Likely buyers · FoodTech in Denmark.

1. Riello Investimenti SGR SponsorVery High83

10 platform investments in Consumer & Retail · 8 deals 2024–26

AUM €250M · Buy&Build Opportunities - Private Equity IV · 2025 vintage · deploying

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Backed Foreverland, 2026 · FoodTech, Italy

2. Bpifrance Investissement SponsorVery High81

13 platform investments in Consumer & Retail · 1 in Denmark · 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 Belambra, 2026 · Hospitality, France

3. PAI Partners SponsorVery High78

58 platform investments in Consumer & Retail · 1 in Denmark · 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 Refresco, 2018 · FoodTech, Netherlands

4. Finorpa Gestion SponsorVery High78

30 platform investments in Consumer & Retail · 27 deals 2024–26

Hauts-de-France Avenir TPE PME · 2026 vintage · deploying

8 platform investments since the 2026 vintage · early in deployment vs its usual 28 per fund.

Backed Nutriearth, 2024 · FoodTech, France

5. EXTENDAM and Amante Capital SponsorVery High78

31 platform investments in Consumer & Retail · 22 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 15 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

6. Extendam SponsorVery High78

30 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Bought Ayre Hoteles from Eurazeo, 2026 · Hospitality, Spain

7. Extendam, Amante Capital SponsorVery High78

30 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

8. Capidea Management SponsorVery High77

13 platform investments in Consumer & Retail · 35 in Denmark · 10 deals 2024–26

Fond IV · 2023 vintage · deploying · check €3-25M

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

Backed Houkjaer Begravelse, 2026 · Consumer, Denmark

9. Erhvervsinvest SponsorVery High77

13 platform investments in Consumer & Retail · 34 in Denmark · 4 deals 2024–26

Erhvervsinvest Sileo · 2022 vintage · partially deployed

6 platform investments since the 2022 vintage · largely deployed vs its usual 6 per fund.

Backed Them Andelsmejeri, 2026 · Consumer, Denmark

10. Quadrivio Group SponsorVery High76

22 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Alice Pizza, 2026 · Hospitality, Italy

11. Waterland Private Equity SponsorVery High75

36 platform investments in Consumer & Retail · 9 in Denmark · 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 Umami, 2024 · FoodTech, Belgium

12. Altor Equity Partners SponsorVery High75

26 platform investments in Consumer & Retail · 17 in Denmark · 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 Imbox, 2025 · Consumer, Denmark

13. Orlando Management SponsorVery High75

7 platform investments in Consumer & Retail · 10 deals 2024–26

AUM €800M · Orlando Capital V · 2024 vintage · deploying · check €5-38M

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

Backed Kwantum, 2026 · Consumer, Netherlands

14. EQT SponsorVery High74

28 platform investments in Consumer & Retail · 19 in Denmark · 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 Oterra, 2021 · FoodTech, Denmark

15. NextStage AM SponsorVery High74

17 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed La Fabrique Cookies, 2026 · Consumer, France

16. NextStage AM, BNP Développement, Bpifrance and management SponsorVery High74

16 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed La Fabrique Cookies, 2026 · Consumer, France

17. Axio Capital / Siparex Intermezzo SponsorVery High74

11 platform investments in Consumer & Retail · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 11 per fund.

Bought Asia Voyages from NCI, 2026 · Hospitality, France

18. Axio Capital / Siparex Intermezzo 3 SponsorVery High74

11 platform investments in Consumer & Retail · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 11 per fund.

Bought Asia Voyages from Adaxtra Capital, 2026 · Consumer, France

19. FrenchFood Capital SponsorVery High74

33 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed EMMA Pâtisserie, 2026 · Consumer, France

20. FrenchFood Capital + Cerea Capital SponsorVery High74

34 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed EMMA Pâtisserie, 2026 · Consumer, France

21. FrenchFood Capital, Socadif SponsorVery High74

33 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed EMMA Pâtisserie, 2026 · Consumer, France

22. Turenne Groupe SponsorVery High73

98 platform investments in Consumer & Retail · 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 Le Petit Souk, 2026 · E-commerce, France

23. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High73

38 platform investments in Consumer & Retail · 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 Poiscaille, 2022 · FoodTech, France

24. Arkea Capital Partenaire SponsorVery High73

38 platform investments in Consumer & Retail · 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 Poiscaille, 2022 · FoodTech, France

25. Vitruvian Partners SponsorVery High73

26 platform investments in Consumer & Retail · 1 in Denmark · 19 deals 2024–26

AUM €18.0B · Vitruvian Investment Partnership V · 2023 vintage · deploying · check €146M-1.1B

20 platform investments since the 2023 vintage · mid-deployment vs its usual 20 per fund.

Bought Great Rail Journeys from Duke Street, 2025 · Hospitality, UK