Buyer landscape
Likely buyers · Construction in Germany.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 493 verified exits: 37% to sponsors, 58% to corporates and platforms, 4% via IPO, 2% other routes. Route shift since 2020: sponsors 27% (was 45%), corporates and platforms 65% (was 51%), IPO 5% (was 3%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 16 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. DUBAG Group SponsorVery High90
14 platform investments in Industrials · 17 in Germany · 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
2. Accursia Capital SponsorVery High85
24 platform investments in Industrials · 14 in Germany · 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
3. Altor Equity Partners SponsorVery High84
28 platform investments in Industrials · 4 in Germany · 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
4. Ardian SponsorVery High83
137 platform investments in Industrials · 50 in Germany · 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
5. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High82
10 platform investments in Industrials · 32 in Germany · 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
6. BU Bregal Unternehmerkapital SponsorVery High82
10 platform investments in Industrials · 32 in Germany · 14 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
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 · 34 in Germany · 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. Waterland Private Equity SponsorVery High81
38 platform investments in Industrials · 32 in Germany · 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
10. PAI Partners SponsorVery High80
33 platform investments in Industrials · 11 in Germany · 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
11. SPIE PE-backedVery High80
66 acquisitions in Industrials · 26 in Germany · 24 deals 2024–26
Active in Germany since 2013.
Bought SD Fiber from Auctus Capital Partners, 2025 · Construction, Switzerland
12. Inflexion (Partnership Capital III) SponsorVery High80
9 platform investments in Industrials · 4 in Germany · 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
13. 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
14. EQT SponsorVery High79
51 platform investments in Industrials · 40 in Germany · 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 HusCompagniet, 2015 · Construction, Denmark
15. 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
16. 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
17. PAI Partners (Fund VIII) SponsorVery High79
28 platform investments in Industrials · 9 in Germany · 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
18. PAI Partners (Mid-Market Fund) SponsorVery High79
28 platform investments in Industrials · 9 in Germany · 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
19. PAI Partners (Mid-Market) SponsorVery High79
28 platform investments in Industrials · 9 in Germany · 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
20. PAI Partners / ADIA SponsorVery High79
29 platform investments in Industrials · 9 in Germany · 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
21. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High79
28 platform investments in Industrials · 10 in Germany · 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
22. Inflexion SponsorVery High79
9 platform investments in Industrials · 5 in Germany · 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
23. Armira SponsorVery High79
7 platform investments in Industrials · 23 in Germany · 12 deals 2024–26
AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M
8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Backed AVILOO, 2026 · Mobility, Austria
24. Trill Impact SponsorVery High79
4 platform investments in Industrials · 7 in Germany · 8 deals 2024–26
AUM €1.4B · Trill Impact Fund II · 2024 vintage · deploying
7 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.
Bought Primutec Solutions Group from DPE Deutsche Private Equity, 2025 · Construction, Netherlands
25. Ardian, Finint Infrastrutture SponsorVery High78
126 platform investments in Industrials · 45 in Germany · 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
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.