Buyer landscape

Likely buyers · Business Services in Spain.

Prepared 2026-08-28 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 44% (was 48%), corporates and platforms 52% (was 48%), IPO 1% (was 4%) (sector-wide).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 39 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. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. EQT SponsorVery High88

37 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 11 per fund.

Backed Eagle Railcar Services, 2025 · Business Services, US

10. 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

11. 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

12. Bridgepoint SponsorVery High87

20 platform investments in Business Services · 7 in Spain · 43 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

13. Waterland Private Equity SponsorVery High87

41 platform investments in Business Services · 3 in Spain · 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 Auren, 2025 · Business Services, Spain

14. Ardian SponsorVery High86

87 platform investments in Business Services · 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.