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Buyer landscape

Likely buyers · Logistics 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 9 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 High87

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. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High85

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 SwipBox, 2025 · Logistics, Denmark

3. BU Bregal Unternehmerkapital SponsorVery High85

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 SwipBox, 2025 · Logistics, Denmark

4. Waterland Private Equity SponsorVery High84

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 Palletways, 2026 · Logistics, UK

5. Ardian, Finint Infrastrutture SponsorVery High81

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.

Bought SAVE from InfraVia Capital Partners, 2026 · Logistics, Italy

6. 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 SELATEK from Amplio, 2026 · Industrials, Sweden

7. Bpifrance Investissement SponsorVery High81

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 Francbord, 2026 · Logistics, France

8. EQT SponsorVery High80

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 Constellation Cold Logistics, 2024 · Logistics, Netherlands

9. Omnes Capital SponsorVery High80

20 platform investments in Industrials · 14 in Germany · 11 deals 2024–26

AUM €6.7B · Capenergie 5 · 2024 vintage · deploying · check €41-308M

11 platform investments since the 2024 vintage · mid-deployment vs its usual 15 per fund.

Backed Megalithe, 2024 · Logistics, France

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 Albea, 2018 · Logistics, France

11. 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

12. Capmont SponsorVery High80

11 platform investments in Industrials · 32 in Germany · 16 deals 2024–26

Capmont Technology Fund · 2024 vintage · deploying · check €2-15M

16 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.

Backed Urbify, 2024 · Logistics, Germany

13. Ardian SponsorVery High79

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 Staci from Cobepa, 2019 · Logistics, France

14. 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 Albea, 2018 · Logistics, France

15. 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 Albea, 2018 · Logistics, France

16. 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 Albea, 2018 · Logistics, France

17. 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 Albea, 2018 · Logistics, France

18. 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 Albea, 2018 · Logistics, France

19. 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

20. 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

21. IK Partners (IK Small Cap III) SponsorVery High78

70 platform investments in Industrials · 32 in Germany · 39 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.

Backed Francks Kylindustri, 2025 · Industrials, Sweden

22. IK Partners / GIC / Keensight / Parquest / management SponsorVery High78

71 platform investments in Industrials · 32 in Germany · 38 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.

Backed Francks Kylindustri, 2025 · Industrials, Sweden

23. Audacia SponsorVery High78

21 platform investments in Industrials · 1 in Germany · 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 Geolinks, 2026 · Industrials, France

24. Altor Equity Partners SponsorVery High78

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 Wrist Ship Supply, 2007 · Logistics, Denmark

25. SPIE PE-backedVery High78

66 acquisitions in Industrials · 26 in Germany · 24 deals 2024–26

Active in Germany since 2013.

Added on BLOCK Group, 2026 · Industrials, Czech Republic

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.