Buyer landscape

Likely buyers · Construction in United Kingdom.

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

How companies like this sold · 198 verified exits: 22% to sponsors, 74% to corporates and platforms, 3% via IPO, 2% other routes. Route shift since 2020: sponsors 21% (was 25%), corporates and platforms 75% (was 71%), IPO 2% (was 3%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 19 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 High85

38 platform investments in Industrials · 16 in United Kingdom · 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. Inflexion (Partnership Capital III) SponsorVery High83

9 platform investments in Industrials · 52 in United Kingdom · 25 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

Accelerating: 15 deals in the last 2 years vs 5.0/yr before.

Bought Salto Systems from Peninsula Capital, 2026 · Industrials, Spain

3. PAI Partners SponsorVery High82

33 platform investments in Industrials · 15 in United Kingdom · 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

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. Apax Partners SponsorVery High82

7 platform investments in Industrials · 15 in United Kingdom · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Bought CEME from Azulis Capital, 2022 · Construction, France

6. Ardian SponsorVery High81

137 platform investments in Industrials · 11 in United Kingdom · 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

7. Turenne Groupe SponsorVery High81

58 platform investments in Industrials · 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

8. IK Partners SponsorVery High81

75 platform investments in Industrials · 19 in United Kingdom · 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

9. 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

10. PAI Partners (Fund VIII) SponsorVery High80

28 platform investments in Industrials · 14 in United Kingdom · 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

11. PAI Partners (Mid-Market Fund) SponsorVery High80

28 platform investments in Industrials · 15 in United Kingdom · 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 (Mid-Market) SponsorVery High80

28 platform investments in Industrials · 14 in United Kingdom · 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

13. PAI Partners / ADIA SponsorVery High80

29 platform investments in Industrials · 14 in United Kingdom · 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

14. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High80

28 platform investments in Industrials · 14 in United Kingdom · 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. Inflexion SponsorVery High80

9 platform investments in Industrials · 55 in United Kingdom · 27 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

4 platform investments since the 2026 vintage · mid-deployment vs its usual 6 per fund.

Backed Aspen Pumps, 2025 · Industrials, UK

16. 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

17. Bridgepoint SponsorVery High79

32 platform investments in Industrials · 87 in United Kingdom · 43 deals 2024–26