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A $3.25 billion sale of two industrial platforms to a London-listed buyer caps a multi-year hold for a prominent New York PE firm, with a $200M earnout tied to 2026 performance.
The biggest tech-focused PE shop is merging a 3PL freight powerhouse with a shipping software portfolio that includes Stamps.com, creating what could be the most comprehensive AI-enabled logistics platform in the market.
An optical interconnect startup just closed $500 million at a $3.75 billion valuation, with NVIDIA and AMD betting that copper is the bottleneck holding back AI infrastructure.
A healthcare services company is going private at $16.50 per share, backed by a well-known growth equity fund's latest flagship vehicle.
An $850 million single-asset continuation vehicle for a systems integration leader signals continued appetite for high-quality GP-led secondaries.
One Michigan lower middle market firm closed its fifth fund north of $670 million while a Detroit-based industrials shop quietly grew its team after hitting a $300M hard cap on Fund III.
A $320 million carve-out pulls one of the largest online family care marketplaces out of a public holding company and into PE hands.
Let's dive in.
Thoma Bravo
WWEX Group Acquisition
Thoma Bravo is buying WWEX Group, a leading 3PL provider (Worldwide Express, GlobalTranz, Unishippers), from CVC Capital Partners Fund VIII, Providence Equity, Ridgemont Equity, and PSG. Post-close, WWEX merges with Thoma Bravo portfolio company Auctane (ShipStation, Stamps.com, Metapack, Packlink).
CVC is rolling equity into a significant minority position. The combined entity will connect checkout to doorstep across parcel, LTL, truckload, and global shipping.
AccelKKR
Whip Around Investment
AccelKKR is backing Whip Around, a San Diego-based fleet maintenance and compliance software platform. CEO Noah Hickey stays on. The plan: accelerate the product roadmap, scale go-to-market, and pursue strategic M&A. AccelKKR's software playbook fits this one well.
TPG
Findhelp Investment
TPG's Rise Fund invested in Findhelp, a platform connecting individuals to essential services like food assistance, housing, and healthcare. Findhelp's network serves healthcare providers, payers, and government agencies. A natural fit for the Rise Fund's impact mandate.
Resurgens Technology Partners
Breezeway Investment
Resurgens backs Breezeway, a property care and operations platform for hospitality and short-term rentals. The investment accelerates AI-powered product development and international growth. Property operations software remains fragmented with real consolidation potential.
New State Capital Partners
Coworking Carve-out
New State acquired Vast Coworking Group, a shared workspace franchisor with 200+ locations, 2.7 million square feet, and roughly 70,000 members across three brands: Venture X, Office Evolution, and Intelligent Office. Second platform investment from Fund IV. CEO Jason Anderson stays on.
Serent Capital
Invests in Autire, AI-powered audit platform for CPA firms
Serent backs Autire, a cloud-based platform for employee benefit plan audits (401(k), 403(b), ESOP). Built by CPAs doing EBP work, the software automates workflows in a compliance-heavy niche still largely running on spreadsheets. Serent's Growth Team will support AI development and go-to-market strategy.
Kohlberg & Riveron
Strategic investment in Cuesta Partners for AI and data advisory
Riveron, the Kohlberg-backed business advisory firm, took a strategic stake in Chicago-based Cuesta Partners. Founders Tom Derhake, Riley Scott, and Chris Steiner retain significant ownership. The deal pairs Riveron's CFO-office expertise with Cuesta's AI-native capabilities, targeting middle market companies embedding data-driven automation into core finance operations.
Northlane Capital Partners
File & ServeXpress Investment
Northlane invested in File & ServeXpress, an Irving, TX-based legal technology platform connecting legal professionals, court personnel, and administrators. Legal tech infrastructure: steady, recurring-revenue, compliance-driven.
From our Sponsor:
O2 Investment Partners
$670M Fund V Close
O2 Investment Partners closed Fund V at $670 million, exceeding its target. Metric Point Capital served as exclusive placement agent, with Kirkland & Ellis as counsel. The Bloomfield Hills, MI-based firm focuses on growth-oriented lower middle market businesses in North America.
Ares Management / Leonard Green & Partners
$850M CV
An Ares Private Equity fund closed an $850 million continuation vehicle for Convergint Technologies, the global leader in service-based systems integration. Leonard Green's Sage Fund led and fully underwrote the transaction. The Sage Fund invests specifically in industry-leading assets held by other PE sponsors through single-asset CVs.
Varde Partners
$225M YouLend Facility
Varde structured a multi-year forward-flow agreement with YouLend, an embedded financing platform for e-commerce and payment companies. Varde will purchase up to $225 million in receivables. YouLend has funded more than 370,000 businesses globally and recently expanded its Atlanta headquarters.
Eldridge
$120M Scrap Management Industries Term Loan
Eldridge Diversified Credit closed a $120 million term loan with Kansas City-based Scrap Management Industries, supporting SMI's acquisition of Allmetal Recycling and its 10 Kansas locations. Post-close, SMI will operate five shredders across 19 yards.
American Securities is selling CPM Holdings and MW Components to Rosebank Industries (LON: ROSE) for $3.25 billion in enterprise value, including up to $200M in earnout tied to FY2026 targets. American Securities held CPM since 2018 and MW since 2017, scaling both through organic growth and strategic acquisitions. CPM completed eight bolt-ons during the hold.
Pacific Avenue Capital Partners is acquiring Care.com from IAC for approximately $320 million all-cash. Care.com is one of the largest online family care marketplaces with 700+ employer partnerships. Pacific Avenue specializes in middle market corporate carve-outs.
Select Medical agreed to be taken private at $16.50 per share by Stallion Intermediate, backed by WCAS XIV. The deal carries a $66.5 million company termination fee and $133 million parent termination fee. No financing condition.
Bow River Capital closed a recapitalization of HRSoft to Gryphon Investors. HRSoft grew roughly 350% under Bow River's ownership and landed numerous Global 500 clients. First major liquidity event from Bow River's SGE Fund II (2023 vintage).
Aspen Standard Wealth acquired BlueSky Wealth Advisors, a $1 billion AUM RIA in New Bern, NC. Seventh partnership since Aspen Standard launched in late 2024. BlueSky, founded in 1999, focuses on tax mitigation and legacy planning.
Verdant Partners entered a definitive agreement to acquire Native Roots' 17 cannabis dispensaries across Colorado. Native Roots has operated since 2009. Verdant was formed by experienced cannabis operators focused on acquiring regulated retail assets.
Green Courte Partners acquired a 55-acre industrial outdoor storage property in Columbus, Ohio through Fund VI. Eight contiguous parcels along Watkins Road in the supply-constrained South Columbus submarket.
Riverview Landscapes acquired Unisource Commercial Landscape, a Hudson, MA-based commercial landscaping and snow management company. This is Riverview's 11th acquisition, extending its New England footprint.
Bain & Company and StepStone Group released their 2026 Private Equity GP Outlook, projecting flat multiples and tighter fee pressure. GPs are adjusting expectations around exit timing and valuation resets as the denominator effect fades but realization rates remain sluggish.
McKinsey published its Global Private Markets Report 2026, noting that PE is navigating a more transparent but competitive environment with higher cost of capital and longer hold periods.
Speyside Equity - Kyle Cash, Marcus Badger, and Nathan Quattrochi joined as Principals. Cash comes from Erie Street Growth Partners and Glencoe Capital, Badger from Deerpath Capital and Frontenac, and Quattrochi from Industrial Opportunity Partners. The hires support deployment of Speyside's Fund III, which closed at its $300 million hard cap.
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That's the wrap. More deals coming your way tomorrow.
- Private Markets Minute Team