The Board of Directors has appointed Swiss national Alessandro Capone as CEO of TIC Holding Schweiz AG with immediate effect. The leading independent Swiss group for accredited testing, inspection, and certification services was established in 2024 as an acquisition holding and is managed by Winterberg Advisory GmbH. Anchor investor Yana Partners is also represented on the Board. To date, TIC Holding Schweiz AG has acquired three mid-sized laboratories.
Baar, Switzerland – November 2025
In 2005, Alessandro Capone founded Metron Measurement SA, a calibration laboratory based in Quartino in the canton of Ticino, together with his father, Angelo. Following its initial SCS accreditation in the field of length measurement, Metron successfully expanded its customer and partner base across Switzerland over the past two decades and consistently secured additional accreditations. Today—following its most recent reaccreditation in 2024—Metron offers a comprehensive portfolio in length, form, torque, force, and electrical measurements, positioning it as one of Switzerland’s leading providers in this field. At the end of 2024, Metron Measurement SA became the first company in the portfolio of the newly established TIC Holding Schweiz AG, in which the Capone family also holds a direct shareholding.
Only nine months later, the Ticino-based entrepreneur was asked by the investors to assume the CEO position of TIC Holding Schweiz AG in order to guide both the management team and the integration of the group. He will take on this role in addition to his responsibilities as Managing Director of Metron Measurement SA, working closely with the investors’ Board representatives.
“Alessandro is the ideal candidate for this role. He brings 20 years of experience in building testing laboratories and in collaborating with accreditation bodies, customers, and employees. Metron is an impressive success story and is widely regarded across Switzerland as a fast-growing, dynamic, and customer-centric leader in its field. We are delighted that he will now lead TIC Holding as it executes its ambitious acquisition and integration strategy, and we greatly look forward to working with him,” says Fabian Kröher, Chairman of the Board of TIC Holding Schweiz AG and Partner at Winterberg.
The appointment comes at the right time—TIC Holding Schweiz AG recently secured additional investors and raised a total of CHF 35 million in equity to support the next phase of its growth trajectory.
“I am truly excited about this new challenge,” adds Alessandro Capone. “We have a unique opportunity to build a Swiss market leader and to introduce innovative approaches—such as digitalization—across the entire industry. Our goal is to remain a trusted partner to the Swiss industrial community, consistently delivering the highest standards of quality and reliability while offering tailored solutions for every customer.”
The group is currently acting as a frontrunner in several ongoing acquisition processes and expects to complete additional transactions before year-end.
About TIC Holding Schweiz AG
TIC Holding Schweiz aims to become one of the leading corporate groups in Switzerland, with the client at the center. It also places a strong emphasis on quality, excellence and diversity. The holding company actively seeks small and medium‑sized enterprises in the field of accredited testing, inspection and certification services, preferably in succession situations. By fostering an entrepreneurial culture and adopting the latest technologies across all corporate functions, it targets above‑average growth and returns. TIC Holding Schweiz is headquartered in Baar, Switzerland.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Grünwald near Munich, Winterberg Advisory GmbH manages private‑equity investment funds focused primarily on succession solutions in the small and mid‑cap segment. On this basis, buy‑build‑and‑technologize platforms are developed, such as—currently—TIC Holding Schweiz AG and Healthcare Holding Switzerland AG. Winterberg Group AG, headquartered in Zug, Switzerland, is an independent family office investing in private equity—including funds managed by Winterberg Advisory—as well as selectively in real estate and other asset classes. Both Winterberg Advisory and Winterberg Group are led by their founding partners Florian Brickenstein, Fabian Kröher, Ralph Nowak and Lorenzo Tencati.
About Yana Investment Partners
Yana Investment Partners engages with institutional investors, family offices, and asset managers to invest directly in outstanding privately held companies across Europe. Through its funds and together with its investors, Yana is an active asset owner in highly attractive, entrepreneurial “off-market” investments in an innovative, organised, and risk-controlled manner. Investments are made by systematically partnering with independent private equity sponsors on a deal-by-deal basis with a focus on small-cap investments.
For press enquiries, please contact presse@tic-holding.ch
Note to editors: Please credit Winterberg Advisory GmbH in all references to the quotes and information provided.
Further information on TIC Holding Schweiz AG: www.tic-holding.ch
Further information on the group companies of TIC Holding Schweiz AG: www.metron-labo.ch, www.transgeo.ch and www.lcbe.ch
Further information on Winterberg Advisory GmbH and Winterberg Group AG: www.winterberg.group
Further information on Yana Partners: www.yana.partners
Information on the Swiss platform Healthcare Holding Switzerland AG, also managed by Winterberg, can be found at www.healthcare-holding.ch
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of TIC Holding Switzerland AG.
TIC Holding Schweiz AG, a buy‑build‑and‑technologize platform financed by Winterberg Investment X and managed by Winterberg Advisory GmbH, has acquired LCBE Laboratoire de Contrôle bétons, enrobés et sols SA, headquartered in Bossonnes in Fribourg, Switzerland.
Baar, Switzerland – October 2025
LCBE SA, headquartered in Bossonnens, Fribourg, an accredited testing laboratory specializing in construction material testing and related consulting services, has been acquired retroactively as of 1 January 2025 by TIC Holding Schweiz AG. The company will continue to operate as an independent entity and testing laboratory within TIC Holding Schweiz.With this acquisition, the Group expands both its geographic footprint and service offering in construction materials testing across Switzerland. The previous owner, Daniel De Nicola, will remain with the company as Managing Director.
Commenting on the transaction, Daniel De Nicola said: “I am delighted that LCBE has joined such a dynamic and high-performing corporate group. Together, we will continue LCBE’s successful growth trajectory while preserving its full independence. I would also like to emphasize that nothing will change for our clients or employees – all points of contact remain in place, and we will continue to operate with the reliability, superior quality, and productive working environment that our teams are known for.”
Lorenzo Tencati, Partner at Winterberg and Board Member of TIC Holding Schweiz AG, added: “LCBE is an excellent strategic fit for our activities in construction material testing, particularly in Western Switzerland. Their capabilities enable us to offer our services across nearly the entire country. We are therefore very pleased to welcome LCBE to the Group – and especially to partner with such a highly competent and professional team.”
Ralph Nowak, Partner at Winterberg, continued: “We are excited to see the new ideas and fresh perspectives LCBE will bring to our Group. Together, we already form the leading provider in Switzerland, and we will continue to drive forward key initiatives such as digitalization and artificial intelligence. Our clear objective is to ensure that employees and clients alike benefit from improved, transparent processes and from the synergies within the Group.”
Winterberg actively seeks acquisitions in Switzerland in the accredited testing and calibration sector, particularly in the fields of construction and infrastructure, as well as industrial metrology and materials testing. TIC Holding Schweiz is being continuously expanded to ensure comprehensive coverage of all relevant service areas and regions across Switzerland. Winterberg is currently in active discussions with several additional companies.
About LCBE SA
LCBE Laboratoire de Contrôle bétons, enrobés et sols SA, based in Bossonnens in the canton of Fribourg, Switzerland, has been operating as a testing laboratory for the construction and building materials industry since 1985 and is accredited according to ISO IEC 17025 (STS 0159).
LCBE offers a comprehensive suite of testing and consulting services for construction professionals – including architects, engineers, contractors, asphalt and concrete producers, gravel and aggregate suppliers, and municipal service providers. Its primary services include testing procedures for concrete, asphalt, and bitumen, as well as certification of these materials in accordance with applicable standards.
In addition, LCBE’s specialists provide advisory services related to the repair or damage assessment of structures, roads, and waterproofing systems, support for testing facilities, production monitoring for building materials, and consulting in construction material recycling.
About TIC Holding Schweiz AG
TIC Holding Schweiz aims to become one of the leading corporate groups in Switzerland, with the client at the centre. It also places a strong emphasis on quality, excellence and diversity. The holding company actively seeks small and medium‑sized enterprises in the field of accredited testing, inspection and certification services, preferably in succession situations. By fostering an entrepreneurial culture and adopting the latest technologies across all corporate functions, it targets above‑average growth and returns. TIC Holding Schweiz is headquartered in Baar, Switzerland.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Grünwald near Munich, Winterberg Advisory GmbH manages private‑equity investment funds focused primarily on succession solutions in the small and mid‑cap segment. On this basis, buy‑build‑and‑technologize platforms are developed, such as—currently—TIC Holding Schweiz AG and Healthcare Holding Switzerland AG. Winterberg Group AG, headquartered in Zug, Switzerland, is an independent family office investing in private equity—including funds managed by Winterberg Advisory—as well as selectively in real estate and other asset classes. Both Winterberg Advisory and Winterberg Group are led by their founding partners Florian Brickenstein, Fabian Kröher, Ralph Nowak and Lorenzo Tencati.
For press enquiries, please contact presse@tic-holding.ch
Note to editors: Please credit Winterberg Advisory GmbH in all references to the quotes and information provided.
Further information on TIC Holding Schweiz AG: www.tic-holding.ch
Further information on LCBE SA: www.lcbe.ch
Further information on the other group companies of TIC Holding Schweiz AG: www.metron-labo.ch, www.transgeo.ch
Further information on Winterberg Advisory GmbH and Winterberg Group AG: www.winterberg.group
Information on the Swiss platform Healthcare Holding Switzerland AG, also managed by Winterberg, can be found at www.healthcare-holding.ch
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Switzerland AG.
Healthcare Holding Schweiz AG, a leading provider of medical technology services and distribution solutions in Switzerland, has expanded its portfolio through the acquisition of a stake in QUNIQUE GmbH. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – October 2025
Healthcare Holding Schweiz AG has successfully acquired a stake in QUNIQUE GmbH, headquartered in Wohlen, thereby strengthening its expertise in regulatory affairs and quality management. In return, QUNIQUE’s founder will reparticipate in the group. QUNIQUE is among the leading ISO 13485-certified consulting firms in the medical technology sector. The company supports manufacturers, importers, distributors, hospitals, and suppliers in ensuring regulatory and quality compliance within Switzerland and the European Union. In addition, QUNIQUE acts as CH-REP and CH-Importer for numerous renowned international MedTech manufacturers, and—through its German subsidiary—also serves as EU-REP and EU-Importer.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG, commented: “QUNIQUE is a dynamic and fast-growing consultancy that perfectly complements our group’s offering as a medical technology distributor. Its experienced specialists will now also be available to support our suppliers, while QUNIQUE will continue to operate independently in the market, providing its existing and future clients with expert guidance—backed by our collective know-how and experience.”
Angelina Hakim, Founder and CEO of QUNIQUE GmbH and now a member of the Healthcare Holding Schweiz AG leadership team, added: “This strategic alliance with Healthcare Holding Schweiz will open up many exciting new opportunities for both parties. Together, we can support the entire value chain—from procurement to end customer—more effectively. We will continue to offer our services independently, maintaining our commitment to providing the entire MedTech industry with customer-focused and fully compliant regulatory solutions.”
About QUNIQUE GmbH
Headquartered in Wohlen, QUNIQUE GmbH is an ISO 13485-certified consulting firm specialized in developing customized concepts to support and maintain regulatory compliance for clients in the medical device and in-vitro diagnostics sectors. QUNIQUE’s core expertise lies in the precise analysis and practical implementation of regulatory requirements, including IVDR (In Vitro Diagnostic Regulation), MDR (Medical Device Regulation), MDSAP (Medical Device Single Audit Program), QM (Quality Management), RA (Regulatory Affairs), training, audits, and technical documentation. In addition, QUNIQUE acts as CH/EU-REP (Swiss and European Authorized Representative) and CH/EU-IMP (Swiss and European Importer) for numerous manufacturers—including several well-known international corporations exporting medical devices to Switzerland and the European Union.
About Healthcare Holding Schweiz AG
Healthcare Holding Schweiz AG is a Buy, Build & Technologize platform and a leading provider of medical technology products and services in Switzerland. The group is based in Baar and pursues an ambitious growth strategy through acquisitions, often in the context of succession arrangements, partnerships, and organic growth. Healthcare Holding Schweiz and its group companies are committed to the highest standards of innovation and customer satisfaction. The group consistently leverages technology to make business processes safer and more efficient. As a market leader, the company sets new standards for the industry and offers employees attractive development opportunities. All of the management team holds shares in Healthcare Holding Schweiz, thus forming a dynamic community of entrepreneurs.Since 2023, the group has been led by CEO Fabio Fagagnini.
About KKA Partners
Founded in 2018, KKA Partners is a Berlin-based lower mid-market private equity firm that invests in leading companies in Germany, Austria and Switzerland – the so-called “Mittelstand”. The Founding Partners all have a deep-rooted family and professional heritage in the Mittelstand developed over 20 years in working closely with Mittelstand companies. KKA is at the forefront of the next wave of value creation through Technology Enabled Transformation of the Mittelstand.
About Winterberg Advisory GmbH and Winterberg Group AG
Winterberg Group AG, based in Zug, operates as an independent family office for its founders. Winterberg mainly invests in SMEs in the German-speaking region and selectively considers investments in startups and real estate. Winterberg Advisory GmbH is a general partner and fund manager regulated by the German BaFin. Winterberg Advisory has launched numerous private equity funds and is invested in Healthcare Holding Schweiz AG through its funds Winterberg Investment VIII and Winterberg Investment IX. The two Managing Partners, Fabian Kröher and Florian Brickenstein, manage Healthcare Holding Schweiz AG via its board of directors.
For press inquiries, please contact presse@healthcare-holding.ch
Note for Editors: Please reference Healthcare Holding Schweiz AG for any provided quotes and information.
For more information about QUNIQUE GmbH, visit www.quniquegroup.com
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch
For more information about other portfolio companies of Healthcare Holding, visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch, www.mcm-medsys.ch, www.naropa-reha.ch, www.mvb-med.ch, www.dentalaxess.ch, www.effectum-chrep.com, www.schaublin-medica.ch, www.cdpswiss.com, www.aestheticbedarf.ch, www.ftcdental.ch, www.inomedicalsolutions.ch
For more information about KKA Partners visit www.kkapartners.com and about Winterberg www.winterberg.group.
This press release is issued and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
Winterberg Investment X, a fund advised by Winterberg Advisory GmbH, has successfully completed its second closing. The target equity range of EUR 20–25 million was significantly exceeded, with the fund closing oversubscribed at its hard cap of EUR 35 million (including future management commitments). Following two completed acquisitions, the fund will continue to advance its Swiss buy, build and technologize platform in the field of accredited testing, inspection, and certification services, pursuing further acquisitions of small and mid-sized Swiss companies in the sector.
Baar, Switzerland – 30. September 2025
At the end of last year, Winterberg—together with funds advised by Yana Investment Partners, a leading European small-cap specialist—established TIC Holding Schweiz AG as a platform to build a leading provider in Switzerland’s accredited testing, inspection, and certification (TIC) market. To date, two companies have been acquired, with a third transaction expected to close shortly.
Through its portfolio companies Metron Measurement SA and TransGeo AG, TIC Holding Schweiz AG operates in the calibration of tools and measurement instruments, as well as in chemical, mechanical, and other testing of industrial materials and products, such as building materials. All group companies are accredited by the Swiss Accreditation Service (SAS). Given the continuous demand for such services—fueled by increasing regulatory requirements—the sector is regarded as both crisis-resilient and highly attractive to investors.
Fabian Kröher, Chairman of the Board of TIC Holding Schweiz AG and Partner at Winterberg, commented: “Following a very successful launch of TIC Holding Schweiz, a promising pipeline of additional acquisition targets, and strong financial performance of our existing portfolio companies, the second closing of our fund was significantly oversubscribed – with total potential commitments of more than EUR 50 million.”
Ralph Nowak, Partner at Winterberg, added: “We are currently in discussions with a number of additional targets, particularly successful owner-managers seeking to secure a long-term succession solution. Against this backdrop, we are confident in our ability to build another significant Swiss industrial group and to deploy our investors’ capital efficiently and responsibly.”
Dr. Hanspeter Bader, Founding Partner of Yana Investment Partners and Board Member of TIC Holding Schweiz AG, noted: “The exceptionally strong investor demand in the second closing exceeded our expectations. We are very pleased with how the investment is developing and proud to have recognized the group’s potential early on. As a lead investor and member of the Board, we look forward to continuing to shape TIC Holding Schweiz AG’s strategic direction alongside Winterberg.”
About TIC Holding Schweiz AG
TIC Holding Schweiz aims to become one of the leading corporate groups in Switzerland, with the client at the centre. It also places a strong emphasis on quality, excellence and diversity. The holding company actively seeks small and medium‑sized enterprises in the field of accredited testing, inspection and certification services, preferably in succession situations. By fostering an entrepreneurial culture and adopting the latest technologies across all corporate functions, it targets above‑average growth and returns. TIC Holding Schweiz is headquartered in Baar, Switzerland.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Grünwald near Munich, Winterberg Advisory GmbH manages private‑equity investment funds focused primarily on succession solutions in the small and mid‑cap segment. On this basis, buy‑build‑and‑technologize platforms are developed, such as—currently—TIC Holding Schweiz AG and Healthcare Holding Switzerland AG. Winterberg Group AG, headquartered in Zug, Switzerland, is an independent family office investing in private equity—including funds managed by Winterberg Advisory—as well as selectively in real estate and other asset classes. Both Winterberg Advisory and Winterberg Group are led by their founding partners Florian Brickenstein, Fabian Kröher, Ralph Nowak and Lorenzo Tencati.
About Yana Investment Partners
Yana Investment Partners engages with institutional investors, family offices, and asset managers to invest directly in outstanding privately held companies across Europe. Through its funds and together with its investors, Yana is an active asset owner in highly attractive, entrepreneurial “off-market” investments in an innovative, organised, and risk-controlled manner. Investments are made by systematically partnering with independent private equity sponsors on a deal-by-deal basis with a focus on small-cap investments.
For press enquiries, please contact presse@tic-holding.ch
Note to editors: Please credit Winterberg Advisory GmbH in all references to the quotes and information provided.
Further information on TIC Holding Schweiz AG: www.tic-holding.ch
Further information on the group companies of TIC Holding Schweiz AG: www.metron-labo.ch and www.transgeo.ch
Further information on Winterberg Advisory GmbH and Winterberg Group AG: www.winterberg.group
Further information on Yana Partners: www.yana.partners
Information on the Swiss platform Healthcare Holding Switzerland AG, also managed by Winterberg, can be found at www.healthcare-holding.ch
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of TIC Holding Switzerland AG.
TIC Holding Schweiz AG, a buy‑build‑and‑technologize platform financed by Winterberg Investment X and managed by Winterberg Advisory GmbH, has acquired TransGeo AG, headquartered in Gümlingen near Bern, Switzerland.
Baar, Switzerland – September 2025
TransGeo AG, based in Gümlingen near Bern, an accredited testing laboratory in construction materials testing and advisory services, became—effective retroactively as of 1 January 2025—a member of TIC Holding Schweiz AG. The company will continue to operate as an independent testing laboratory within TIC Holding Schweiz. This step broadens TransGeo’s base and enables it to further expand its areas of activity. It also provides an optimal succession solution for the previous majority shareholder, chairman of the board and chief executive officer, Christian Wyss.
Going forward, Christian Wyss will focus on his duties on the board of directors and ensure that operational management is handed over to long‑standing employee Folco Giacomini by the end of 2026. This process will also be supported by long‑standing employee and board member Dagmar Riesen. As the new chairman of the board, Fabian Kröher—also chairman of TIC Holding Schweiz and a Partner at Winterberg—will champion an entrepreneurial culture and the adoption of the latest technologies in construction materials testing across all corporate functions to drive sustainable, continuous development.
Commenting on the transaction, Christian Wyss said: “I believe that with these measures we have found an optimal solution for all stakeholders. We look forward to continuing our long‑standing and successful collaboration with our corporate clients and partners—nothing changes for them: all familiar points of contact remain in place and our examinations will continue to be performed with the highest reliability. Personally, I am very pleased that TransGeo can continue to develop successfully as an independent company, and I will keep supporting this with my full commitment.”
Fabian Kröher added: “With TransGeo, we have found the perfect addition to TIC Holding Schweiz AG in the field of construction materials testing. The company enjoys an excellent reputation; it is valued not only for its accredited testing, but also for its competent advice on geological issues, and it maintains very strong customer relationships. We are delighted to support the company’s further development together with the entire team within TIC Holding Schweiz.”
Winterberg is actively seeking add‑on acquisitions in Switzerland in the sector of accredited testing and calibration services—particularly in the areas of construction and infrastructure as well as in industrial metrology and testing. To this end, Winterberg is in active discussions with a number of additional companies.
About TransGeo
Based in Gümlingen near Bern, TransGeo AG has for more than 20 years been an ISO/IEC 17025‑accredited (STS 0410) testing laboratory in construction materials testing, geological analyses and related advisory services. All relevant test procedures are carried out in the areas of rock, unconsolidated sediment, soil, aggregates, soil samples, mortar, concrete and mineral recycling materials. Advisory services are also offered for geological issues, material cycles and construction‑materials production. These advisory services are strictly separated from testing activities.
About TIC Holding Schweiz AG
TIC Holding Schweiz aims to become one of the leading corporate groups in Switzerland, with the client at the centre. It also places a strong emphasis on quality, excellence and diversity. The holding company actively seeks small and medium‑sized enterprises in the field of accredited testing, inspection and certification services, preferably in succession situations. By fostering an entrepreneurial culture and adopting the latest technologies across all corporate functions, it targets above‑average growth and returns. TIC Holding Schweiz is headquartered in Baar, Switzerland.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Grünwald near Munich, Winterberg Advisory GmbH manages private‑equity investment funds focused primarily on succession solutions in the small and mid‑cap segment. On this basis, buy‑build‑and‑technologize platforms are developed, such as—currently—TIC Holding Schweiz AG and Healthcare Holding Switzerland AG. Winterberg Group AG, headquartered in Zug, Switzerland, is an independent family office investing in private equity—including funds managed by Winterberg Advisory—as well as selectively in real estate and other asset classes. Both Winterberg Advisory and Winterberg Group are led by their founding partners Florian Brickenstein, Fabian Kröher, Ralph Nowak and Lorenzo Tencati.
For press enquiries, please contact presse@tic-holding.ch
Note to editors: Please credit Winterberg Advisory GmbH in all references to the quotes and information provided.
Further information on TIC Holding Schweiz AG: www.tic-holding.ch
Further information on TransGeo AG: www.transgeo.ch
Further information on the other group companies of TIC Holding Schweiz AG: www.metron-labo.ch
Further information on Winterberg Advisory GmbH and Winterberg Group AG: www.winterberg.group
Information on the Swiss platform Healthcare Holding Switzerland AG, also managed by Winterberg, can be found at www.healthcare-holding.ch
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Switzerland AG.
Mikrona Group AG, a leading Swiss provider of solutions for orthodontics and digital dentistry, has acquired FTC Frey Trading & Consulting Sàrl and its affiliated training platform, MYDENTALEXPERT Sàrl. Mikrona Group is part of Healthcare Holding Schweiz AG, which is managed by Winterberg Advisory and KKA Partners.
Baar, Switzerland – Juli 2025
Healthcare Holding Schweiz AG, through its subsidiary Mikrona Group AG, has completed the acquisition of FTC Frey Trading & Consulting Sàrl, based in Crans-près-Céligny, and the associated online training platform MyDentalExpert Sàrl, located in St-Cergue, in the Swiss canton of Vaud. Founder Bernhard Frey, a widely recognized expert in root canal treatment and dental preservation, will retain a stake in both companies and continue as Managing Director. For nearly two decades, FTC Dental has been a specialist in endodontics, offering a comprehensive portfolio including shaping instruments, bioceramic materials, obturation devices, dental microscopes, and loupes. FTC also provides practical, hands-on training in digital, hybrid, and in-practice formats.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz and Mikrona Group, commented: “FTC Dental is a well-known brand among dental professionals. Their unique combination of high-quality products and practical training perfectly complements our group of specialist providers in orthodontics and dentistry. This acquisition enhances our ability to deliver superior consulting and expertise—something few others can offer in such technically demanding areas.”
Bernhard Frey, Managing Director of FTC Dental, added: “I’m delighted to have found the right growth partner in Mikrona Group and Healthcare Holding Schweiz. The Swiss dental market is under increasing cost pressure and urgently needs high-quality, cost-efficient alternatives and generics in endodontics. Our solutions benefit both dentists and patients. Many dental clinics, DSOs and universities are already using our products—and we welcome all inquiries for product trials or in-practice training.”
About FTC Frey Trading & Consulting Sàrl and MyDentalExpert Sàrl
Founded in 2005 and headquartered in Crans-près-Céligny, FTC Frey Trading & Consulting Sàrl is a specialized supplier of high-quality endodontic products for dentists and endodontists across Switzerland, known for its responsive service and comprehensive education offerings. Operating under the brand FTC Dental, the company provides cutting-edge instruments, accessories, and clinical training. Founded in 2022, MyDentalExpert Sàrl, based in St-Cergue, complements the portfolio with a digital platform offering practical online and hybrid courses for dental professionals. Both companies are committed to Swiss quality, customer focus, and empowering dental practitioners with the tools and knowledge for modern dentistry. Under the leadership of founder Bernhard Frey, they have established themselves as trusted partners in the dental field.
About Mikrona Group AG
Headquartered in Schlieren, Switzerland, Mikrona Group AG has been a leading provider of innovative solutions for orthodontists and dentists since 1959. The group unites the brands Mikrona, Ortho Walker, and Dental Axess and stands for Swiss quality, technological excellence, and close customer relationships. Mikrona is renowned for its state-of-the-art treatment units, considered among the most innovative and high-end systems for orthodontics across Europe. Ortho Walker distributes a wide range of orthodontic products from nearly all major manufacturers and is the clear market leader in Switzerland. Dental Axess expands the offering with a comprehensive portfolio of digital solutions for dental technicians, dentists, and orthodontists. With an integrated approach across the entire value chain and a strong commitment to professional education, Mikrona Group positions itself as a strategic partner to forward-looking, technology-driven dental and orthodontic practices.
About Healthcare Holding Schweiz AG
Healthcare Holding Schweiz AG is a Buy, Build & Technologize platform and a leading provider of medical technology products and services in Switzerland. The group is based in Baar and pursues an ambitious growth strategy through acquisitions, often in the context of succession arrangements, partnerships, and organic growth. Healthcare Holding Schweiz and its group companies are committed to the highest standards of innovation and customer satisfaction. The group consistently leverages technology to make business processes safer and more efficient. As a market leader, the company sets new standards for the industry and offers employees attractive development opportunities. All of the management team holds shares in Healthcare Holding Schweiz, thus forming a dynamic community of entrepreneurs. Since 2023, the group has been led by CEO Fabio Fagagnini.
About KKA Partners
Founded in 2018, KKA Partners is a Berlin-based lower mid-market private equity firm that invests in leading companies in Germany, Austria and Switzerland – the so-called “Mittelstand”. The Founding Partners all have a deep-rooted family and professional heritage in the Mittelstand developed over 20 years in working closely with Mittelstand companies. KKA is at the forefront of the next wave of value creation through Technology Enabled Transformation of the Mittelstand.
About Winterberg Advisory GmbH and Winterberg Group AG
Winterberg Group AG, based in Zug, operates as an independent family office for its founders. Winterberg mainly invests in SMEs in the German-speaking region and selectively considers investments in startups and real estate. Winterberg Advisory GmbH is a general partner and fund manager regulated by the German BaFin. Winterberg Advisory has launched numerous private equity funds and is invested in Healthcare Holding Schweiz AG through its funds Winterberg Investment VIII and Winterberg Investment IX. The two Partners and Executive Directors, Fabian Kröher and Florian Brickenstein, manage Healthcare Holding Schweiz AG via its board of directors.
For press inquiries, please contact presse@healthcare-holding.ch
Note for Editors: Please reference Healthcare Holding Schweiz AG for any provided quotes and information.
For more information about FTC Dental, visit www.ftcdental.ch und www.mydentalexpert.ch.
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch.
For more information about the portfolio companies of Healthcare Holding, visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch, www.mcm-medsys.ch, www.naropa-reha.ch, www.mvb-medizintechnik.ch, www.dentalaxess.com, www.effectum-chrep.com, www.schaublin-medica.ch, www.cdpswiss.com, www.aestheticbedarf.ch, www.inomedicalsolutions.ch.
For more information about KKA Partners visit www.kkapartners.com and about Winterberg www.winterberg.group.
This press release is issued and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
A Question That Could Change Lives – An analysis of the Swiss Federal Council’s regulatory course and its practical implications for patient care and innovation.
Switzerland stands at a turning point in healthcare. The central question is: When will Swiss patients be able to benefit from medical devices that are already approved in the USA – but not (yet) available in Europe?
For years, experts have watched with concern as Switzerland has increasingly disconnected from innovative technologies due to the absence of an agreement with the EU (MRA). Heart implants, robot-assisted surgical systems, digital diagnostics – many of these devices are first used in the USA. This is due in part to FDA approval, which is often quicker and more innovation-friendly than the European CE procedure.
With the Federal Council’s decision of April 30, 2025, a regulatory course correction has been initiated: Switzerland wants to approve FDA-authorized products in the future – through an independent process. But how quickly can such a system shift be implemented? And when will it be noticeable for patients?
A Historic Decision With Far-Reaching Implications
Motion 20.3211, the basis for the Federal Council’s action, was submitted as early as 2020 – in response to the uncertainties following the expiration of the MRA in the field of medical technology. Its implementation amounts to nothing less than the establishment of an independent market access pathway for medical devices approved by the U.S. FDA.
This is new: until now, Switzerland strictly followed EU certification. The new approach would create an alternative approval route – initially for specific risk classes, and potentially broader later.
The decision is highly significant: it promises better access to innovative products and regulatory sovereignty. At the same time, it demands a systemic transformation – legally, technically, and organizationally.
The Planned System: Recognition With Conditions
At the heart of the new model is the concept of ‘Regulatory Reliance’. FDA approval is not simply accepted automatically but reviewed through a structured short procedure. In the future, not only government bodies but also private conformity assessment bodies (CABs), accredited by Swissmedic, will be responsible.
These CABs are to check FDA dossiers for compliance with Swiss standards – for example in product safety, post-market surveillance, or technical documentation.
Swissmedic will remain the supervisory authority, responsible for monitoring CABs, market controls, and handling incidents. The system is thus a hybrid of state control and private implementation.
The Timeline: From Draft to Availability
The path to practical application is long. After publishing the guidelines, a draft regulation must now be prepared. This is expected to be submitted for public consultation (Vernehmlassung) by the end of 2025 – allowing associations, experts, and cantons to provide input.
Depending on the feedback received, the draft may need revision before the Federal Council can adopt it. The earliest the regulation could come into force is late summer or fall 2026.
Yet even with a valid regulation, access to FDA products will not be immediate. CABs must first be accredited by the Swiss Accreditation Service (SAS) – a process that may take another nine to twelve months. Only then can manufacturers submit their products for review.
Realistically compiling all stages leads to this picture: initial practical availability of FDA-approved medical devices for patients is not expected before the first half of 2028.
Why 2028 Is Realistic
This forecast is based not only on legislative experience in Switzerland but also on international projects. In the UK, implementing a comparable system (MHRA’s ‘International Recognition’) took around 18 months.
Additionally, Switzerland’s regulatory system is known for its thoroughness. Every step – from legal drafting to CAB accreditation and reimbursement integration – requires time and resources.
Swissmedic faces a major challenge: coordinating a new approval model while continuing its existing tasks, such as MDR market monitoring. Clinics, hospitals, and insurers must also align their processes with the new products.
Political Context: Opportunities and Risks
The opening to FDA products doesn’t occur in a vacuum. Switzerland is simultaneously negotiating a new bilateral agreement with the EU. Critics fear that this solo effort in the medical field could strain relations with Brussels – especially if FDA alternatives displace CE-marked products.
The Federal Council has emphasized that the new procedure is not meant to replace EU approval, but to complement it – as a pragmatic response to supply gaps. Whether the EU will accept this rationale remains to be seen. Political resistance from Brussels cannot be ruled out, but currently seems unlikely.
Industry Must Step Up
While political negotiations continue, the responsibility now lies with industry. Those seeking to bring FDA products to Switzerland must prepare early: dossiers must comply with both FDA and Swissmedic standards, labeling must be adapted, and post-market data must be ready.
Early dialogue with future CABs should begin now. Only those involved from the start will be among the first manufacturers to have their products approved under the new system – and gain access to the Swiss market.
Payers and HTA committees must also prepare to evaluate new technologies more rapidly and integrate them into reimbursement schemes. Without financial viability, regulatory access alone won’t suffice.
What’s at Stake
The significance of this regulatory step can hardly be overstated. It’s not just a technical issue – it’s about innovation access, patient safety, and Switzerland’s international competitiveness in healthcare.
Supply shortages experienced in recent years with heart implants or in-vitro diagnostics could be avoided with FDA access. At the same time, Switzerland would become more independent from the often overburdened EU approval structure.
However, all of this hinges on decisive yet careful implementation. The Federal Council has set the course – now it’s up to regulators, industry, and the expert community to follow through.
Conclusion: 2028 Is Realistic – and Pivotal
Ralph Nowak, Partner at Winterberg Group AG, summarizes: “After thorough analysis of the regulatory roadmap, international comparison data, and involved processes, the conclusion is clear and well-founded: initial market access can be expected in the first half of 2028.”
Fabian Kroeher, Partner at Winterberg Group AG, adds: “This timeline is realistic, though ambitious. It requires that political processes are not blocked, that Swissmedic accredits CABs quickly, and that manufacturers are ready to submit their dossiers promptly. A launch before the end of 2027 is conceivable – but only under optimal conditions. Delays until 2029 are possible if political or technical hurdles arise.”
For Switzerland, 2028 is thus a target year of major significance. If the opening to FDA products succeeds, it could not only close supply gaps but also serve as a model for other small, innovation-friendly countries.
As of early April 2025, transaction activity in the European healthcare and medical technology sector continues to reflect several themes that validate Winterberg Group’s investment strategy. The first quarter highlights how consolidation, asset-light platforms, demographic tailwinds, and aligned governance structures are reshaping value creation across public and private markets. Ralph Nowak, Partner at Winterberg Group states: “Notably, the executional relevance of these themes is apparent in our portfolio company Healthcare Holding Schweiz AG, which continues to scale via strategic acquisitions in the Swiss MedTech and regulatory services ecosystem.”
Key Market Trends Relevant to Winterberg’s Strategy
Consolidation as a Value Driver
Private equity investors remain focused on fragmented niches such as digital dentistry, MedTech distribution, and regulatory compliance. This trend is visible across several recent transactions, including our own acquisitions through Healthcare Holding Schweiz, as well as platforms developed by peers such as LBO France (Hemodia) and KKA Partners (BLACKROLL). These investments emphasize vertically integrated, sector-specific roll-up strategies—consistent with Winterberg’s “Buy, Build & Technologize” approach.
Asset-Light Models Rewarded by Public Markets
The IPO of Asker Healthcare Group AB underscores investor appetite for scalable, asset-light distribution platforms with high cash conversion and low capex intensity. With a current EV/EBITDA multiple of 24.1x, Asker’s market reception validates our thesis behind Healthcare Holding Schweiz: value accrues to those who can consolidate fragmented supply chains, optimize procurement, and build regulatory and digital capabilities into their platforms.
Thematic and Demographic Tailwinds
Funds like Quadrivio’s Silver Economy Fund demonstrate the power of long-term demographic alignment, particularly with aging populations and preventive healthcare. This reinforces Winterberg’s continued interest in healthcare adjacencies with strong macro tailwinds and resilience to economic cycles.
Alignment Through Equity Participation
Whether through equity rollovers (e.g., Dental Axess) or management buyouts (e.g., BLACKROLL), governance structures that align operators with institutional capital remain critical. Winterberg follows this principle in structuring equity incentives for management teams across our platforms, ensuring long-term executional focus.
Portfolio Execution: Healthcare Holding Schweiz AG
Acquisition of Effectum CH-Rep AG (Switzerland, March 2025)
Through Healthcare Holding Schweiz AG, we acquired Effectum CH-Rep AG, the Swiss Authorized Representative (CH-REP) carve-out from Effectum Medical AG. The company provides critical regulatory infrastructure for non-EU MedTech companies accessing the Swiss market, including liaison with Swissmedic, PRRC appointment, and incident management.
This acquisition deepens our capabilities in regulatory compliance, a core pillar in our platform’s full-service value proposition. Effectum CH-Rep’s integration enables us to offer end-to-end support to foreign device manufacturers—combining import, distribution, and regulatory functions under one roof.
Acquisition of Dental Axess AG (Switzerland, March 2025)
Mikrona Group AG, a Healthcare Holding subsidiary, completed the buyout of Dental Axess AG, focusing on its Swiss operations in digital dental technology. Dental Axess strengthens our position in digital dentistry by adding CAD/CAM systems, scanners, and software tools to our portfolio. The deal was structured as a carve-out, with international activities remaining under Dental Axess Holding AG.
As part of the transaction, Dental Axess AG’s Managing Director joined the shareholder group of Healthcare Holding Schweiz, creating clear alignment on growth and integration objectives.
Relevant Market Activity Across Europe
Winterberg and Dealert actively track transactions that shape the European healthcare landscape. Several recent deals offer benchmarks and strategic insights:
Investment of Fagerhult Group into Trato TLV Group in a Strategic Partnership deal, France (04/04/2025)
As of April 4th, 2025, Fagerhult Group announced that it has entered into an agreement to acquire 100% of the shares in the Trato TLV Group, including Trato SAS and its subsidiaries Trato Industries SAS, T.L.V. SAS, and Biolume Sarl. The Trato TLV Group, headquartered in Lille, France, operates across three sites and comprises three distinct brands with established reputations in retail and infrastructure lighting (Trato) as well as healthcare equipment (TLV and Biolume).
The Group reported total revenue of €56 million for the year 2024, split between Trato (€36 million) and TLV/Biolume (€20 million), and employs 230 individuals. The transaction, scheduled to close in Q2 2025, is being financed through a mix of existing cash reserves and new credit facilities.
On a pro forma basis, the acquisition will increase Fagerhult’s Net Debt/EBITDA from 2.00x to 2.55x, while contributing a 0.4% increase to the Group’s operating margin. Although valuation multiples have not been disclosed, the deal represents a strategic consolidation in the French lighting and healthcare equipment sectors.
Regulatory and labor body approvals remain outstanding. The Picha family, current owners, are retaining involvement, supporting operational continuity post-close. No exit strategy has been specified at this stage.
Read more here: https://dealert.ai/deal_public?id=2XE9
Investment of Silver Economy Fund into Biotec Italia in a Majority Stake Acquisition, Italy (29/03/2025)
As of March 29th, 2025, Silver Economy Fund, a thematic private equity fund managed by Quadrivio Group, announced that it acquired a majority stake in Biotec Italia, a leading Italian provider of non-invasive technological solutions for aesthetic medicine.
Founded in 1993 and headquartered in Dueville, Vicenza, Biotec Italia specializes in the development and commercialization of Energy-Based Devices (EBD), leveraging a suite of patented technologies including lasers, ultrasound, microwaves, and cryotherapy systems. The company operates in over 60 countries, with Italy accounting for 53% of device sales—handled through direct channels—while international sales are managed via distributors. Key markets include Poland, Brazil, France, Hong Kong, Germany, and others.
In FY2024, Biotec Italia recorded €18 million in revenue, with 15% derived from aesthetic product lines complementary to its device offerings. Over 30,000 devices have been sold globally. Production is entirely in Italy, adhering to ISO 13485 standards, with in-house capabilities ensuring end-to-end quality control.
The acquisition marks the fund’s fifth investment in Silver Economy’s sector, aligning with its thematic focus on products and services for aging populations. No valuation or exit timeline has been disclosed.
Read more here: https://dealert.ai/deal_public?id=J5JJ
Investment of LBO France into Hemodia in a Management Buyout Deal, France (27/03/2025)
As of March 27, 2025, LBO France has acquired a majority stake in Hemodia, a leading French manufacturer of single-use medical and electro-medical devices. Established in 1985, Hemodia designs and produces treatment sets primarily for dialysis and infusion, as well as pumps and tubing for arthroscopy used in minimally invasive surgical procedures. Headquartered in Toulouse, the company operates five production facilities across France and Tunisia, all equipped with advanced sterilization systems and logistics infrastructure tailored to meet stringent healthcare standards. Hemodia employs around 500 staff and reported annual revenues of approximately €50 million, supported by an 8% average annual growth rate. The company holds a strong market position in high-demand segments such as dialysis in France and arthroscopic devices, bolstered by in-house R&D capabilities and internally developed technological solutions. Rothschild & Co advised on the transaction.
Hemodia’s alignment with ESG principles—through investments in recyclable materials, packaging reduction, and sustainable sterilization processes—adds strategic value, reinforcing its operational resilience and compliance with evolving sector standards. While no transaction valuation or exit timeline has been disclosed, the deal reflects LBO France’s continued emphasis on healthcare sector investments characterized by operational excellence, defensible market positions, and scalability within regulated environments.
Read more here: https://dealert.ai/deal_public?id=JTT2
Investment of Teleflex Incorporated into the Vascular Intervention Division of BIOTRONIK in a Strategic Partnership Deal, Germany (27/02/2025)
As of February 27, 2025, BIOTRONIK, a German-based leader in medical technology, announced that it agreed to divest its Vascular Intervention (VI) division to Teleflex Incorporated (NYSE: TFX), a global medical device company. The transaction is expected to close by Q3 2025, pending regulatory approval.
This strategic divestiture allows BIOTRONIK to focus its resources on its core competencies in active implantable devices and digital healthcare technologies. The VI division includes a portfolio of advanced interventional therapies, including drug-eluting stents and vascular scaffolds, which strategically complement Teleflex’s existing interventional business.
The deal highlights BIOTRONIK’s longstanding reputation for innovation and quality across the cardiovascular, endovascular, and neuromodulation markets. While no financial metrics or valuation multiples were disclosed, the acquisition aligns with Teleflex’s broader strategy to expand its global capabilities in delivering high-impact healthcare solutions.
Although the transaction is subject to regulatory approval, it offers strong strategic rationale for both parties. The sale supports BIOTRONIK’s capital reallocation toward areas such as Cardiac Rhythm Management, Patient Monitoring, Heart Failure, and Neuromodulation—sectors aligned with macro healthcare trends emphasizing digital innovation and specialized implantable technologies.
Read more here: https://dealert.ai/deal_public?id=RF2J
Investment of KKA Partners into BLACKROLL in a Management Buyout Deal, Switzerland (31/01/2025)
On January 31, 2025, BLACKROLL, a global leader in health and recovery products based in Switzerland, announced the completion of a management buyout (MBO) led by private equity firm KKA Partners. The transaction follows a record financial year for BLACKROLL in 2024.
Specific financial details such as revenue, EBITDA, transaction size, or valuation multiples were not disclosed. The MBO includes both leadership continuity and organizational restructuring.
Founded in 2007, BLACKROLL serves over 57 international markets with a range of products focused on physical recovery, movement, and sleep enhancement. Its offerings are rooted in applied expertise from physiotherapy, sports science, and medicine.
The company operates within the broader Swiss health and wellness industry, which continues to benefit from strong consumer demand, quality-focused regulation, and innovation in recovery and rehabilitation products. BLACKROLL is distinguished by its emphasis on sustainability and premium brand positioning.
No information has been provided regarding the capital structure post-transaction, return expectations, intended investment duration, or exit strategy. The investment thesis is supported by BLACKROLL’s strong brand, established global presence, and role as a leader in an expanding segment of the wellness market.
Read more here: https://dealert.ai/deal_public?id=U9LH
Investment of Silver Economy Fund into Medical International Research in a Buyout Deal, Italy (29/01/2025)
As of January 29, 2025, the Silver Economy Fund, a private equity vehicle managed by Quadrivio Group, completed the acquisition of 100% of MIR (Medical International Research), a Rome-based global leader in spirometry diagnostics. Founded in 1993, MIR develops and distributes medical devices and proprietary software for the diagnosis and monitoring of respiratory conditions. Its product portfolio includes spirometers, pulse oximeters, and disposable respiratory turbines, integrated with real-time monitoring software.
MIR’s international regulatory certifications—including approvals from the FDA, NMPA, ANVISA, COFEPRIS, and Health Canada—enable its products to be marketed globally. The company maintains a presence in over 100 countries through direct subsidiaries in North America, France, and Brazil, supported by a robust distribution network.
MIR reported €22 million in revenue for 2024, doubling from €11 million in 2020, reflecting an approximate compound annual growth rate (CAGR) of 20%. This growth underscores the company’s scalability and market penetration in a sector benefiting from strong tailwinds, including rising awareness of respiratory health and increased demand for diagnostic solutions.
The spirometry market itself is valued at over €1 billion and is projected to reach €1.8 billion by 2031, driven by demographic trends and technological innovation in healthcare. The transaction structure, valuation, and leverage levels were not disclosed. Nonetheless, MIR’s global footprint, strong compliance infrastructure, and consistent revenue growth make it a compelling asset within the expanding respiratory diagnostics market.
Read more here: https://dealert.ai/deal_public?id=LXX9
Investment of KARL STORZ into ANKLIN in a Buyout Deal, Switzerland (20/01/2025)
As of January 15, 2025, KARL STORZ, a global leader in endoscopic and minimally invasive surgical technologies, completed the acquisition of ANKLIN, its long-standing Swiss distribution partner.
The transaction involves the full transfer of ANKLIN’s product sales and service operations related to KARL STORZ, along with approximately 80 employees who have been dedicated to supporting KARL STORZ accounts. Although the financial terms of the deal were not disclosed, this acquisition is consistent with KARL STORZ’s broader strategy of transitioning to direct sales in key European markets.
ANKLIN, which has established a strong market share and is highly regarded for its customer service and efficient delivery, will continue to operate under its brand name from its current facility in Reinach, Switzerland. Importantly, the portion of ANKLIN’s business unrelated to KARL STORZ was spun off prior to the transaction.
The acquisition is expected to strengthen KARL STORZ’s market position in Switzerland by improving operational control, ensuring continuity of customer relationships, and leveraging ANKLIN’s deep local expertise. KARL STORZ plans to incorporate ANKLIN into its broader European organizational framework to drive alignment across key regional markets.
The deal also reflects a broader trend of vertical integration within the high-value MedTech market.
Read more here: https://dealert.ai/deal_public?id=BTEC
IPO of Asker Healthcare Group AB on the Stockholm Stock Exchange, Sweden (27/03/2025)
Asker Healthcare Group AB (publ), a leading B2B provider of medical technology supplies and services in Europe, completed its initial public offering on March 27, 2025, listing its shares on Nasdaq Stockholm. Headquartered in Danderyd, Sweden, the company operates through 45 subsidiaries across 17 European countries, with over 4,000 employees. It supplies healthcare institutions—including hospitals, elderly and homecare providers, and public health authorities—with a wide array of consumables, devices, equipment, and value-added services. These include procurement support, IT integration, logistics coordination, product bundling, and administrative and patient support services.
Positioned at the center of the MedTech distribution value chain, Asker bridges the gap between fragmented suppliers and care providers, streamlining product access and enhancing procurement efficiency. Asker’s economic moat stems from its role as a consolidator in Europe’s fragmented MedTech distribution sector, where its integrated procurement, logistics, and compliance infrastructure enables smaller acquired firms to meet complex regulatory, ESG, and tendering requirements that would otherwise limit their competitiveness in institutional healthcare markets.
For the year ending December 31, 2024, Asker generated SEK 15,025 million in revenue and SEK 1,466 million in EBITDA, equating to an EBITDA margin of 9.8%. The company’s asset-light structure and operational design enabled an average cash conversion rate of 89% from 2022 to 2024, underpinned by disciplined working capital management and a low capex profile (1.5–2% of sales). On IPO day, Asker’s market capitalization stood at SEK 26.8 billion—representing the total market value of all shares assuming full subscription of the offering—while net debt was SEK 3.091 billion, leading to an enterprise value (EV) of SEK 29.891 billion and an EV/EBITDA multiple of 20.4x based on the latest reported figures. By April 8, the EV had increased to SEK 35.27 billion, reflecting a 24.1x EV/EBITDA multiple.
The offering comprised approximately 127 million shares (33% of the company), of which 21.4 million were newly issued, raising SEK 1.5 billion in gross proceeds. SEK 1.2 billion of the proceeds were used to refinance credit facilities, materially strengthening the balance sheet and reducing leverage. The remaining SEK 235 million was designated for bolt-on acquisitions and equity investments in target companies. Notably, a 15% over-allotment option—equal to 19 million additional shares—was exercised in full following high demand, increasing the free float and solidifying aftermarket trading liquidity. The transaction attracted strong interest from both Nordic retail investors and global institutions, and no price stabilization measures were needed post-listing, with shares rising up to 25% above IPO price on debut.
Key pre-IPO events include the February 2025 acquisitions of two companies with a combined SEK 860 million in revenue and SEK 110 million in EBITDA, as well as a March 2025 share issue of 20.5 million shares to settle shareholder loans, optimizing capital structure prior to listing. The offering was Europe’s largest IPO of 2025 to date and followed the earlier IPO of Roko AB, reflecting strong market appetite for scaled, cash-generative healthcare platforms.
Asker Healthcare Group AB IPO Implications for Healthcare Holding Schweiz AG
Asker Healthcare’s IPO, now trading at a 24.1x EV/EBITDA multiple as of April 8, 2025, highlights a broad re-rating in the valuation of scaled MedTech distribution platforms in Europe. This upward shift in market expectations affirms the attractiveness of centralized, asset-light operating models that unlock margin and working capital efficiency across fragmented supply chains—a dynamic directly relevant to Healthcare Holding Schweiz AG.
Asker’s positioning confirms that buyers are paying a premium for platforms that can consolidate procurement volume, reduce supplier complexity for care providers, and generate cash from low-capex operations.
For Healthcare Holding, this underscores that executing its roll-up strategy in Switzerland—by integrating smaller distributors under a unified logistics and sourcing structure—can directly translate into higher enterprise value per acquired unit.
Winterberg’s partnership with Dealert
In March 2025, Winterberg Group AG announced a strategic partnership with Dealert.AI, a leading AI-powered M&A transaction database. This collaboration aims to enhance Winterberg’s investment operations by leveraging Dealert.AI’s extensive deal data and artificial intelligence capabilities. Together, the firms plan to co-develop proprietary AI tools designed to optimize deal sourcing, market mapping, competitor analysis, and the evaluation of large datasets. These initiatives are intended to strengthen Winterberg’s market presence and drive technological innovation across its portfolio companies. Additionally, Winterberg will utilize Dealert.AI’s comprehensive database to publish in-depth transaction insights in its core sectors, including Healthcare, MedTech, and Testing, Inspection & Certification (TIC), thereby reinforcing its commitment to transparency and data-driven decision-making in the European private equity landscape.
Healthcare Holding Schweiz AG, a leading provider of services and distributor of medical technology in Switzerland, has expanded its portfolio with the acquisition of Ino Medical Solutions GmbH. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – June 2025
Healthcare Holding Schweiz AG has successfully completed the acquisition of Ino Medical Solutions GmbH, based in Rapperswil-Jona. Ino Medical is a specialized provider of sterile containers, medical instruments, and implants, serving sterilization centers, university and cantonal hospitals, as well as private hospital groups across Switzerland.
Fabian Kröher, Chairman of the Board of Healthcare Holding Schweiz AG and Partner at Winterberg, commented: “Ino Medical Solutions is a leading Swiss player in the sterile container segment, offering the best product in the market. In daily sterilization workflows, stability, safety, and ease of use are key — particularly in larger hospital systems or when sterilization is outsourced to dedicated centers and transport routes become longer. We will leverage the full strength of our holding to further accelerate Ino’s successful market development.”
Dieter Roth, Managing Director of Ino Medical Solutions, added:“Healthcare Holding Schweiz was my preferred partner for succession. I am fully confident that Ino Medical Solutions is in the best, capable hands, and so are all our customers and suppliers. I will continue to be actively involved in the business for the foreseeable future, so we can continue to grow the market together — not only for sterile containers, but also for instruments and implants. I very much look forward to this collaboration.”
About Ino Medical Solutions GmbH
Based in Rapperswil-Jona, Ino Medical Solutions GmbH is a specialist provider of sterile containers, surgical instruments, explantation tools, spinal implants, and other products, acting as exclusive distributor in Switzerland for renowned international manufacturers. The company’s products meet the highest quality standards and are considered among the best in the market. Ino Medical Solutions is also recognized for its market-leading turnaround and delivery times, as well as outstanding customer service.
About Healthcare Holding Schweiz AG
Healthcare Holding Schweiz AG is a Buy, Build & Technologize platform and a leading provider of medical technology products and services in Switzerland. The group is based in Baar and pursues an ambitious growth strategy through acquisitions, often in the context of succession arrangements, partnerships, and organic growth. Healthcare Holding Schweiz and its group companies are committed to the highest standards of innovation and customer satisfaction. The group consistently leverages technology to make business processes safer and more efficient. As a market leader, the company sets new standards for the industry and offers employees attractive development opportunities. All of the management team holds shares in Healthcare Holding Schweiz, thus forming a dynamic community of entrepreneurs. Since 2023, the group has been led by CEO Fabio Fagagnini.
About KKA Partners
Founded in 2018, KKA Partners is a Berlin-based lower mid-market private equity firm that invests in leading companies in Germany, Austria and Switzerland – the so-called “Mittelstand”. The Founding Partners all have a deep-rooted family and professional heritage in the Mittelstand developed over 20 years in working closely with Mittelstand companies. KKA is at the forefront of the next wave of value creation through Technology Enabled Transformation of the Mittelstand.
About Winterberg Advisory GmbH and Winterberg Group AG
Winterberg Group AG, based in Zug, operates as an independent family office for its founders. Winterberg mainly invests in SMEs in the German-speaking region and selectively considers investments in startups and real estate. Winterberg Advisory GmbH is a general partner and fund manager regulated by the German BaFin. Winterberg Advisory has launched numerous private equity funds and is invested in Healthcare Holding Schweiz AG through its funds Winterberg Investment VIII and Winterberg Investment IX. The two Partners and Executive Directors, Fabian Kröher and Florian Brickenstein, manage Healthcare Holding Schweiz AG via its board of directors.
For press inquiries, please contact presse@healthcare-holding.ch
Note for Editors: Please reference Healthcare Holding Schweiz AG for any provided quotes and information.
For more information about Ino Medical Solutions GmbH, visit www.inomedicalsolutions.ch
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch
For more information about the portfolio companies of Healthcare Holding, visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch, www.mcm-medsys.ch, www.naropa-reha.ch, www.mvb-medizintechnik.ch, www.dentalaxess.com, www.effectum-chrep.com, www.schaublin-medica.ch, www.cdpswiss.com, www.aestheticbedarf.ch
For more information about KKA Partners visit www.kkapartners.com and about Winterberg www.winterberg.group.
This press release is issued and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
Healthcare Holding Schweiz AG, a leading provider of services and distributor of medical technology in Switzerland, has expanded its portfolio with the acquisition of Aestheticbedarf AG. Healthcare Holding Schweiz is managed by Winterberg Advisory and KKA Partners.
Baar, Switzerland – April 2025
Healthcare Holding Schweiz AG has successfully closed the acquisition of Aestheticbedarf AG, headquartered in Affoltern, an ISO-certified company specializing in exclusive yet affordable branded products for aesthetic applications. Their extensive portfolio features solutions such as hyaluronic treatments, laser systems, IPL, microneedling, cryolipolysis, mesotherapy, radiofrequency, deep cleansing technologies, and consumables.
Fabian Kröher, Chairman of the Board at Healthcare Holding Schweiz and Partner at Winterberg, shared his excitement: “Aestheticbedarf AG strengthens our newly established Medical Beauty platform alongside CDP Swiss AG and CDP Austria GmbH. With its philosophy that quality does not always have to be expensive, the company reaches a wide range of users across Switzerland. We are thrilled to launch this segment with full force, backed by now three portfolio companies.”
Pascal Hauser, Managing Director of Aestheticbedarf AG, added: “We look forward to an exciting collaboration within the group. Without a doubt, we will continue our success story together with Healthcare Holding Schweiz – the entire team is highly motivated! By joining forces with other companies in the group, we will deliver even better offerings to our customers.”
About Aestheticbedarf AG
Aestheticbedarf AG, based in Affoltern am Albis, represents exceptional progress in aesthetic treatment technologies. The company exclusively distributes products that meet rigorous Swiss and European standards, including devices for treatments such as hyaluronic applications, laser systems, IPL, microneedling, cryolipolysis, mesotherapy, radiofrequency, deep cleansing technologies, and consumables. Its focus lies on offering affordable, high-quality branded products. Sustainability and forward-thinking technological advancements remain the company’s top priorities.
About Healthcare Holding Schweiz AG
Healthcare Holding Schweiz AG is a Buy, Build & Technologize platform and a leading provider of medical technology products and services in Switzerland. The group is based in Baar and pursues an ambitious growth strategy through acquisitions, often in the context of succession arrangements, partnerships, and organic growth. Healthcare Holding Schweiz and its group companies are committed to the highest standards of innovation and customer satisfaction. The group consistently leverages technology to make business processes safer and more efficient. As a market leader, the company sets new standards for the industry and offers employees attractive development opportunities. All of the management team holds shares in Healthcare Holding Schweiz, thus forming a dynamic community of entrepreneurs. Since 2023, the group has been led by CEO Fabio Fagagnini.
About KKA Partners
Founded in 2018, KKA Partners is a Berlin-based lower mid-market private equity firm that invests in leading companies in Germany, Austria and Switzerland – the so-called “Mittelstand”. The Founding Partners all have a deep-rooted family and professional heritage in the Mittelstand developed over 20 years in working closely with Mittelstand companies. KKA is at the forefront of the next wave of value creation through Technology Enabled Transformation of the Mittelstand.
About Winterberg Advisory GmbH and Winterberg Group AG
Winterberg Group AG, based in Zug, operates as an independent family office for its founders. Winterberg mainly invests in SMEs in the German-speaking region and selectively considers investments in startups and real estate. Winterberg Advisory GmbH is a general partner and fund manager regulated by the German BaFin. Winterberg Advisory has launched numerous private equity funds and is invested in Healthcare Holding Schweiz AG through its funds Winterberg Investment VIII and Winterberg Investment IX. The two Partners and Executive Directors, Fabian Kröher and Florian Brickenstein, manage Healthcare Holding Schweiz AG via its board of directors.
For press inquiries, please contact presse@healthcare-holding.ch
Note for Editors: Please reference Healthcare Holding Schweiz AG for any provided quotes and information.
For more information about Aestheticbedarf AG, visit www.aestheticbedarf.ch
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch
For more information about the portfolio companies of Healthcare Holding, visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch, www.mcm-medsys.ch, www.naropa-reha.ch, www.mvb-medizintechnik.ch, www.dentalaxess.com, www.effectum-chrep.com, www.schaublin-medica.ch, www.cdpswiss.com
For more information about KKA Partners visit www.kkapartners.com and about Winterberg www.winterberg.group.
This press release is issued and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
