Orangewood forms THRM platform, acquires RSG in 'fragmented' foodservice industry; Hg’s Chris Kindt on AI-proofing software pricing

Private equity dealmakers continue to deploy capital across business services and industrial niches while reassessing operational playbooks in technology. In a notable platform launch, Orangewood Partners has formed THRM and completed an initial investment in RSG, targeting consolidation opportunities within the fragmented foodservice industry. Meanwhile, add-on activity persists across corporate platforms, with Blue Point Capital Partners-backed Weaver Brands acquiring Shapley’s to support an ongoing expansion strategy centered on both acquisitions and organic growth.

Corporate carve-outs and core mid-market strategies also remain active across international markets. Truelink Capital agreed to carve out the global intrusion products business of Johnson Controls, demonstrating continued private equity appetite for non-core corporate asset divestments. In Europe, mid-market momentum is central to ongoing fund operations, with Eurazeo sole-CEO Christophe Bavière highlighting that the firm's focused European mid-market strategy is driving results, alongside targeted investments such as Leon Capital's growth backing of data center infrastructure business VKE Group.

Technology-focused sponsors are actively recalibrating their portfolio strategies around the long-term impact of artificial intelligence. At London-based software investor Hg, partner and head of value creation Chris Kindt noted that the firm directed its software portfolio companies in 2026 to focus on AI-proofing their pricing structures. Simultaneously, Permira co-CEO Brian Ruder pointed to emerging software opportunities yielding potentially attractive vintages, while consumer and tech sponsors such as L Catterton continue direct AI exposure through investments like Glance, an AI-powered personal shopping platform.

Healthcare and specialized services maintain steady transaction activity across distinct subsectors. Specialized niches are drawing varied sponsor participation, with Blue Point Capital, Gimv, and Bencis Capital Partners pursuing opportunities in equine healthcare. Additionally, Inflexion secured an exit through an agreement to sell a majority stake in testing, inspection, certification, and compliance (TICC) provider Celnor Group to Goldman Sachs Alternatives, while Archimed completed its first investment from its MED IV fund in Organika Health Products.

Sponsors are also committing capital across sports franchises, defense platforms, and digital security. Dealflow in cybersecurity saw Bregal Milestone complete a majority growth investment in Italy-based Nethive. In sports, Pitchwise Holdings agreed to acquire shares in Spanish soccer team Valencia CF, while investors such as Harbinger assess Major League Baseball amid potential lockout concerns. Defense supply chains also drew mega-fund attention, with Blackstone backing Falcata to address supply bottlenecks driven by artificial intelligence applications and evolving defense requirements.

Together, these transactions signal a bifurcated approach among private equity firms navigating a changing macro environment. While traditional consolidators leverage buy-and-build strategies in fragmented service and industrial niches, software and tech-focused sponsors are prioritizing operational defensibility, actively revamping monetization and pricing frameworks to withstand AI-driven market shifts.