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Buyer landscape

Likely buyers · Aerospace & Defence in Austria.

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

How companies like this sold · 20 verified exits: 40% to sponsors, 55% to corporates and platforms, 5% via IPO. Route shift since 2020: sponsors 36% (was 42%), corporates and platforms 59% (was 53%), IPO 4% (was 4%) (sector-wide).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 23 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. PAI Partners SponsorVery High86

33 platform investments in Industrials · 2 in Austria · 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.

Bought Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy

2. Bpifrance Investissement SponsorVery High85

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 Novakamp, 2026 · Aerospace & Defence, France

3. Armira SponsorVery High84

7 platform investments in Industrials · 2 in Austria · 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 TYTAN Technologies, 2026 · Aerospace & Defence, Germany

4. DUBAG Group SponsorVery High84

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 HTSP (Holcim Technical Solutions and Products), 2026 · Aerospace & Defence, Germany

5. Omnes Capital SponsorVery High81

20 platform investments in Industrials · 1 in Austria · 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 ARX Robotics, 2025 · Aerospace & Defence, Germany

6. PAI Partners (Fund VIII) SponsorVery High81

28 platform investments in Industrials · 2 in Austria · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

7. PAI Partners (Mid-Market Fund) SponsorVery High81

28 platform investments in Industrials · 2 in Austria · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

8. PAI Partners (Mid-Market) SponsorVery High81

28 platform investments in Industrials · 2 in Austria · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

9. PAI Partners / ADIA SponsorVery High81

29 platform investments in Industrials · 2 in Austria · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

10. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High81

28 platform investments in Industrials · 2 in Austria · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

11. Waterland Private Equity SponsorVery High79

38 platform investments in Industrials · 1 in Austria · 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 Celestia, 2021 · Aerospace & Defence, Netherlands

12. Altor Equity Partners SponsorVery High79

28 platform investments in Industrials · 2 in Austria · 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

13. Sodero Gestion, CENCD SponsorVery High79

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 Coraxes, 2025 · Aerospace & Defence, France

14. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High78

5 platform investments in Industrials · 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 Aeronautical Financial Ireland, 2025 · Aerospace & Defence, Ireland

15. IK Partners SponsorVery High77

75 platform investments in Industrials · 1 in Austria · 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

16. InnovaFonds SponsorVery High77

50 platform investments in Industrials · 18 deals 2024–26

AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M

9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Bought Fleuret from iXO Private Equity, 2025 · Aerospace & Defence, France

17. EQT SponsorVery High76

51 platform investments in Industrials · 1 in Austria · 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.

Bought Ocea Group from ICG, 2024 · Aerospace & Defence, France

18. Audacia SponsorVery High76

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 ZODIAC MILPRO, 2022 · Aerospace & Defence, France

19. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High76

10 platform investments in Industrials · 1 in Austria · 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 A.Eberle, 2026 · Industrials, Germany

20. BU Bregal Unternehmerkapital SponsorVery High76

10 platform investments in Industrials · 1 in Austria · 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 A.Eberle, 2026 · Industrials, Germany

21. FCDE SponsorVery High76

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 HEMERIA, 2026 · Aerospace & Defence, France

22. 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

23. Ardian SponsorVery High75

137 platform investments in Industrials · 2 in Austria · 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.

Backed Munich Electrification, 2026 · Industrials, Germany

24. Ardian, Finint Infrastrutture SponsorVery High75

126 platform investments in Industrials · 2 in Austria · 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

25. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High75

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 ACB, 2022 · Aerospace & Defence, 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.