Up to 60 potential acquirers may fit businesses like Firmament.

Frasers Group has a track record of acquiring boutique and niche fashion brands and retailers—e.g., Matches Fashion in 2023, The Webster in October 2025 (multi‑brand boutique retailer), and Gieves & Hawkes in November 2022—indicating a strategic interest in curated fashion assets that aligns with Firmament’s positioning. (en.wikipedia.org)

Equistone invests in German/French/UK middle‑market retail businesses (EV €50–500 m) and has acquired DefShop, a Berlin‐based streetwear retailer in 2017, showing direct sector and geographic relevance. (equistonepe.com)

OpCapita specialises in European consumer and retail lower‑middle‑market buyouts, including the acquisition of the designer womenswear retailer AppelrathCüpper in Germany (2016), aligning with Firmament’s scale and retail niche. (opcapita.com)

Auctus is active in the German lower‑middle‑market, with fund volume (~€650 m) and sector focus in consumer/retail through its investment banking advisory for such deals, making it plausible for retail consolidation or platform‐building. (ctacquisitions.com)

DBAG is a prominent Frankfurt‑based lower‑middle‑market PE with LMM focus in Germany, active 2024‑26, potentially targeting owner‑managed retail businesses like Firmament. (ctacquisitions.com)

Given the independent, founder‑owned nature and sub‑€10 m likely scale, a German‐based search‐fund or independent sponsor experienced in retail could credibly acquire Firmament. While no specific name is publicly documented, this archetype is realistic. (reddit.com)