Buyer landscape
Likely buyers · Business Services.
Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 1,061 verified exits: 46% to sponsors, 50% to corporates and platforms, 2% via IPO, 2% other routes. Route shift since 2020: sponsors 45% (was 48%), corporates and platforms 51% (was 48%), IPO 1% (was 4%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers. 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. Adelis Equity Partners SponsorVery High93
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
2. Triton Partners SponsorVery High88
35 platform investments in Business Services · 10 deals 2024–26
AUM €18.5B · Triton Fund VI · 2026 vintage · deploying · check €110-825M
3 platform investments since the 2026 vintage · early in deployment vs its usual 11 per fund.
Backed formicon, 2026 · Business Services, Germany
3. Permira SponsorVery High88
19 platform investments in Business Services · 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
4. Axcel SponsorVery High88
13 platform investments in Business Services · 14 deals 2024–26
Axcel VII · 2023 vintage · deploying · check €26-194M
15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.
Bought Geomatikk Group from Hg, 2026 · Business Services, Norway
5. IK Partners SponsorVery High86
50 platform investments in Business Services · 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.
Backed Selatek, 2026 · Business Services, Sweden
6. IK Partners (IK Small Cap III) SponsorVery High86
46 platform investments in Business Services · 39 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.
Backed Selatek, 2026 · Business Services, Sweden
7. IK Partners / GIC / Keensight / Parquest / management SponsorVery High86
46 platform investments in Business Services · 38 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.
Backed Selatek, 2026 · Business Services, Sweden
8. PAI Partners SponsorVery High86
27 platform investments in Business Services · 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
9. Isai Gestion SponsorVery High86
6 platform investments in Business Services · 32 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
25 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed APL Data Center, 2026 · Business Services, France
10. PAI Partners (Fund VIII) SponsorVery High86
24 platform investments in Business Services · 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
11. PAI Partners (Mid-Market Fund) SponsorVery High86
25 platform investments in Business Services · 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
12. PAI Partners (Mid-Market) SponsorVery High86
24 platform investments in Business Services · 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
13. PAI Partners / ADIA SponsorVery High86
24 platform investments in Business Services · 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
14. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High86
24 platform investments in Business Services · 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
15. Argos Wityu SponsorVery High86
10 platform investments in Business Services · 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
16. NORD Holding SponsorVery High86
7 platform investments in Business Services · 15 deals 2024–26
AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying
Accelerating: 13 deals in the last 2 years vs 2.5/yr before.
Backed IBB Institut fuer Berufliche Bildung AG, 2026 · Business Services, Germany
17. Turenne Groupe SponsorVery High85
37 platform investments in Business Services · 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 EXEN, 2026 · Business Services, France
18. Initiative & Finance SponsorVery High85
31 platform investments in Business Services · 11 deals 2024–26
AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M
8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.
Backed OPUS FORMATION, 2026 · Business Services, France
19. Initiative & Finance (FCPR I) with Thierry Suin (MBO) SponsorVery High85
31 platform investments in Business Services · 11 deals 2024–26
AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M
8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.
Backed OPUS FORMATION, 2026 · Business Services, France
20. Initiative & Finance + Turenne + Nord Capital SponsorVery High85
31 platform investments in Business Services · 11 deals 2024–26
AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M
8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.
Backed OPUS FORMATION, 2026 · Business Services, France
21. Initiative & Finance and Viveris Management SponsorVery High85
31 platform investments in Business Services · 11 deals 2024–26
AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M
8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.
Backed OPUS FORMATION, 2026 · Business Services, France
22. Initiative & Finance, Bpifrance, GSO Capital and IDIA Capital Investissement SponsorVery High85
32 platform investments in Business Services · 11 deals 2024–26
AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M
8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.
Backed OPUS FORMATION, 2026 · Business Services, France
23. Permira Credit SponsorVery High85
16 platform investments in Business Services · 14 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.
Backed Carne, 2026 · Business Services, Ireland
24. Inflexion SponsorVery High85
20 platform investments in Business Services · 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 Ranger Fire & Security, 2026 · Business Services, UK
25. MML Capital SponsorVery High85
20 platform investments in Business Services · 18 deals 2024–26
AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M
10 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.
Backed RTM Engineering Consultants, 2026 · Business Services, US
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.