Deals
Lockheed Martin acquires Ultra Maritime from Advent for $3.45bn. Undersea and anti-submarine warfare. Advent bought it in 2022 as part of Cobham Ultra, invested $170m in product development, and is now exiting into a strategic buyer at a defence-sector premium. Revenue projected at $784m in 2026, up
Toolkit
The buy-and-build deck always works. A platform at 6x, three add-ons at 4.5x, blend the multiple down, grow the combined entity, exit the whole thing at 9x or 10x. On paper it is the most reliable value-creation story in the mid-market, which is why
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Toolkit
A portfolio operations group (also called a portfolio operations team, value creation team, or portfolio resources group) is the in-house team a private equity firm uses to improve the operating performance of the companies it owns, as opposed to sourcing and structuring the deals. The deal team buys the
Toolkit
Ask two private equity investors what happens after the wire hits and you will get two different answers. One buys a company to keep it: hold it indefinitely, keep the people, take the cash flows, and let compounding do the work. The other buys a company to change it: install
Toolkit
Every private equity deck in 2026 says the same thing. Returns will come from operations, not leverage. The financial-engineering era is over, the operating era has begun, and the numbers now back the slogan: in S&P Global Market Intelligence's 2026 Private Equity Survey, 71% of