Private Equity Dealmaking Round-up: October 2026

Global dealmakers across private equity continue to deploy capital into critical infrastructure, specialized industrials, and technology platforms. In a major defense industrial transaction, Blackstone made an investment targeting defense supply chain pain points and bottlenecks through Falcata. According to David Kaden, a senior managing director at the firm, the defense platform aligns with an investment thesis focused on supply chain pain points, particularly amid trends involving artificial intelligence and the proliferation of cheap weapons and low-cost interceptors.

Industrial and infrastructure services are also seeing pronounced transaction activity. Morgan Stanley Capital Partners acquired The Rapid Group, a transaction centered on aging water infrastructure led by Eric Kanter, managing director and head of industrial services at MSCP. The acquisition builds upon MSCP's existing environmental and utility services exposure, where it also backs Apex Companies, a Maryland-based provider of environmental consulting and engineering solutions. In a related industrial move, Brightstar Capital Partners completed the acquisition of a majority stake in Material Handling Group USA.

Large-scale corporate carve-outs and exits highlight continued liquidity in the transport and infrastructure sectors. In an enterprise transaction valued at approximately $2.9 billion, KKR agreed to sell Infinity Transportation to Ares Management. Concurrently, corporate carve-outs advanced within healthcare and diagnostics, illustrated by Astorg’s portfolio company Oxoid Remel carving out the microbiology diagnostic division from fellow portfolio asset Solabia, while Platinum Equity agreed to purchase lighting tower manufacturer Trime.

Healthcare and consumer-facing health businesses also attracted private equity interest across multiple fund vehicles. Archimed completed an investment in Organika Health Products, marking the first deal executed from its MED IV fund. Simultaneously, specialized areas such as equine healthcare drew transactions from firms including Adamantem Capital, Blue Point Capital, and Gimv, while Renovus Capital Partners established a strategic partnership with Aspire Home Health Care.

Software and digital services remain active areas for sponsors executing take-private structures and growth strategies. Enterprise software specialists such as Thoma Bravo and GTCR, along with Francisco Partners, have driven a run of software-as-a-service take-privates. Meanwhile, in European cybersecurity, Bregal Milestone announced a majority growth investment in Italy-based Nethive.