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Buyer landscape

Likely buyers · Logistics 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 13 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. Waterland Private Equity SponsorVery High86

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 Palletways, 2026 · Logistics, UK

2. Ardian, Finint Infrastrutture SponsorVery High85

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.

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

3. Ardian SponsorVery High83

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 Staci from Cobepa, 2019 · Logistics, France

4. 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 Albea, 2018 · Logistics, France

5. Swanlaab Venture Factory SponsorVery High82

1 platform investments in Industrials · 24 in Spain · 18 deals 2024–26

Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying

Accelerating: 15 deals in the last 2 years vs 1.3/yr before.

Backed Eaship, 2026 · Logistics, Spain

6. 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.

Backed Maresa Logistica, 2020 · Logistics, Spain

7. EQT SponsorVery High81

51 platform investments in Industrials · 13 in Spain · 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

8. 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

9. DUBAG Group SponsorVery High81

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

10. 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 Bracchi, 2016 · Logistics, Italy

11. 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 Munich Electrification, 2026 · Industrials, Germany

12. 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 Munich Electrification, 2026 · Industrials, Germany

13. 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 Munich Electrification, 2026 · Industrials, Germany

14. 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 Munich Electrification, 2026 · Industrials, Germany

15. 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 Munich Electrification, 2026 · Industrials, Germany

16. 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 Munich Electrification, 2026 · Industrials, Germany

17. 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 Munich Electrification, 2026 · Industrials, Germany

18. 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 Munich Electrification, 2026 · Industrials, Germany

19. 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 Munich Electrification, 2026 · Industrials, Germany

20. 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 Munich Electrification, 2026 · Industrials, Germany

21. 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.

Backed Munich Electrification, 2026 · Industrials, Germany

22. 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 Munich Electrification, 2026 · Industrials, Germany

23. 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 Munich Electrification, 2026 · Industrials, Germany

24. 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 Albea, 2018 · Logistics, France

25. 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 Albea, 2018 · Logistics, 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.