Likely buyers · Construction in Austria.

1. Altor Equity Partners SponsorVery High85

28 platform investments in Industrials · 2 in Austria · 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

2. DUBAG Group SponsorVery High84

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

3. Accursia Capital SponsorVery High82

24 platform investments in Industrials · 4 in Austria · 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 · 1 in Austria · 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. Waterland Private Equity SponsorVery High80

38 platform investments in Industrials · 1 in Austria · 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

6. PAI Partners SponsorVery High80

33 platform investments in Industrials · 2 in Austria · 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

7. 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

8. Ardian SponsorVery High79

137 platform investments in Industrials · 2 in Austria · 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

9. 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

10. 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

11. Armira SponsorVery High79

7 platform investments in Industrials · 2 in Austria · 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

12. PAI Partners (Fund VIII) SponsorVery High78

28 platform investments in Industrials · 2 in Austria · 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 (Mid-Market Fund) SponsorVery High78

28 platform investments in Industrials · 2 in Austria · 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. PAI Partners (Mid-Market) SponsorVery High78

28 platform investments in Industrials · 2 in Austria · 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

15. PAI Partners / ADIA SponsorVery High78

29 platform investments in Industrials · 2 in Austria · 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 and Ontario Teachers' Pension Plan SponsorVery High78

28 platform investments in Industrials · 2 in Austria · 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. 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

18. Trill Impact SponsorVery High78

4 platform investments in Industrials · 2 in Austria · 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

19. IK Partners SponsorVery High77

75 platform investments in Industrials · 1 in Austria · 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

20. 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

21. 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

22. SPIE PE-backedVery High76

66 acquisitions in Industrials · 3 in Austria · 24 deals 2024–26

Active in Austria since 2019.

Bought SD Fiber from Auctus Capital Partners, 2025 · Construction, Switzerland

23. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High76

10 platform investments in Industrials · 1 in Austria · 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

24. BU Bregal Unternehmerkapital SponsorVery High76

10 platform investments in Industrials · 1 in Austria · 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

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