Private‑equity interest in manufacturing and construction has cooled, yet this week’s deals show the sector remains on the radar. Astorg‑backed IPCOM revealed plans to buy a majority stake in French refrigeration specialist Le Froid Pecomark, signalling that high revenue streams still attract capital.

The move comes as heavy‑input industries face volatile supply chains and inflationary pressure, making traditional PE targets less attractive. Still, investors see long‑term upside in resilient operations, especially those with established customer bases and scalable technology, and the potential to drive cost efficiencies across the supply chain.

Thoma Bravo, highlighted in a recent PE Hub feature, continues to lead the industrial playbook with sizeable allocations toward manufacturing and logistics. Its presence underscores a broader trend of PE firms prioritizing sectors that can sustain high revenue growth despite cyclical headwinds for investors seeking stable returns.

These transactions illustrate that even in a cost‑tight environment, private‑equity capital remains focused on firms with durable revenue models and growth potential. For industrial players, securing PE backing can unlock resources to modernize operations and expand market reach while also providing a platform for strategic acquisitions and scaling.