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Buyer landscape

Likely buyers · Business Services.

Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 1,036 verified exits: 46% to sponsors, 50% to corporates and platforms, 2% via IPO, 2% other routes. Route shift since 2020: sponsors 44% (was 48%), corporates and platforms 52% (was 48%), IPO 1% (was 4%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers. 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. Triton Partners SponsorVery High88

35 platform investments in Business Services · 10 deals 2024–26

AUM €18.5B · Triton Fund VI · 2026 vintage · deploying · check €110-825M

3 platform investments since the 2026 vintage · early in deployment vs its usual 11 per fund.

Backed formicon, 2026 · Business Services, Germany

2. Permira SponsorVery High88

19 platform investments in Business Services · 17 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

17 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Bought Carne from Vitruvian Partners, 2026 · Business Services, Ireland

3. Axcel SponsorVery High88

13 platform investments in Business Services · 14 deals 2024–26

Axcel VII · 2023 vintage · deploying · check €26-194M

15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Bought Geomatikk Group from Hg, 2026 · Business Services, Norway

4. IK Partners SponsorVery High86

50 platform investments in Business Services · 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.

Backed Selatek, 2026 · Business Services, Sweden

5. IK Partners (IK Small Cap III) SponsorVery High86

46 platform investments in Business Services · 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 Selatek, 2026 · Business Services, Sweden

6. IK Partners / GIC / Keensight / Parquest / management SponsorVery High86

46 platform investments in Business Services · 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 Selatek, 2026 · Business Services, Sweden

7. PAI Partners SponsorVery High86

27 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

8. Isai Gestion SponsorVery High86

6 platform investments in Business Services · 30 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed APL Data Center, 2026 · Business Services, France

9. PAI Partners (Fund VIII) SponsorVery High86

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

10. PAI Partners (Mid-Market Fund) SponsorVery High86

25 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

11. PAI Partners (Mid-Market) SponsorVery High86

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

12. PAI Partners / ADIA SponsorVery High86

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

13. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High86

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

14. Argos Wityu SponsorVery High86

10 platform investments in Business Services · 13 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

13 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed Star7, 2026 · Business Services, Italy

15. NORD Holding SponsorVery High86

7 platform investments in Business Services · 15 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 13 deals in the last 2 years vs 2.5/yr before.

Backed IBB Institut fuer Berufliche Bildung AG, 2026 · Business Services, Germany

16. Turenne Groupe SponsorVery High85

37 platform investments in Business Services · 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 EXEN, 2026 · Business Services, France

17. Initiative & Finance SponsorVery High85

31 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France

18. Initiative & Finance (FCPR I) with Thierry Suin (MBO) SponsorVery High85

31 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France

19. Initiative & Finance + Turenne + Nord Capital SponsorVery High85

31 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France

20. Initiative & Finance and Viveris Management SponsorVery High85

31 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France

21. Initiative & Finance, Bpifrance, GSO Capital and IDIA Capital Investissement SponsorVery High85

32 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France

22. Permira Credit SponsorVery High85

16 platform investments in Business Services · 14 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

17 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed Carne, 2026 · Business Services, Ireland

23. Inflexion SponsorVery High85

20 platform investments in Business Services · 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 Ranger Fire & Security, 2026 · Business Services, UK

24. MML Capital SponsorVery High85

20 platform investments in Business Services · 16 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed RTM Engineering Consultants, 2026 · Business Services, US

25. MML Capital + Bpifrance SponsorVery High85

21 platform investments in Business Services · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed RTM Engineering Consultants, 2026 · Business Services, US

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.