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Buyer landscape

Likely buyers · E-commerce in Spain.

Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 139 verified exits: 35% to sponsors, 65% to corporates and platforms, 1% via IPO. Route shift since 2020: sponsors 35% (was 34%), corporates and platforms 64% (was 66%), IPO 1% (was 0%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 14 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. EXTENDAM and Amante Capital SponsorVery High88

31 platform investments in Consumer & Retail · 4 in Spain · 22 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 15 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

2. Extendam SponsorVery High88

30 platform investments in Consumer & Retail · 5 in Spain · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Bought Ayre Hoteles from Eurazeo, 2026 · Hospitality, Spain

3. Extendam, Amante Capital SponsorVery High88

30 platform investments in Consumer & Retail · 4 in Spain · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

4. EQT SponsorVery High85

28 platform investments in Consumer & Retail · 13 in Spain · 51 deals 2024–26

AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B

53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed Coches.net, 2026 · E-commerce, Spain

5. PAI Partners SponsorVery High84

58 platform investments in Consumer & Retail · 12 in Spain · 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.

Bought Arlettie from BNP Paribas Developpement, 2026 · Consumer, France

6. Ardian SponsorVery High79

81 platform investments in Consumer & Retail · 27 in Spain · 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

7. Quadrivio Group SponsorVery High79

22 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Twist, 2023 · E-commerce, Italy

8. Ardian Clean Energy Evergreen Fund SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 44 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

9. Ardian Mid Cap Buyout SponsorVery High78

73 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

10. Ardian (Clean Energy Evergreen Fund) SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 43 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

11. Ardian (ex-AXA Private Equity) SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

12. Ardian / Crédit Agricole Assurances consortium SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

13. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 43 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

14. Ardian and Centerbridge Partners SponsorVery High78

73 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

15. Ardian and GoldenTree Asset Management SponsorVery High78

73 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

16. Ardian and Latour Capital SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

17. Ardian Expansion SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

18. Ardian Expansion (Fund V) SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

19. Ardian Semiconductor SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 43 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

20. Ardian Tikehau EMZ consortium SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 42 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

21. Ardian, Finint Infrastrutture SponsorVery High78

72 platform investments in Consumer & Retail · 22 in Spain · 43 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

22. Bpifrance Investissement SponsorVery High78

13 platform investments in Consumer & Retail · 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 Belambra, 2026 · Hospitality, France

23. Finorpa Gestion SponsorVery High78

30 platform investments in Consumer & Retail · 27 deals 2024–26

Hauts-de-France Avenir TPE PME · 2026 vintage · deploying

8 platform investments since the 2026 vintage · early in deployment vs its usual 28 per fund.

Backed BDM Associes (Le Kiosque), 2026 · Consumer, France

24. Argos Wityu SponsorVery High78

18 platform investments in Consumer & Retail · 1 in Spain · 13 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

13 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Bought FACTUM GROUPE from Turenne Groupe, 2018 · E-commerce, France

25. Investindustrial SponsorVery High78

20 platform investments in Consumer & Retail · 8 in Spain · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

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.