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Buyer landscape

Likely buyers · Logistics in Italy.

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

How companies like this sold · 238 verified exits: 41% to sponsors, 57% to corporates and platforms, 2% via IPO, 1% other routes. Route shift since 2020: sponsors 45% (was 37%), corporates and platforms 53% (was 60%), IPO 0% (was 3%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 9 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. PAI Partners SponsorVery High87

33 platform investments in Industrials · 16 in Italy · 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 Albea, 2018 · Logistics, France

2. IGI Private Equity SponsorVery High87

18 platform investments in Industrials · 19 in Italy · 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 Bracchi, 2016 · Logistics, Italy

3. PAI Partners (Fund VIII) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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 Albea, 2018 · Logistics, France

4. PAI Partners (Mid-Market Fund) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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 Albea, 2018 · Logistics, France

5. PAI Partners (Mid-Market) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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 Albea, 2018 · Logistics, France

6. PAI Partners / ADIA SponsorVery High84

29 platform investments in Industrials · 12 in Italy · 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 Albea, 2018 · Logistics, France

7. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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 Albea, 2018 · Logistics, France

8. Ardian, Finint Infrastrutture SponsorVery High83

126 platform investments in Industrials · 48 in Italy · 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.

Bought SAVE from InfraVia Capital Partners, 2026 · Logistics, Italy

9. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High83

10 platform investments in Industrials · 5 in Italy · 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 SwipBox, 2025 · Logistics, Denmark

10. Waterland Private Equity SponsorVery High82

38 platform investments in Industrials · 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 Palletways, 2026 · Logistics, UK

11. DUBAG Group SponsorVery High82

14 platform investments in Industrials · 2 in Italy · 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

12. Bpifrance Investissement SponsorVery High81

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 Francbord, 2026 · Logistics, France

13. Sviluppo Imprese Centro Italia SGR SponsorVery High80

26 platform investments in Industrials · 69 in Italy · 5 deals 2024–26

AUM €125M · Fondo Sviluppo Cooperazione Toscana · 2024 vintage · deploying · check €0-1M

5 platform investments since the 2024 vintage · early in deployment vs its usual 12 per fund.

Backed Uniport Livorno, 2026 · Logistics, Italy

14. BU Bregal Unternehmerkapital SponsorVery High80

10 platform investments in Industrials · 4 in Italy · 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 SwipBox, 2025 · Logistics, Denmark

15. Argos Wityu SponsorVery High79

20 platform investments in Industrials · 18 in Italy · 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 Demeco from Siparex, 2025 · Logistics, France

16. Ardian SponsorVery High78

137 platform investments in Industrials · 57 in Italy · 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 Staci from Cobepa, 2019 · Logistics, France

17. Audacia SponsorVery High78

21 platform investments in Industrials · 1 in Italy · 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 Geolinks, 2026 · Industrials, France

18. Argos Wityu and Bpifrance SponsorVery High78

19 platform investments in Industrials · 14 in Italy · 10 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 GROUPE NASSE-DEMECO from Societe Generale Capital Partenaires, 2025 · Logistics, France

19. Sodero Gestion, CENCD SponsorVery High78

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 The Reefer Group, 2025 · Logistics, France

20. ICG SponsorVery High78

9 platform investments in Industrials · 5 in Italy · 12 deals 2024–26

AUM €103.0B · ICG Europe Mid-Market Fund II · 2025 vintage · deploying · check €60-450M

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Paulo Duarte Group, 2026 · Logistics, Spain

21. Xenon Private Equity SponsorVery High78

12 platform investments in Industrials · 23 in Italy · 9 deals 2024–26

AUM €1.0B · Xenon Private Equity Small Cap II · 2025 vintage · deploying · check €3-20M

5 platform investments since the 2025 vintage · largely deployed vs its usual 3 per fund.

Backed Grincore, 2025 · Industrials, Italy

22. EQT SponsorVery High77

51 platform investments in Industrials · 3 in Italy · 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 Constellation Cold Logistics, 2024 · Logistics, Netherlands

23. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High77

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 The Reefer Group, 2025 · Logistics, France

24. Arkea Capital Partenaire SponsorVery High77

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 The Reefer Group, 2025 · Logistics, France

25. EMK Capital SponsorVery High77

14 platform investments in Industrials · 7 in Italy · 13 deals 2024–26

AUM €7.0B · EMK Capital Partners III · 2023 vintage · deploying · check €60-450M

12 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Bought Argos Surface Technologies from Gradiente SGR, 2025 · Mobility, 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.