deals

Deals (w/e 12/19/25)

Lee McCabe

23 Dec 2025 — 1 min read

GI Partners to Acquire Netwatch (AI-powered Security Services)

Netwatch, the global AI-powered security services provider that’s already watching hundreds of thousands of sites worldwide, has signed a definitive agreement to be acquired by GI Partners. The deal was announced Dec. 17, 2025, and while price isn’t disclosed publicly, this is a classic PE control play: buy mission-critical tech + services with predictable recurring revenue and invest behind AI and go-to-market scaling. NIQs and retailers alike want smarter monitoring — Netwatch delivers it — and GI is betting that proactive security isn’t a fad but a perennial demand. This is the sort of deal where the revenue stickiness is real because businesses don’t unplug their alarms. Link

PAI Partners to Acquire Innovad Group (Specialty Feed Additives)

PAI Partners signed a deal to acquire Innovad Group from IK Partners, announced early this week, adding a global specialty animal feed additives business to its fold. Innovad has built a deep product set around gut health, immunity support and mycotoxin control for livestock, and management is reinvesting, which always signals confidence from the ground truth. This isn’t a flashy tech carve-out; it’s an industrial food-ingredients niche where technical formulations and distribution networks matter more than brand logos. PAI’s move here is textbook: pick a fragmented, high-value vertical with regulatory and biologic complexity that discourages fast followers, then scale. Link

News (w/e 1/9/26)

Eir Partners Closes $1 Billion Fund Focused on Healthcare Technology Miami-based Eir Partners closed its third fund at $1 billion, blowing past its $800 million target in just a few months. The raise reinforces a clear LP preference: specialist healthcare investors with repeatable playbooks still get paid attention, even as

Deals (w/e 1/9/26)

Veritas Capital Buys Majority Stake in Global Healthcare ExchangeVeritas Capital is acquiring a majority stake in Global Healthcare Exchange (GHX), the healthcare supply-chain software platform used by hospitals and suppliers across the U.S. GHX sits in the unglamorous but essential plumbing of healthcare, where scale and data matter more

Private equity has quietly entered a new sport: competitive talent hoarding.

Every firm now appears to be stockpiling operators the way children collected Pokémon cards. Operating Partners, Senior Advisors, Venture Partners, EIRs—hand out a title, add them to a slide, declare victory. LPs love the imagery. It signals “capability.” It looks sophisticated. It gives the impression of a tightly coordinated

AI isn’t coming for middle management. It’s already rearranging the job description.

The layer of people whose primary function is aggregating information, writing summaries, building decks, and “managing up” is about to feel the shift first. Not because AI is more insightful than they are, but because it’s cheaper, faster, and doesn’t need three pre-meetings to prepare for the meeting.