Last updated: September 2, 2026, 10:20 PM ET

Private Equity Briefing — July 2025

Mega-Deals and Buyouts

Private equity's appetite for large-scale transactions shows no sign of cooling. Veritas Capital has won control of Bodycote, agreeing a recommended cash acquisition valuing the London-listed engineer at approximately £1.65bn equity, or around £1.85bn including debt, outbidding rival CVC. Meanwhile, Blackstone and Apollo are among a clutch of PE firms weighing bids for Syensqo's performance and care division,a business that could fetch €3bn according to sources. In the infrastructure space, CPP Investments has completed its acquisition of at North, taking a controlling stake in the Nordic data centre developer in what sources describe as a $4bn transaction. The Canadian pension giant also joined Permirain completing the take-private of JTC,a fund administration specialist, underscoring continued institutional interest in financial infrastructure.

Energy and Infrastructure Investments

Apollo has deployed significant capital into US energy infrastructure, providing $9bn of structured equityto fund ONEOK's expansion deeper into the Permian Basin. This follows a broader trend of alternative asset managers financing large-scale energy projects through structured instruments. In Europe, Nordic energy startups continue to attract investor attention, powering aheaddespite an overall downturn in climate tech investments across the region. The resilience of energy-focused ventures highlights the strategic importance investors place on the sector, even as broader sustainability-focused fundraising faces headwinds.

Healthcareand Life Sciences

Healthcare services remain a fertile ground for PE activity. Frazier Healthcare Partnershas acquired Matrix Care,an EHR and RCM software provider,with plans to support growth through investments in product innovation and post-acute care capabilities. In the pharmacy technology space, HIG Capitalhas acquired Outcomes One,which provides clinical network services and pharmacy technology to US pharmacies,healthcare plans,pharmaceutical manufacturers and data partners. On the consumer health front, Yellow Wood Partnersagreed to acquire Nestlé's mainstream vitamins,minerals,and supplements business for $1bn,adding brands like Nature's Bounty,Osteo Bi-Flex and Gard to its portfolio.The deal,also covered by PE Hub,represents another carve-out from a large multinational seeking to streamline operations.In femtech,Spanish startup Ipremomhas raised €15m in seed funding for early detection of pregnancy complications,signaling continued venture interest in women's health technology despite broader funding challenges.

Technology and AI Investments

Artificial intelligence continues to drive outsized venture rounds. Nvidiahas backed Spanish spinout IPronics in a $125m Series B,extending its investment footprint across European deep tech. Former Apple engineers' physical AI startup Lyteraised a Maverick Silicon-led $165 million Series C at a $1.6 billion post-money valuation,building sensing and perception technology for robots. In Europe's AI landscape, Mistralhas closed a €3bn fundraise backed by Samsung,Nvidia,ASML and a Scaleup Fund,marking one of the largest AI financing rounds on the continent. Meanwhile,a former Legora and Revolut employee is betting big on legaltech,aiming to build a decacorn in the sector. A new €100m deeptech fund launched by an ex-NGP Capital investor,backed by Jungheinrich,will target opportunities across Europe and the US.

Industrial and Manufacturing Deals

Industrial carve-outsand bolt-on acquisitions remain a staple of mid-market PE activity. ACP-backed Marco Sealing Solutionshas added Global O-Ring and Seal in a bolt-on deal,with the target stocking more than 125 million O-ringsfor industrial supply chains worldwide from its 52,000-square-foot facility. Mutareshas completed the acquisition of Trepel and Mafi from NDW Maschinenbau,withthe companies supplying aircraft ground handling and heavy-duty transport equipment to customers in more than 115 countries. In the automotive aftermarket, Intera-backed Suvia Grouphas expanded to Belgium with the Auto Repair Group acquisition,adding a Heverlee-based body repair group that runs 14 workshops,employs more than 450 peopleand completes over 45,000 repairs annually,with 2026 revenue set to top €80m at a 10% EBITDA margin. Italian bakery group Valsa,backed by Aksìa,has completed its acquisition of I Maestri del Forno,a Pastorano-based producer of ambient baked goods including saltimbocca,pucce,panuozzi and pizza basesfor the retail channel.

Financial Services and Fund Administration

The fund administration sector is undergoing consolidation,with Inflexionadding a Luxembourg arm to Baker Tilly,following its minority investment in Baker Tilly Netherlands in early 2025. In trading infrastructure, Apax Digitalhas agreed to become majority shareholder in Wematch,a London-based platform managing close to $2tn of outstanding notionaland processing some $7tn in basket substitutions over the past year.The transaction underscores PE interest in capital markets technology platforms with strong network effects.

Consumer and Sports Investments

Consumer carve-outscontinue to attract significant capital. Beyond the Nestlé vitamins deal,other consumer-focused transactions highlight diverse strategies. In sports,KSE's acquisition of the LA Angels adds to a flurry of pro sports team deals,though the financial details of that transaction were not disclosed. New Mountainhas exited Lincoln Investment,having helped the firm modernize its operating platform,strengthen its leadership team,and expand its fee-based business during its holding period. Blue Sea Capitalhas completed its acquisition of Complete Pet from Align Capital Partners,which had formed the company in 2025 by merging Custom Veterinary Services and Green Mountain Animal.

Mid-Market and Add-on Activity

Mid-market PE activity remains robust across sectors. LLCPhas acquired the Colt Group from Leichtman Capital Partners,withthe target representing Leichtman Capital Partners VII’s fifth platform investment. NewSpring and Signal Covehave backed an Iris management buyout from Redion,with Iris OnWatch serving millions of consumers through enterprise clients,employers,financial institutionsand insurance providers. In cybersecurity distribution, NorthEdgehas exited Distology to Foresight Group,withthe Stockport-based distributor serving customers across the UK and Northern Europeand posting a 48% EBITDA CAGR over the two years to FY26. Pantheonhas opened its infrastructure secondaries strategy to international investors with a new evergreen fund,the Pantheon Global Infrastructure Secondaries Fund,responding to growing LP demand for liquidity solutions in infrastructure portfolios.

Fundraisingand LP Trends

Institutional investors continue to shape PE fundraising dynamics. The Florida SBAhas appointed John Bradley to head private markets investments,promoting an executive who has played an active role in discussing PE strategy with the board and pioneered the use of secondaries salesat the $219bn system. Industry observers note that evergreensare creating co-investment conflicts,while women earn significantly less carried interest than men in the UK,according to recent industry data.The IPO window,meanwhile,is closing,with 58 venture-backed companieshaving joined public listingsat $1 billion or abovein the first half of this year,leaving a small window for other startups seeking to go public before year-end.