Likely buyers · Construction in Finland.

1. Altor Equity Partners SponsorVery High90

28 platform investments in Industrials · 6 in Finland · 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

2. 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

3. DUBAG Group SponsorVery High81

14 platform investments in Industrials · 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. Bpifrance Investissement SponsorVery High80

27 platform investments in Industrials · 1 in Finland · 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

5. 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

6. Ardian SponsorVery High79

137 platform investments in Industrials · 3 in Finland · 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

7. 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

8. 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

9. Waterland Private Equity SponsorVery High78

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

10. IK Partners SponsorVery High77

75 platform investments in Industrials · 9 in Finland · 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

11. FCDE SponsorVery High77

11 platform investments in Industrials · 5 deals 2024–26

AUM €604M · FCDE Fund III · 2025 vintage · deploying · check €8-60M

3 platform investments since the 2025 vintage · early in deployment vs its usual 7 per fund.

Backed SKAKO, 2025 · Construction, France

12. PAI Partners SponsorVery High76

33 platform investments in Industrials · 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

13. Trill Impact SponsorVery High76

4 platform investments in Industrials · 1 in Finland · 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

14. Helix Kapital SponsorVery High76

7 platform investments in Industrials · 5 deals 2024–26

Helix III · 2023 vintage · deploying

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

Backed Revivo Group, 2024 · Construction, Sweden

15. IGI Private Equity SponsorVery High76

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

16. Ardian, Finint Infrastrutture SponsorVery High75

126 platform investments in Industrials · 3 in Finland · 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

17. EQT SponsorVery High75

51 platform investments in Industrials · 10 in Finland · 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

18. PAI Partners (Fund VIII) SponsorVery High75

28 platform investments in Industrials · 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

19. PAI Partners (Mid-Market Fund) SponsorVery High75

28 platform investments in Industrials · 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 (Mid-Market) SponsorVery High75

28 platform investments in Industrials · 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

21. PAI Partners / ADIA SponsorVery High75

29 platform investments in Industrials · 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

22. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High75

28 platform investments in Industrials · 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

23. Audacia SponsorVery High75

21 platform investments in Industrials · 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

24. Inflexion (Partnership Capital III) SponsorVery High75

9 platform investments in Industrials · 1 in Finland · 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

25. NCI SponsorVery High75

20 platform investments in Industrials · 12 deals 2024–26

AUM €400M · Reprendre & Developper 6 · 2025 vintage · deploying · check €2-15M

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

Backed Technologies & Habitat, 2025 · Construction, France