Tracked deals
107
107 tracked deals across 2026.
Recapitalizations in 2026
Buyer mix
PE-led
145 pe · 14 strategic
Top trend
Volume peaked in 2021
264 tracked deals announced in 2021.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Main Street Capital Corporation | 4 | Lower-middle-market principal investment firm providing c... | PE |
| Carlyle AlpInvest | 3 | Global private equity investor and secondary/portfolio fi... | PE |
| Hamilton Lane | 3 | Global investment manager providing private market capita... | PE |
| Antares Capital | 2 | Private credit manager and alternative asset manager focu... | PE |
| Apogem Capital | 2 | Investment firm/private markets investor co-leading a con... | PE |
| Apollo S3 | 2 | Apollo-managed private markets/alternative investment str... | PE |
| Ares Management | 2 | Global alternative asset manager with private equity fund... | PE |
| Blackstone | 2 | Global alternative asset manager focused on private equit... | PE |
| Coller Capital | 2 | Specialist investor in the secondary market for private a... | Investor |
| Frontenac | 2 | Lower middle-market private equity firm focused on buyout... | PE |
Acquisition Volume in Recapitalizations in 2026 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
- Buyer
- Behrman Capital CV II L.P., Behrman Capital VII L.P., Coller Capital, Northleaf Capital Partners, Siguler Guff
- Target
- Shur-Co, LLC (Shurco)
- Seller
- Behrman Capital VI L.P. (Behrman VI), other investors (unspecified), Shurco management (rolled proceeds into the continuation vehicle)
- Industry
- Transportation
- Location
- United States
- Type
- Recapitalization
Behrman Capital closed Behrman Capital CV II L.P., a new single-asset continuation vehicle of approximately $250 million tied to the sale/continuation of its portfolio company Shur-Co, LLC (Shurco). The continuation vehicle, managed by Behrman and anchored by Coller Capital, is supported by new/returning limited partners, while Behrman Capital VII also completed a significant investment in Shurco alongside the vehicle.
-
- Buyer
- AB Electrolux
- Target
- AB Electrolux
- Industry
- Consumer Products
- Location
- Sweden
- Type
- Recapitalization
AB Electrolux carried out a rights issue of Class A and Class B shares, resulting in a substantial increase in the total number of shares and votes. Additionally, during June 2026, 797,821 Class A shares were converted into the same number of Class B shares, decreasing total votes by 718,038.9.
-
June 19, 2026
- Buyer
- Blackstone, Apollo, FS KKR Capital Corp., Investor group led by Blackstone, Apollo and FS KKR Capital Corp.
- Target
- Medallia
- Seller
- Thoma Bravo
- Industry
- AI & Machine Learning
- Location
- Virginia, United States
- Type
- Recapitalization
Medallia entered into a recapitalization agreement with its lenders to strengthen its financial foundation, including a planned reduction in outstanding debt and $150 million of new capital. Upon completion, ownership will transition from Thoma Bravo to an investor group led by Blackstone, Apollo, and FS KKR, with closing expected before year-end subject to customary conditions and regulatory approvals.
-
June 16, 2026
- Buyer
- Bertram Capital, Bluebird's founders
- Target
- The Bluebird Group
- Seller
- H.I.G. Capital
- Industry
- Data & Analytics
- Location
- Minnesota, United States
- Type
- Recapitalization
H.I.G. Capital sold its minority stake in The Bluebird Group as part of a recapitalization of the omnichannel commerce services company by Bluebird’s founders and Bertram Capital. Financial terms were not disclosed. Bluebird is headquartered in Minneapolis and provides data and analytics-driven commerce solutions across retail media, social commerce, marketplaces, creative, and related services.
-
June 16, 2026
- Buyer
- Alberto Zenato
- Target
- Zenato Azienda Vitivinicola S.r.l.
- Seller
- Nadia Zenato
- Industry
- Food & Beverage
- Location
- Italy
- Type
- Recapitalization
Nadia Zenato transferred part of her stake in Zenato Azienda Vitivinicola S.r.l. to her brother Alberto, who will become the majority shareholder of the family-owned winery. Nadia will complete the remaining steps of the transition while retaining a minority stake.
-
- Buyer
- Raven Capital, Hudson Cove Capital Management
- Target
- Elevate
- Industry
- Financial Services
- Location
- California, United States
- Type
- Recapitalization
Raven Capital arranged a $655 million refinancing for Elevate Credit, a tech-enabled online credit provider focused on underserved consumers in the United States. The refinancing, supported by Hudson Cove Capital Management, extends Raven’s long-standing partnership and provides Elevate with capital for platform investment and disciplined growth.
-
- Buyer
- Greystar Infrastructure, StepStone Group, M|C Partners, Other global institutional capital partners
- Target
- Zentro Internet
- Industry
- Telecommunications
- Location
- United States
- Type
- Recapitalization
Greystar Infrastructure announced an equity recapitalization of Zentro Internet, the largest private multifamily-focused internet service provider in the United States. The investment, with participation from StepStone Group and other institutional partners, is intended to strengthen Zentro’s balance sheet and fund accelerated national and geographic expansion while maintaining Zentro’s local service quality. M|C Partners will maintain a strategic position in Zentro’s ownership.
-
June 8, 2026
- Buyer
- Benford Capital Partners
- Target
- CGRS, Inc.
- Seller
- Eric Hick (Founder and CEO)
- Industry
- Environmental Services
- Location
- Colorado, United States
- Type
- Recapitalization
Benford Capital Partners recapitalized CGRS, Inc. as a platform to expand in new geographies and pursue add-on acquisitions of complementary environmental compliance and monitoring businesses. The deal was completed in partnership with Founder and CEO Eric Hick; financial terms were not disclosed.
-
June 3, 2026
- Buyer
- Sheridan Capital Partners
- Target
- Tres Health
- Seller
- Michael Feeney, Ari Rostowsky, David Morris
- Industry
- Healthcare Services
- Location
- Florida, United States
- Type
- Recapitalization
Sheridan Capital Partners has completed a majority recapitalization of Tres Health, a health insurance services provider focused on the self-insured space. The founders sold their stake while continuing to lead the company as senior management, and financial terms were not disclosed.
-
June 2, 2026
- Buyer
- HPS Investment Partners, Capital One
- Target
- Discovery Behavioral Health
- Seller
- Webster Equity Partners
- Industry
- Healthcare Services
- Location
- California, United States
- Type
- Recapitalization
Discovery Behavioral Health (DBH) entered a major restructuring after defaulting on roughly $280 million of debt, following a dispute over its debt-to-earnings calculations. Lenders led by HPS Investment Partners and Capital One seized control, ousting the board and CEO and effectively converting debt into ownership, with a new CEO (Pete Clarke) introduced in the subsequent announcement.
-
June 2, 2026
- Buyer
- Oaktree Capital Management, Mohari Hospitality, GIC
- Target
- The Ritz-Carlton Yacht Collection
- Industry
- Transportation
- Location
- United States
- Type
- Recapitalization
The Ritz-Carlton Yacht Collection is reported to be receiving a $275 million equity investment from existing shareholders Oaktree Capital Management (55% stake), Mohari Hospitality (30% stake), and Singapore sovereign wealth fund GIC (15% stake). The transaction also includes $470 million in loan repayment deferments, including with France’s Crédit Agricole and Spain’s CaixaBank-led lenders.
-
June 2, 2026
- Buyer
- Saothair Capital Partners, LLC, Capital Southwest Corporation (NASDAQ: CSWC)
- Target
- Air Products & Controls Inc. (APC)
- Industry
- Industrial Services
- Location
- Michigan, United States
- Type
- Recapitalization
Saothair Capital Partners announced the successful recapitalization of its portfolio company, Air Products & Controls Inc. (APC). The new financing was provided by Capital Southwest Corporation, refinancing the company’s existing debt and supporting its continued operations.
-
June 1, 2026
- Buyer
- KMF Investments
- Target
- Lineus Medical
- Industry
- Medical Devices
- Location
- Arkansas, United States
- Type
- Recapitalization
Lineus Medical, developer of the SafeBreak Vascular breakaway IV device, completed a strategic recapitalization with KMF Investments. The transaction, finalized at the start of 2026, establishes KMF as a stable financial backer and provides resources to accelerate SafeBreak Vascular adoption and growth in the United States.
-
May 28, 2026
- Buyer
- Periscope Equity
- Target
- Amusement Connect
- Industry
- Payments & Fintech
- Location
- Missouri, United States
- Type
- Recapitalization
Periscope Equity has made a strategic investment in Amusement Connect, a cashless specialty payments platform purpose-built for the amusement industry. The recapitalization is intended to accelerate product innovation, expand sales and marketing efforts, and support international market growth.
-
- Buyer
- Speyside Equity, Elliott Investment Management
- Target
- Opta Group
- Industry
- Industrial Services
- Location
- New York, United States
- Type
- Recapitalization
Speyside Equity completed a continuation vehicle transaction with Opta Group, keeping the core metallurgical solutions business while restructuring parts of the platform. The move enabled Speyside to pursue further transformation and EBITDA growth for Opta.
-
- Buyer
- Littlejohn & Co., Carlyle AlpInvest
- Target
- Valcourt Group
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Littlejohn & Co. announced the successful closing of a continuation vehicle anchored by Valcourt Group, a provider of building envelope maintenance and restoration services for mid- and high-rise properties. The transaction provides optional liquidity to existing investors and enables Littlejohn to reinvest for Valcourt’s next phase of organic and inorganic growth, with Carlyle AlpInvest serving as lead investor. Financial terms were not disclosed.
-
- Buyer
- Goldentree Asset Management
- Target
- Quorum Health
- Seller
- Community Health Systems
- Industry
- Healthcare Services
- Location
- Tennessee, United States
- Type
- Recapitalization
Goldentree Asset Management became the majority owner of Quorum Health in 2024 as the hospital chain emerged from bankruptcy. Quorum announced plans to shift from a private-equity-backed for-profit structure to a nonprofit model managed by QKA Health Corporation (doing business as Healthside Partners), subject to regulatory approval and expected to be finalized in Fall 2026.
-
- Buyer
- Paceline Equity Partners, LLC
- Target
- Diverzify
- Industry
- Industrial Services
- Location
- Georgia, United States
- Type
- Recapitalization
Diverzify announced it completed a $240 million recapitalization and strategic investment led by affiliates of Paceline Equity Partners. The new capital is intended to expand Diverzify’s specialized commercial flooring and facility services capabilities, improve operational consistency across its national network, and support growth through organic initiatives and M&A.
-
- Buyer
- Byline Sponsor Finance (division of Byline Bank), Midwest Mezzanine Funds, North Branch Capital
- Target
- Diversified Fall Protection, LLC
- Industry
- Industrial Services
- Location
- Ohio, United States
- Type
- Recapitalization
Byline Sponsor Finance (a division of Byline Bank) provided financing to Diversified Fall Protection, LLC, North Branch Capital’s existing portfolio company, to support a recapitalization/refinance. Midwest Mezzanine Funds also provided subordinated debt for the transaction.
-
- Buyer
- H.I.G. Bayside Capital Europe
- Target
- Lifeways Group
- Industry
- Healthcare Services
- Location
- United Kingdom
- Type
- Recapitalization
H.I.G. Bayside Capital Europe provided a £90m unitranche term loan to refinance Lifeways Group’s existing debt. The five-year facility supports Lifeways’ continued growth strategy in high-acuity support services across the United Kingdom.
-
- Buyer
- Vi
- Target
- Vi
- Seller
- General Atlantic, Revelstoke, 1902 Capital (managed by The Pritzker Organization), Square Peg, Savano Capital, Island Green, others
- Industry
- AI & Machine Learning
- Location
- United States
- Type
- Recapitalization
Vi, an enterprise AI platform for healthcare, life sciences, and wellness, announced a new suite of vertically specialized AI agents. In parallel, the company completed a $145 million transaction valuing Vi at $1.64 billion, combining secondary and primary capital to support talent retention and product/platform investment.
-
May 15, 2026
- Buyer
- Hyperscale Data, Inc.
- Target
- Hyperscale Data, Inc. (Class A Common Stock)
- Industry
- Data & Analytics
- Location
- Nevada, United States
- Type
- Recapitalization
Hyperscale Data, Inc. (NYSE American: GPUS) announced its intention to commence a tender offer to purchase up to $5,000,000 of its outstanding Class A common stock at $0.21 per share. The company plans to fund the repurchase using existing cash on hand and expects to launch the offer after filing its Q1 2026 Form 10-Q, subject to board and regulatory approvals and customary closing conditions.
-
May 13, 2026
- Buyer
- Oak Hill Capital, New Mountain Capital, HarbourVest Partners, SkyKnight Capital, The Stephens Group
- Target
- IMA Financial Group, Inc.
- Seller
- SkyKnight Capital, The Stephens Group
- Industry
- Insurance
- Location
- Colorado, United States
- Type
- Recapitalization
IMA Financial Group, Inc., a North American insurance brokerage, completed an equity recapitalization valued at about $4 billion. Oak Hill Capital and New Mountain Capital took minority stakes, with HarbourVest Partners and select institutional co-investors participating, while IMA’s 3,000+ employees retained majority ownership.
-
- Buyer
- Everlert, Inc. (now operating as American Gold & Copper Inc.), Earth Sciences Fund I LLC
- Target
- American Copper & Gold Inc., South American Copper Ltd., Minerasac S.A. S.R.L., Ascensión de Guarayos gold, copper and silver project
- Industry
- Energy
- Location
- Texas, United States
- Type
- Recapitalization
Everlert, Inc. (now operating as American Gold & Copper Inc.) announced the closing of its previously announced reverse merger effective May 12, 2026. The transaction transferred voting control to Earth Sciences Fund I LLC and resulted in the company acquiring 100% of American Copper & Gold Inc., including its wholly owned subsidiaries that hold the Ascensión de Guarayos gold, copper and silver project in Bolivia.
-
May 12, 2026
- Buyer
- CD&R
- Target
- Multi-Color Corporation
- Industry
- Packaging
- Location
- Georgia, United States
- Type
- Recapitalization
Multi-Color Corporation (MCC) has successfully completed a comprehensive financial restructuring and emerged from its prepackaged Chapter 11 process. The company’s restructuring reduced net debt by about $3.8 billion and included an $889 million new equity investment from CD&R and a group of MCC’s existing secured lenders, with CD&R retaining majority ownership.
-
- Buyer
- Milton Street Capital, EA Advisors
- Target
- Safe Air Technology
- Seller
- David Ratcliff
- Industry
- Industrial Services
- Location
- Louisiana, United States
- Type
- Recapitalization
Safe Air Technology (SAT) announced a majority recapitalization led by Milton Street Capital, in partnership with EA Advisors and SAT founder and CEO David Ratcliff. The investment is intended to help Safe Air automate production and expand capacity to scale mission-critical HVAC cooling solutions for data centers and industrial facilities.
-
May 11, 2026
- Buyer
- RS2 Healthcare Partners, AKKR Strategic Capital (Accel-KKR)
- Target
- Loftware, Inc.
- Industry
- Cloud & SaaS
- Location
- United States
- Type
- Recapitalization
RS2 Healthcare Partners (formerly Riverside Partners) completed a single-asset continuation vehicle for Loftware, a global enterprise labeling and artwork management software provider. Accel-KKR’s AKKR Strategic Capital served as lead investor, providing additional committed capital to support Loftware’s future growth and enabling RS2 to pursue new platform investments.
-
May 8, 2026
- Buyer
- TriSpan (USA) LLC, Kline Hill Partners LP, Norwest, Large Ivy League endowment (unspecified)
- Target
- Sugar Beets Inc. (Maman)
- Industry
- Professional Services
- Location
- New York, United States
- Type
- Recapitalization
TriSpan closed a single-asset continuation vehicle (CV) for Sugar Beets Inc., the company behind the 56-unit Maman café-bakery and lifestyle brand. The CV was led by Kline Hill Partners with participation from Norwest and a large Ivy League endowment, while TriSpan and its affiliates reinvested to support Maman’s next phase of national and international expansion.
-
- Buyer
- MidOcean Partners, Hamilton Lane
- Target
- Cloyes Gear and Products
- Industry
- Automotive
- Location
- United States
- Type
- Recapitalization
MidOcean Partners announced the closing of a single-asset continuation vehicle for Cloyes Gear and Products, securing approximately $300 million in commitments. Hamilton Lane’s funds acted as the sole lead investor, and MidOcean-managed entities will continue to hold a controlling stake, supporting future growth and automotive aftermarket acquisitions.
-
May 5, 2026
- Buyer
- JLL Partners, NewVale Capital
- Target
- CAI
- Industry
- Professional Services
- Location
- United States
- Type
- Recapitalization
CAI, a professional services firm focused on operational readiness in life sciences and mission-critical environments, completed a recapitalization transaction with JLL Partners. The investment is intended to accelerate CAI’s global expansion, technology investments, and strategic acquisitions, supported by JLL’s financial sponsorship and operational partnership.
-
May 5, 2026
- Buyer
- Valesco Industries, Hidden River Strategic Capital, GMB Capital Partners
- Target
- Nipples, Elbows & Couplings, Inc. (NEC)
- Seller
- Company management, NEC founder/management (Founder & CEO Steve Osborne referenced as partnering in recapitalization)
- Industry
- Industrial Services
- Location
- Texas, United States
- Type
- Recapitalization
Valesco Industries completed a control recapitalization of Nipples, Elbows & Couplings, Inc. (“NEC”), a Houston-based manufacturer of PVC-coated electrical conduit and fittings used in corrosive infrastructure end markets. Hidden River Strategic Capital and GMB Capital Partners also partnered in the recapitalization, providing subordinated debt alongside a senior term loan and revolver from another investor-lender.
-
- Buyer
- Invesco Senior Secured Management, Inc., Fortress Investment Group (affiliates)
- Target
- Empire Today, LLC
- Industry
- Retail
- Location
- Illinois, United States
- Type
- Recapitalization
Empire Today, LLC has received a new equity investment from an investment group led by funds managed by Invesco Senior Secured Management and funds managed by affiliates of Fortress Investment Group. The equity infusion is part of a broader transaction aimed at solidifying Empire’s balance sheet, and Invesco and Fortress now own the majority of the company’s equity.
-
- Buyer
- Bridge Growth Partners, Apogem Capital, Golub Capital, HSBC Asset Management, Schroders Capital
- Target
- Solace
- Seller
- Healthcare of Ontario Pension Plan (HOOPP)
- Industry
- Software
- Location
- Ontario, Canada
- Type
- Recapitalization
Bridge Growth Partners has closed a US$790 million continuation vehicle in a secondary transaction for Solace, its real-time data and agentic AI platform. The deal brings in new co-lead investors (including Apogem Capital, Golub Capital, HSBC Asset Management, and Schroders Capital) and allows existing investors—such as Healthcare of Ontario Pension Plan (HOOPP)—to roll equity into the new vehicle, while Bridge Growth retains a reduced but significant stake.
-
- Buyer
- Abenex, Trocadéro Capital Partners, AfricInvest Europe, Bpifrance, Société Générale Capital Partenaires
- Target
- HTDS
- Seller
- Abenex
- Industry
- Industrial Services
- Location
- Île-de-France, France
- Type
- Recapitalization
Abenex has completed the sale of its minority stake in HTDS and is reinvesting alongside the founding family, management, and a pool of minority investors. The transaction supports HTDS’s next phase of growth built around value-added distribution and recurring maintenance of high-tech detection and analysis solutions, particularly across Africa and other high-growth regions.
-
May 1, 2026
- Buyer
- Searchlight Capital Partners, Providence Equity Partners
- Target
- CloserStill Media
- Seller
- Inflexion Private Equity, NVM Private Equity, management
- Industry
- Media & Entertainment
- Location
- United Kingdom
- Type
- Recapitalization
Searchlight Capital Partners has agreed to invest in CloserStill Media alongside existing owner Providence Equity Partners in a recapitalization valuing the B2B events operator at about £1.3 billion ($1.77 billion). The transaction gives Searchlight and Providence co-control of the London-based company and is subject to regulatory approvals.
-
- Buyer
- Reverence Capital Partners, Ares Secondaries funds, Lexington Partners, Bain Capital
- Target
- Osaic, Inc.
- Industry
- Financial Services
- Location
- Arizona, United States
- Type
- Recapitalization
Reverence Capital Partners closed a more-than-$2 billion recapitalization of Osaic, funding the deal with new capital through a continuation vehicle while maintaining Osaic’s existing governance and board composition. Proceeds provide liquidity to existing investors in Reverence Capital funds and increase Osaic’s balance sheet capital to support organic growth, acquisitions and other strategic initiatives, with Ares Secondaries funds and Lexington Partners leading the continuation vehicle and Bain Capital joining as a new investor.
-
April 28, 2026
- Buyer
- Main Street Capital Corporation
- Target
- Shift Transit, LLC, Shift Transit Inc.
- Seller
- Shift Transit's founders and existing owners
- Industry
- Transportation
- Location
- Illinois, United States
- Type
- Recapitalization
Main Street Capital Corporation completed a $40.0 million minority recapitalization of Shift Transit, LLC and Shift Transit Inc. The financing combines first lien, senior secured term debt and a direct minority equity investment alongside Shift Transit's founders and existing owners.
-
April 27, 2026
- Buyer
- Artemis Capital Partners (Artemis)
- Target
- Optikos Corporation
- Seller
- Fantone family
- Industry
- IT Services
- Location
- Massachusetts, United States
- Type
- Recapitalization
Artemis, a Boston-based private equity firm, acquired Optikos Corporation, a Wakefield, Massachusetts provider of optical engineering, manufacturing, and metrology. The deal aims to expand Optikos’ engineering and manufacturing capabilities and accelerate innovation across sectors such as semiconductors, life sciences, automotive, space, and defense.
-
- Buyer
- Stonepeak
- Target
- Southern Marinas
- Seller
- Gridiron Capital
- Industry
- Infrastructure
- Location
- United States
- Type
- Recapitalization
Stonepeak has recapitalized Southern Marinas, taking majority control of North America’s largest marina operator in a deal valued at well over $1 billion. The firm acquired its stake from Gridiron Capital, while Southern Marinas’ founding management team led by CEO Brad Nelson retained a meaningful equity stake and continued day-to-day operations.
-
April 22, 2026
- Buyer
- Stonepeak
- Target
- Southern Marinas
- Seller
- Affiliates of KSL Capital Partners, LLC
- Industry
- Infrastructure
- Location
- United States
- Type
- Recapitalization
Stonepeak recapitalized Southern Marinas through a transaction in which affiliates of KSL Capital Partners sold their interests to Stonepeak. Southern Marinas is a U.S. marina owner and operator with a diversified portfolio of 16 marinas across eight states.
-
- Buyer
- Cerberus Capital Management
- Target
- SubCom (Submarine Cable Company LLC)
- Industry
- Industrial Services
- Location
- New Jersey, United States
- Type
- Recapitalization
Cerberus Capital Management has closed a $2.3 billion single-asset continuation vehicle for SubCom, the subsea fiber optic cable manufacturer, extending Cerberus’s ownership of the infrastructure platform. Existing Cerberus limited partners could either cash out or roll equity into the new vehicle alongside new incoming investors.
-
April 16, 2026
- Buyer
- Masked Rider Capital (MRC)
- Target
- TRUNO
- Industry
- IT Services
- Location
- Texas, United States
- Type
- Recapitalization
TRUNO, a retail technology solutions and services provider based in Lubbock, Texas, announced the successful completion of a strategic recapitalization transaction led by Masked Rider Capital (MRC). The transaction also included the closing of a new $40 million credit facility with Huntington Bank to support accelerated growth and innovation.
-
- Buyer
- Frontenac, Monroe Capital LLC
- Target
- Honk Technologies, Honk (strategic add-on acquisition: non-tow services via light-duty service technician network)
- Industry
- IT Services
- Location
- California, United States
- Type
- Recapitalization
Frontenac announced the recapitalization of Honk Technologies, a technology-enabled roadside assistance platform. At closing, Honk also completed a strategic add-on acquisition focused on non-tow services delivered through a national light-duty service technician network, supported by senior credit facility financing from Monroe Capital.
-
- Buyer
- Tory Burch LLC
- Target
- General Atlantic minority stake in Tory Burch LLC
- Seller
- General Atlantic, Chris Burch
- Industry
- Consumer Products
- Location
- United States
- Type
- Recapitalization
Tory Burch LLC is raising a $700 million leveraged loan to repurchase General Atlantic’s minority equity stake, ending a 14-year partnership. The deal is structured as a leveraged recapitalization with additional revolver financing, and the proceeds include $346 million earmarked specifically for the share repurchase.
-
April 15, 2026
- Buyer
- Forest Investment Associates L.P.
- Target
- limited partner interests created at the founding of Forest Investment Associates L.P. (FIA)
- Seller
- outstanding limited partner interests created at the founding of Forest Investment Associates L.P. (FIA)
- Industry
- Energy
- Location
- Georgia, United States
- Type
- Recapitalization
Forest Investment Associates L.P. (FIA) completed the acquisition of all outstanding limited partner interests created at the firm’s founding in 1986. The transaction results in FIA becoming 100% employee-owned, despite the previously passive LP interests having no day-to-day management control.
-
April 13, 2026
- Buyer
- Neuberger Berman, Tailwind Capital
- Target
- Axis Portable Air
- Seller
- Fund X limited partners (Fund X / Neuberger’s original vehicle)
- Industry
- Industrial Services
- Location
- United States
- Type
- Recapitalization
Neuberger Berman and Tailwind Capital established a single-asset continuation vehicle for Axis Portable Air, allowing existing investors to either take liquidity or roll their exposure alongside new capital. The deal extends Neuberger’s control of the portable air, compression, and temporary power equipment provider originally acquired in 2017, supporting management’s continued growth plan.
-
April 10, 2026
- Buyer
- Crux Capital
- Target
- Ivybrook Academy
- Seller
- Jennifer McWilliams, Drew McWilliams
- Industry
- Healthcare Services
- Location
- North Carolina, United States
- Type
- Recapitalization
Crux Capital invested in Ivybrook Academy, a franchised half-day preschool operator, recapitalizing the early childhood education platform to support its next phase of national expansion. The founders, Jennifer and Drew McWilliams, will retain meaningful ownership and continue to lead alongside the existing management team.
-
- Buyer
- Arboretum Bidco LLC, Arboretum Virginia LLC, Arboretum Investments LLC
- Target
- AYR Wellness Virginia operations
- Seller
- AYR Wellness Inc.
- Industry
- Healthcare Services
- Location
- Virginia, United States
- Type
- Recapitalization
AYR Wellness Inc. announced the initial closing of transferring its Virginia operations into Arboretum Virginia LLC, a wholly owned subsidiary of Arboretum Bidco LLC (the entity set up by AYR’s senior secured noteholders). The company also closed and funded a new $275 million senior secured delayed draw exit facility with Arboretum as part of previously announced restructuring transactions, including rollovers of portions of existing bridge debt and satisfaction of senior secured notes via equity in Arboretum Investments LLC.
-
- Buyer
- Havencrest Capital Management
- Target
- OFFOR Health
- Industry
- Healthcare Services
- Location
- Ohio, United States
- Type
- Recapitalization
Havencrest Capital Management has completed a majority recapitalization of OFFOR Health, a provider of office-based anesthesia services for complex pediatric dental procedures. The investment supports OFFOR’s next phase of growth and aims to expand access to pediatric care in dental office settings across the United States.
-
- Buyer
- Blackstone (funds affiliated with)
- Target
- Rowan Digital Infrastructure
- Industry
- Infrastructure
- Location
- Colorado, United States
- Type
- Recapitalization
Quinbrook and Blackstone announced that funds affiliated with Blackstone have acquired a significant minority stake in Rowan Digital Infrastructure. The investment is intended to support Rowan’s continued expansion and capacity growth of sustainable, build-to-suit hyperscale data center campuses across the United States.
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