Buyer landscape
Likely buyers · Construction in Belgium.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 28 verified exits: 57% to sponsors, 39% to corporates and platforms, 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 22 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. Waterland Private Equity SponsorVery High84
38 platform investments in Industrials · 36 in Belgium · 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
2. PAI Partners SponsorVery High84
33 platform investments in Industrials · 5 in Belgium · 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
3. Turenne Groupe SponsorVery High83
58 platform investments in Industrials · 3 in Belgium · 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
4. Altor Equity Partners SponsorVery High82
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
5. DUBAG Group SponsorVery High81
14 platform investments in Industrials · 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
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. 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
8. 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
9. PAI Partners (Fund VIII) SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
10. PAI Partners (Mid-Market Fund) SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
11. PAI Partners (Mid-Market) SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
12. PAI Partners / ADIA SponsorVery High79
29 platform investments in Industrials · 4 in Belgium · 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
13. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
14. Apheon SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 11 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
15. Apheon TMC HDC Long Term Value Fund (HarbourVest-led) + LFPI SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
16. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + LFPI-backed continuation fund) SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
17. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + MML Capital-backed continuation fund) SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
18. Ardian SponsorVery High78
137 platform investments in Industrials · 6 in Belgium · 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
19. 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
20. Trill Impact SponsorVery High78
4 platform investments in Industrials · 1 in Belgium · 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
21. IK Partners SponsorVery High77
75 platform investments in Industrials · 8 in Belgium · 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
22. 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
23. EQT SponsorVery High76
51 platform investments in Industrials · 5 in Belgium · 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 HusCompagniet, 2015 · Construction, Denmark
24. 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
25. Audacia SponsorVery High75
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
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.