Likely buyers · Logistics in Poland.

1. Waterland Private Equity SponsorVery High82

38 platform investments in Industrials · 3 in Poland · 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. 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

3. Sodero Gestion, CENCD SponsorVery High78

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 The Reefer Group, 2025 · Logistics, France

4. DUBAG Group SponsorVery High78

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

5. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High77

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 The Reefer Group, 2025 · Logistics, France

6. Arkea Capital Partenaire SponsorVery High77

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 The Reefer Group, 2025 · Logistics, France

7. Ardian, Finint Infrastrutture SponsorVery High76

126 platform investments in Industrials · 3 in Poland · 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

8. 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 Albea, 2018 · Logistics, France

9. Altor Equity Partners SponsorVery High76

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 Wrist Ship Supply, 2007 · Logistics, Denmark

10. Capmont SponsorVery High76

11 platform investments in Industrials · 3 in Poland · 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

11. 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 Bracchi, 2016 · Logistics, Italy

12. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High76

5 platform investments in Industrials · 1 in Poland · 7 deals 2024–26

AUM €287M · Kartesia Asset Finance III · 2024 vintage · deploying · check €4-30M

Accelerating: 6 deals in the last 2 years vs 0.5/yr before.

Backed CTL Logistics Group, 2025 · Logistics, Poland

13. EQT SponsorVery High75

51 platform investments in Industrials · 1 in Poland · 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

14. 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 Albea, 2018 · Logistics, France

15. 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 Albea, 2018 · Logistics, France

16. 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 Albea, 2018 · Logistics, France

17. 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 Albea, 2018 · Logistics, France

18. 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 Albea, 2018 · Logistics, France

19. 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 Geolinks, 2026 · Industrials, France

20. SPIE PE-backedVery High74

66 acquisitions in Industrials · 7 in Poland · 24 deals 2024–26

Active in Poland since 2016.

Added on BLOCK Group, 2026 · Industrials, Czech Republic

21. Cerea Partners SponsorVery High74

13 platform investments in Industrials · 15 deals 2024–26

AUM €1.5B · Cerea Agro Dev Industrie · 2025 vintage · deploying · check €5-38M

8 platform investments since the 2025 vintage · largely deployed vs its usual 8 per fund.

Backed Wiio, 2025 · Logistics, France

22. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High74

10 platform investments in Industrials · 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

23. BU Bregal Unternehmerkapital SponsorVery High74

10 platform investments in Industrials · 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

24. Ardian SponsorVery High73

137 platform investments in Industrials · 3 in Poland · 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

25. Turenne Groupe SponsorVery High73

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 Envoyé Spécial, 2021 · Logistics, France