Over the past decade, a fascinating trend has emerged within private equity. Certain portfolio companies have been owned by multiple private equity firms over time, often trading hands every few years as new sponsors seek to extract additional value through operational improvements, strategic add-ons, or market repositioning.
These repeat transactions of the same companies offer a window into where private equity firms see consistent value creation potential, sectors that can deliver measurable performance gains across multiple ownership cycles.
As highlighted in our recent PE-to-PE deal flow study, many companies move through multiple sponsors over time, a report further explored in this analysis. Seventeen percent of all PE platform acquisitions in the last 10 years were PE-to-PE trades, making trades one of the most reliable and anchor sources of mid-market deal flow.
Top buyers of previously-owned Portfolio Companies
Our analysis of top buyer firms shows that some PE groups actively target assets with prior PE ownership, attracted by their proven management teams and well-documented financial performance.
The following firms demonstrate specialized expertise in taking already-optimized PE-owned businesses and scaling them further:
- CPP Investments
- KKR & Co.
- Ardian
- Blackstone Group
- H.I.G. Capital
- CVC Capital Partners
- TPG
- Carlyle Group, The
- Insight Partners
- Bain Capital
- General Atlantic
- Warburg Pincus
- TA Associates
- EQT Partners
- PSG
Top industries of most-traded Portfolio Companies
Certain industries naturally lend themselves to multiple ownership cycles due to predictable revenue, regulatory stability, and recurring demand. In our 10-year data, the most frequently traded industries include:
1. Publishing & Media (Non-Internet)
Books, magazines, educational materials, print media
2. Professional & Technical Services
Consulting, engineering, research, IT services
3. Chemical Products & Materials
Industrial chemicals, specialty chemicals, coatings
4. Business Support Services
Outsourcing, staffing, call centers, facility services
5. Healthcare Services (Clinics & Outpatient Care)
Diagnostic centers, specialized clinics, ambulatory care
6. Cloud, Data & IT Infrastructure Services
Data centers, hosting, cloud platforms
7. Financial Services & Investment Firms
Brokerages, wealth management, trading services
8. Specialty Manufacturing
Niche consumer/industrial products made in small segments
9. Logistics Support & Transportation Services
Freight support, logistics operations, transport services
10. Food & Beverage Manufacturing
Packaged foods, ingredients, processing plants
11. Utilities & Energy Services
Electricity, water, power distribution
12. Machinery & Equipment Manufacturing
Industrial machines, components, tools
13. Specialty Retail Stores
Hobby shops, niche retail, non-grocery specialty stores
14. Construction & Trade Contractors
Electrical, plumbing, HVAC, specialty construction services
15. Lending & Credit Services
Banks, loan providers, financing services
What It Means for PE Investors
These patterns reveal where value continues to compound, not just within a single investment cycle, but across multiple ownership transitions. For investors, identifying these companies signal stable, repeatable value creation opportunities and potential secondary or tertiary buyout plays.
