Buyer landscape
Likely buyers · Construction in Switzerland.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 23 verified exits: 39% to sponsors, 48% to corporates and platforms, 9% via IPO, 4% other routes. Route shift since 2020: sponsors 36% (was 42%), corporates and platforms 59% (was 53%), IPO 4% (was 4%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 20 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. DUBAG Group SponsorVery High85
14 platform investments in Industrials · 1 in Switzerland · 8 deals 2024–26
Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M
Accelerating: 7 deals in the last 2 years vs 1.8/yr before.
Backed H.K.O., 2026 · Construction, Germany
2. Altor Equity Partners SponsorVery High83
28 platform investments in Industrials · 12 deals 2024–26
AUM €8.3B · Altor Fund VI · 2023 vintage · deploying · check €60-450M
16 platform investments since the 2023 vintage · mid-deployment vs its usual 18 per fund.
Backed ElteraGruppen, 2026 · Construction, Norway
3. Accursia Capital SponsorVery High83
24 platform investments in Industrials · 2 in Switzerland · 21 deals 2024–26
Accursia Capital Evergreen · 2017 vintage · no newer fund
Accelerating: 17 deals in the last 2 years vs 2.8/yr before.
Backed Doering Berlin, 2026 · Construction, Germany
4. Turenne Groupe SponsorVery High81
58 platform investments in Industrials · 34 deals 2024–26
AUM €2.0B · Capital Sante 3 · 2025 vintage · deploying · check €3-21M
20 platform investments since the 2025 vintage · early in deployment vs its usual 80 per fund.
Backed O2D Environnement, 2026 · Construction, France
5. Ardian SponsorVery High80
137 platform investments in Industrials · 9 in Switzerland · 51 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Bought Fermax from Eurazeo, 2025 · Construction, Spain
6. Sodero Gestion, CENCD SponsorVery High80
16 platform investments in Industrials · 22 deals 2024–26
AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed CO2 Démolitions, 2026 · Construction, France
7. Waterland Private Equity SponsorVery High79
38 platform investments in Industrials · 3 in Switzerland · 39 deals 2024–26
Waterland Private Equity Fund IX (WPEF IX) · 2023 vintage · deploying · check €70-525M
48 platform investments since the 2023 vintage · largely deployed vs its usual 19 per fund.
Backed Interalu, 2024 · Construction, Belgium
8. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High79
47 platform investments in Industrials · 25 deals 2024–26
AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M
11 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Synelis, 2026 · Construction, France
9. Arkea Capital Partenaire SponsorVery High79
46 platform investments in Industrials · 25 deals 2024–26
AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M
11 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Synelis, 2026 · Construction, France
10. SPIE PE-backedVery High79
66 acquisitions in Industrials · 5 in Switzerland · 24 deals 2024–26
Active in Switzerland since 2014.
Bought SD Fiber from Auctus Capital Partners, 2025 · Construction, Switzerland
11. Bpifrance Investissement SponsorVery High78
27 platform investments in Industrials · 35 deals 2024–26
AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M
Accelerating: 30 deals in the last 2 years vs 4.5/yr before.
Backed BRIFER, 2025 · Construction, France
12. PAI Partners SponsorVery High77
33 platform investments in Industrials · 2 in Switzerland · 26 deals 2024–26
AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Xella, 2008 · Construction, Germany
13. FCDE SponsorVery High77
11 platform investments in Industrials · 5 deals 2024–26
AUM €604M · FCDE Fund III · 2025 vintage · deploying · check €8-60M
3 platform investments since the 2025 vintage · early in deployment vs its usual 7 per fund.
Backed SKAKO, 2025 · Construction, France
14. IK Partners SponsorVery High76
75 platform investments in Industrials · 52 deals 2024–26
AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M
18 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.
Bought Consolis from Abénex, 2005 · Construction, France
15. PAI Partners (Fund VIII) SponsorVery High76
28 platform investments in Industrials · 2 in Switzerland · 17 deals 2024–26
AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Xella, 2008 · Construction, Germany
16. PAI Partners (Mid-Market Fund) SponsorVery High76
28 platform investments in Industrials · 2 in Switzerland · 16 deals 2024–26
AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Xella, 2008 · Construction, Germany
17. PAI Partners (Mid-Market) SponsorVery High76
28 platform investments in Industrials · 2 in Switzerland · 16 deals 2024–26
AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Xella, 2008 · Construction, Germany
18. PAI Partners / ADIA SponsorVery High76
29 platform investments in Industrials · 2 in Switzerland · 17 deals 2024–26
AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Xella, 2008 · Construction, Germany
19. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High76
28 platform investments in Industrials · 2 in Switzerland · 16 deals 2024–26
AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying
12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.
Backed Xella, 2008 · Construction, Germany
20. Audacia SponsorVery High76
21 platform investments in Industrials · 27 deals 2024–26
AUM €2.8B · Audacia Capital Développement IV · 2023 vintage · deploying · check €4-30M
45 platform investments since the 2023 vintage · largely deployed vs its usual 12 per fund.
Backed GROUPE OBER, 2022 · Construction, France
21. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High76
10 platform investments in Industrials · 5 in Switzerland · 15 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed A.Eberle, 2026 · Industrials, Germany
22. BU Bregal Unternehmerkapital SponsorVery High76
10 platform investments in Industrials · 5 in Switzerland · 14 deals 2024–26
AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M
4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.
Backed A.Eberle, 2026 · Industrials, Germany
23. Armira SponsorVery High76
7 platform investments in Industrials · 2 in Switzerland · 12 deals 2024–26
AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M
8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Backed AVILOO, 2026 · Mobility, Austria
24. Trill Impact SponsorVery High76
4 platform investments in Industrials · 8 deals 2024–26
AUM €1.4B · Trill Impact Fund II · 2024 vintage · deploying
7 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.
Bought Primutec Solutions Group from DPE Deutsche Private Equity, 2025 · Construction, Netherlands
25. IGI Private Equity SponsorVery High76
18 platform investments in Industrials · 8 deals 2024–26
AUM €169M · IGI Sustainable Transition Fund · 2024 vintage · deploying
Accelerating: 6 deals in the last 2 years vs 1.3/yr before.
Backed WeBlade, 2026 · Industrials, Italy
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.