026 has reopened its exhibitor program for one more week, offering startups a final chance to book exhibit tables. With four days left, attendees can save up to $200 on passes plus 50% off a second pass.