Carve-outs gain traction: Aurelius and Yellow Wood active in consumer deals; Antin lines up $2.9bn sale of Vicinity; Bain backs Kahua

Dealmakers are shifting more capital toward corporate carve-outs and targeted strategic investments in 2026. A DC Advisory metric cited in the reporting shows carve-out volume increased 18% year over year during the first four months of 2026, and recent transactions show where private equity firms are deploying that activity.

Aurelius and Yellow Wood emerge as active buyers in the consumer sector. Transactions highlighted alongside this reporting include Aurelius' agreement to acquire Hain Celestial's international business for about $323 million, a deal that bundles multiple consumer brands. That deal illustrates the kind of portfolio-level carve-out opportunities attracting mid-market and specialist buyers.

Bain's move into construction software

Bain Capital took a minority stake in Kahua, the Alpharetta, Georgia–based construction management platform for complex capital programs. Reporting indicates Kahua serves more than 2,500 customers and that Bain's investment values Kahua above $1 billion. This transaction fits a broader pattern of buyout firms investing in software businesses serving enterprise workflows and capital projects.

What this means for buyers and sellers

Buyers: Carve-outs can provide access to established brands, revenue streams, and customer relationships without acquiring entire corporate structures. Specialist sponsors and mid-market investors are pursuing those assets where they see operational upside or portfolio fit.

Sellers: Corporates continue to monetize non-core divisions to sharpen balance sheets and strategic focus. The Antin–Vicinity sale and Aurelius' Hain Celestial acquisition both demonstrate corporates and sponsors negotiating carve-outs and strategic divestitures at scale.

The 18% increase in carve-outs early in 2026 suggests sellers and buyers are finding agreement more often than in prior periods. High-value minority investments into software platforms like Kahua indicate appetite for growth-oriented enterprise software alongside transaction volume in more traditional consumer carve-outs.

Concrete takeaways for practitioners

• Infrastructure and services platforms remain exitable at multibillion-dollar enterprise values when market timing and strategic interest align.
• Growth and enterprise software companies serving construction and capital projects remain attractive minority-investment targets for large buyout firms.

Carve-outs are increasing in frequency and span both consumer-brand transactions and larger infrastructure and software investments. Recent deals involving Aurelius, Yellow Wood, Antin, and Bain provide examples of active strategies: buy and optimize consumer assets, exit infrastructure platforms at scale, and back software businesses with strong enterprise footprints.