Buyer landscape

Likely buyers · Business Services in Spain.

Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 46 verified exits: 46% to sponsors, 54% to corporates and platforms. Route shift since 2020: sponsors 45% (was 48%), corporates and platforms 51% (was 48%), IPO 1% (was 4%) (sector-wide).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 40 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 High90

27 platform investments in Business Services · 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.

Backed Arlettie, 2026 · Business Services, France

2. Adelis Equity Partners SponsorVery High90

9 platform investments in Business Services · 10 deals 2024–26

Adelis Equity Partners Fund IV · 2024 vintage · deploying · check €32-242M

4 platform investments since the 2024 vintage · mid-deployment vs its usual 7 per fund.

Bought Horn & Cosifan from Harald Quandt Industriebeteiligungen, 2026 · Business Services, Germany

3. PAI Partners (Fund VIII) SponsorVery High89

24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France

4. PAI Partners (Mid-Market Fund) SponsorVery High89

25 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France

5. PAI Partners (Mid-Market) SponsorVery High89

24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France

6. PAI Partners / ADIA SponsorVery High89

24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France

7. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High89

24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France

8. Permira SponsorVery High89

19 platform investments in Business Services · 2 in Spain · 17 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

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

Bought Carne from Vitruvian Partners, 2026 · Business Services, Ireland

9. Argos Wityu SponsorVery High89

10 platform investments in Business Services · 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.

Backed Star7, 2026 · Business Services, Italy

10. EQT SponsorVery High88

38 platform investments in Business Services · 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 12 per fund.

Backed Eagle Railcar Services, 2025 · Business Services, US

11. Argos Wityu / Management SponsorVery High88

10 platform investments in Business Services · 1 in Spain · 9 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.

Backed Star7, 2026 · Business Services, Italy

12. Argos Wityu and Bpifrance SponsorVery High88

9 platform investments in Business Services · 1 in Spain · 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.

Backed Star7, 2026 · Business Services, Italy

13. Ardian SponsorVery High87

88 platform investments in Business Services · 27 in Spain · 52 deals 2024–26