Skip to content
Back to the interactive shortlist

Buyer landscape

Likely buyers · Construction in Spain.

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

How companies like this sold · 97 verified exits: 32% to sponsors, 64% to corporates and platforms, 3% via IPO, 1% other routes. Route shift since 2020: sponsors 28% (was 37%), corporates and platforms 72% (was 53%), IPO 0% (was 7%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 20 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. Ardian SponsorVery High87

137 platform investments in Industrials · 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.

Bought Fermax from Eurazeo, 2025 · Construction, Spain

2. DUBAG Group SponsorVery High84

14 platform investments in Industrials · 1 in Spain · 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

3. Waterland Private Equity SponsorVery High83

38 platform investments in Industrials · 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 Interalu, 2024 · Construction, Belgium

4. Ardian, Finint Infrastrutture SponsorVery High82

126 platform investments in Industrials · 22 in Spain · 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

5. Turenne Groupe SponsorVery High82

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

6. PAI Partners SponsorVery High82

33 platform investments in Industrials · 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 Xella, 2008 · Construction, Germany

7. 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

8. Nexxus Iberia SponsorVery High82

7 platform investments in Industrials · 18 in Spain · 6 deals 2024–26

AUM €465M · Nexxus Iberia Private Equity Fund II · 2023 vintage · deploying · check €5-36M

7 platform investments since the 2023 vintage · largely deployed vs its usual 6 per fund.

Bought Shop&Roll from Buenavista Equity Partners, 2026 · Industrials, Spain

9. IGI Private Equity SponsorVery High81

18 platform investments in Industrials · 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

10. Ardian Clean Energy Evergreen Fund SponsorVery High80

126 platform investments in Industrials · 22 in Spain · 44 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

11. Ardian Mid Cap Buyout SponsorVery High80

126 platform investments in Industrials · 22 in Spain · 42 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

12. Ardian (Clean Energy Evergreen Fund) SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 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

13. Ardian (ex-AXA Private Equity) SponsorVery High80

126 platform investments in Industrials · 22 in Spain · 42 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

14. Ardian / Crédit Agricole Assurances consortium SponsorVery High80

126 platform investments in Industrials · 22 in Spain · 42 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. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 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

16. Ardian and Centerbridge Partners SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 42 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

17. Ardian and GoldenTree Asset Management SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 42 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

18. Ardian and Latour Capital SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 42 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

19. Ardian Expansion SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 42 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

20. Ardian Expansion (Fund V) SponsorVery High80

126 platform investments in Industrials · 22 in Spain · 42 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 Syclef from Latour Capital, 2020 · Construction, France

21. Ardian Semiconductor SponsorVery High80

126 platform investments in Industrials · 22 in Spain · 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

22. Ardian Tikehau EMZ consortium SponsorVery High80

125 platform investments in Industrials · 22 in Spain · 42 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

23. PAI Partners (Fund VIII) SponsorVery High80

28 platform investments in Industrials · 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 Xella, 2008 · Construction, Germany

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

28 platform investments in Industrials · 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 Xella, 2008 · Construction, Germany

25. PAI Partners (Mid-Market) SponsorVery High80

28 platform investments in Industrials · 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 Xella, 2008 · Construction, Germany

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.