Buyer landscape
Likely buyers · Logistics in Belgium.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 28 verified exits: 57% to sponsors, 39% to corporates and platforms, 4% other routes. 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 15 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 High87
38 platform investments in Industrials · 36 in Belgium · 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. PAI Partners SponsorVery High84
33 platform investments in Industrials · 5 in Belgium · 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
3. 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
4. PAI Partners (Fund VIII) SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
5. PAI Partners (Mid-Market Fund) SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
6. PAI Partners (Mid-Market) SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
7. PAI Partners / ADIA SponsorVery High79
29 platform investments in Industrials · 4 in Belgium · 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
8. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High79
28 platform investments in Industrials · 4 in Belgium · 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
9. Apheon SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 11 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
10. Apheon TMC HDC Long Term Value Fund (HarbourVest-led) + LFPI SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
11. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + LFPI-backed continuation fund) SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
12. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + MML Capital-backed continuation fund) SponsorVery High79
14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Rubio Monocoat, 2026 · Industrials, Belgium
13. 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
14. 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
15. Ardian, Finint Infrastrutture SponsorVery High77
126 platform investments in Industrials · 6 in Belgium · 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
16. EQT SponsorVery High77
51 platform investments in Industrials · 5 in Belgium · 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
17. IK Partners SponsorVery High77
75 platform investments in Industrials · 8 in Belgium · 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
18. 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
19. 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
20. 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
21. 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
22. Turenne Groupe SponsorVery High75
58 platform investments in Industrials · 3 in Belgium · 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
23. 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
24. Inflexion (Partnership Capital III) SponsorVery High75
9 platform investments in Industrials · 1 in Belgium · 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
25. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High75
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
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.