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Buyer landscape

Likely buyers · Construction in Italy.

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

How companies like this sold · 238 verified exits: 41% to sponsors, 57% to corporates and platforms, 2% via IPO, 1% other routes. Route shift since 2020: sponsors 45% (was 37%), corporates and platforms 53% (was 60%), IPO 0% (was 3%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 17 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 High87

33 platform investments in Industrials · 16 in Italy · 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

2. IGI Private Equity SponsorVery High87

18 platform investments in Industrials · 19 in Italy · 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

3. DUBAG Group SponsorVery High85

14 platform investments in Industrials · 2 in Italy · 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

4. PAI Partners (Fund VIII) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

5. PAI Partners (Mid-Market Fund) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

6. PAI Partners (Mid-Market) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

7. PAI Partners / ADIA SponsorVery High84

29 platform investments in Industrials · 12 in Italy · 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

8. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

9. Ardian SponsorVery High83

137 platform investments in Industrials · 57 in Italy · 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

10. Turenne Groupe SponsorVery High83

58 platform investments in Industrials · 1 in Italy · 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

11. Accursia Capital SponsorVery High83

24 platform investments in Industrials · 5 in Italy · 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

12. 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

13. EMK Capital SponsorVery High81

14 platform investments in Industrials · 7 in Italy · 13 deals 2024–26

AUM €7.0B · EMK Capital Partners III · 2023 vintage · deploying · check €60-450M

12 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Backed Aureos, 2024 · Construction, UK

14. Ardian, Finint Infrastrutture SponsorVery High80

126 platform investments in Industrials · 48 in Italy · 43 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.

Backed Spie Batignolles, 2014 · Construction, France

15. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High80

10 platform investments in Industrials · 5 in Italy · 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

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. Waterland Private Equity SponsorVery High79

38 platform investments in Industrials · 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

18. 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

19. 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

20. Sviluppo Imprese Centro Italia SGR SponsorVery High79

26 platform investments in Industrials · 69 in Italy · 5 deals 2024–26

AUM €125M · Fondo Sviluppo Cooperazione Toscana · 2024 vintage · deploying · check €0-1M

5 platform investments since the 2024 vintage · early in deployment vs its usual 12 per fund.

Backed G. Toniolo, 2025 · Construction, Italy

21. Wise Equity SGR SponsorVery High79

15 platform investments in Industrials · 31 in Italy · 7 deals 2024–26

Wisequity VI · 2023 vintage · deploying · check €8-60M

7 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed MEP, 2024 · Construction, Italy

22. EMK Capital (Garda Group) SponsorVery High79

11 platform investments in Industrials · 5 in Italy · 10 deals 2024–26

AUM €7.0B · EMK Capital Partners III · 2023 vintage · deploying · check €60-450M

12 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Backed Aureos, 2024 · Construction, UK

23. Koinos Capital SponsorVery High79

5 platform investments in Industrials · 12 in Italy · 9 deals 2024–26

Italian Founders Fund · 2024 vintage · deploying · check €2-14M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Ventha Group, 2026 · Construction, Italy

24. Audacia SponsorVery High78

21 platform investments in Industrials · 1 in Italy · 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

25. 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

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.