Private equity firms own tens of thousands of companies around the world, from small local service businesses to large global manufacturers. For B2B sellers, these companies are a distinct market with their own buying patterns. They're under pressure to improve performance within a limited holding period, they often face the same problems at the same time, and the firm that owns them can sometimes open doors to several companies at once.
This guide explains how PE ownership changes the way companies buy, the moments that create demand, who to talk to and how to turn one customer into many.
How PE ownership changes buying
When a private equity firm buys a company, it usually has a value creation plan: a set of initiatives designed to grow earnings and the company's value before an exit, often within three to seven years. That plan shapes purchasing:
- Clear priorities. Spending is tied to plan initiatives, such as pricing, procurement, digital sales, cost reduction or add-on integration.
- ROI focus. Purchases need a measurable payback, often within the holding period.
- Speed. The clock is running. Solutions that deliver results quickly have an edge.
- Professionalisation. Founder-owned businesses acquired by PE often need new finance, HR, IT and reporting systems.
- Board oversight. Large purchases may need board approval, where PE partners sit.
Moments that create demand
| Moment | Typical needs |
|---|---|
| Just after acquisition (first 100 days) | Financial reporting, ERP, cybersecurity assessment, HR systems, new leadership hires |
| Carve-out from a larger company | Standalone IT, finance, HR and other functions previously provided by the parent |
| Buy-and-build phase | Integration tools, shared services, consolidated systems, M&A support. See our add-on acquisition guide |
| New CEO or CFO | Reviews of existing vendors and processes |
| Performance pressure | Cost reduction, pricing optimisation, sales effectiveness |
| Preparing for exit | Audit readiness, data rooms, quality of earnings preparation, clean reporting |
Acquisition announcements are public, so you can track them. PE firms usually announce new platform investments and add-ons on their websites and through press releases.
Who to talk to
The portfolio company
Most purchases are made by the portfolio company itself. The CEO, CFO and functional leaders are your main buyers. For larger purchases, the CFO is often central, because PE owners focus heavily on financial performance and the CFO reports to the board.
Operating partners and value creation teams
Many PE firms have operating partners or portfolio operations teams. Their job is to help portfolio companies improve performance, often in specific areas such as procurement, technology, talent, pricing or digital. They:
- recommend vendors and solutions to portfolio companies,
- run shared programs across the portfolio,
- sometimes negotiate portfolio-wide agreements.
An operating partner who believes in your solution can introduce you to multiple portfolio companies. They're also very busy and receive many vendor pitches, so your approach needs to be focused.
Deal teams
Deal partners and associates are focused on new investments. Some service providers, such as diligence firms, consultants and lenders, sell directly to deal teams. Most product vendors are better off with operating teams and portfolio companies.
Finding PE-backed companies
- PE firm portfolio pages list current and past investments.
- Acquisition announcements on newswires and in trade press.
- Private market databases with ownership filters. See our comparison of data tools.
- Company websites, which often mention their investors in "About" pages.
- Industry conferences, especially those focused on PE operating partners or specific sectors.
Our guide on finding who invested in a company covers methods in detail.
How to pitch
Speak the language of value creation
Frame your offer in terms of earnings impact and speed. PE-backed buyers think in EBITDA, margin, cash flow and enterprise value. For example: "Reducing procurement costs by 3% on $40M of spend adds $1.2M to EBITDA. At an 8x exit multiple, that's roughly $9.6M of enterprise value." That kind of maths gets attention. (Figures here are illustrative.)
Show payback inside the holding period
A solution that takes three years to pay back is a hard sell to a company that may be sold in four. Highlight time to value and early wins.
Bring proof from other PE-backed companies
Case studies from other PE portfolio companies, especially in the same industry, are powerful. Even better, a reference from an operating partner at another firm.
Make it easy to roll out
PE-backed companies often have lean teams. Show that implementation won't consume their people's time.
Scaling across a portfolio
The real prize in PE sales is the portfolio effect. Once one portfolio company is a happy customer:
- Measure results carefully and document them in financial terms.
- Ask the CEO or CFO to share results with their operating partner or board.
- Request an introduction to the operating partner.
- Offer a portfolio program: preferred pricing, standard terms or a fast-track implementation for other portfolio companies.
- Get included in the firm's vendor list or portfolio resources, where one exists.
- Present at portfolio events such as CFO or CTO summits that many firms run for their companies.
Common mistakes
- Pitching the deal team about operational software.
- Leading with features instead of financial impact.
- Ignoring timing. The first months after an acquisition and the run-up to exit are very different buying contexts.
- Over-promising savings that you can't prove later. PE owners measure.
- Treating every PE firm the same. Strategies, sectors and operating models differ widely.
Building a PE target list
A practical target list for selling to PE-backed companies combines:
- PE firms active in your target sectors,
- their current portfolio companies that fit your ICP,
- recent acquisitions (last 12 months) as priority targets,
- operating partners and portfolio operations leaders at each firm,
- CEOs, CFOs and functional leaders at each portfolio company.
Our guide on building a B2B lead list covers the mechanics, and we build PE portfolio target lists to order. Get in touch.
Timing your outreach around the deal cycle
The weeks just before a deal closes are usually the wrong time to approach a company: management is consumed by the transaction. The first 30 to 100 days after closing are often ideal, as new owners and leadership set priorities and budgets. For exit preparation, approach roughly 12 to 24 months before an expected sale, when the company is investing in clean reporting and growth initiatives that will support the valuation.
Building relationships with operating partners
Operating partners are valuable allies, but they're not a typical sales target. They're measured on portfolio performance, not on how many vendors they meet. Approaches that tend to work:
- Lead with insight, not product. Share a benchmark, a short study of results across companies like theirs, or a perspective on a problem in their sector.
- Be specific to their portfolio. Name the portfolio companies you could help and explain how, based on public information.
- Offer low-effort pilots. A diagnostic or assessment at one portfolio company, with clear success measures, lets the operating partner test you without risk.
- Report results in their language. EBITDA impact, cash savings, time to value.
- Respect their time. Short meetings, crisp follow-ups, no long decks.
Some PE firms organise their operating teams by function (procurement, technology, talent) and others by sector. Find out which before reaching out, so you contact the right person.
Offers that resonate with PE-backed companies
| Offer type | Why it works |
|---|---|
| Fixed-scope diagnostic | Low risk, quick insight, often leads to a larger project |
| Outcome-based pricing | Aligns your fee with the value creation plan |
| Fast implementation package | Fits the holding period and lean teams |
| Portfolio pricing agreement | Makes it easy for the operating team to recommend you |
| Exit-readiness support | Directly linked to sale value |
Whatever you offer, be ready to support your claims with data. PE-backed buyers tend to ask detailed questions about results, methodology and references, and they'll check.
A short checklist before reaching out
Before contacting a PE-backed company, confirm who owns it and since when, check for recent add-on acquisitions, identify the CEO, CFO and relevant functional leader, look up the PE firm's operating team, and prepare one sentence that connects your offer to earnings or exit value. With those five things in hand, your first message will be far more relevant than most.
Frequently asked questions
What is a PE portfolio company?
A company owned, wholly or partly, by a private equity firm, typically held for several years while the firm works to increase its value before selling.
What is a private equity operating partner?
A professional at a PE firm, often a former executive, who helps portfolio companies improve performance in areas such as operations, technology, procurement or talent.
When is the best time to sell to a PE-backed company?
Often in the first months after acquisition, during buy-and-build phases, when new executives arrive, and in the run-up to an exit.
Can a PE firm buy for all its portfolio companies?
Some firms negotiate portfolio-wide agreements or preferred vendor programs, but portfolio companies usually make their own final purchasing decisions.
How do I find out which PE firm owns a company?
Check the company's website and press releases, the PE firm's portfolio page, acquisition announcements and private market databases with ownership data.