Healthcare Holding Schweiz AG, a leading Swiss service provider and distributor of medical technology, has successfully closed a CHF 80 million syndicated financing. Healthcare Holding Schweiz is managed by Winterberg Advisory and KKA Partners.
Baar, Switzerland – July 2026
Healthcare Holding Schweiz AG has successfully closed a CHF 80 million syndicated financing. UBS Switzerland AG acted as Mandated Lead Arranger, Coordinator and Agent for the transaction. The banking syndicate includes, among others, Zuger Kantonalbank, Liechtensteinische Landesbank and Bank CIC (Schweiz) AG.
Since its establishment in 2021, Healthcare Holding Schweiz has developed into Switzerland’s largest independent medtech distributor and a leading Swiss Buy, Build & Technologize platform. With more than 20 acquisitions completed to date, the Group brings together established and specialized companies from across the medical technology sector.
The financing increases Healthcare Holding Schweiz’s financial flexibility for further strategic acquisitions and the organic development of its Group companies. It also supports the continued expansion of shared structures, synergies and technology solutions.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG, comments: “The successful syndication marks an important milestone for Healthcare Holding Schweiz. It underscores the confidence our financing partners have in our business model and our successful development to date. The new financing structure provides us with a strong foundation to develop our Group in a targeted manner and continue pursuing our growth strategy.”
Fabian Kuhn, CFO of Healthcare Holding Schweiz AG, adds: “The new syndicated financing provides us with a stable, diversified and scalable financing base, long-term planning certainty and additional financial flexibility. We are particularly pleased with the confidence shown by the broadly diversified banking syndicate and with the highly professional cooperation throughout the entire process.”
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 Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch, www.senectovia.ch, www.mikrona-group.ch, www.mcm-schaublin.ch, www.mvb-med.ch, www.cdpswiss.com, www.aestheticbedarf.ch, www.quniquegroup.com,www.ksm-swiss.ch, www.sevikamedical.com , www.medddbase.com, www.alpinorthodontics.ch, www.competmedical.com
For more information about KKA Partners, visit www.kkapartners.com, and about Winterberg visit www.winterberg.group.
How Much of Buy & Build Outperformance Is Actually Multiple Arbitrage?
Author: Grigorii Budakov-Shetelia – Associate Partner at Winterberg Group
In the first volume of this series, we looked at Hammer et al. (2022), who provide fairly strong evidence that private equity-backed Buy & Build investments have historically generated above-average equity returns, even though PE investors tend to pay a premium for companies that are suitable as initial platforms.
That result is interesting on its own, but it immediately raises a more important question: where does this additional return really come from?
There are several possible answers, and in reality they usually overlap. The platform can grow organically, acquisitions can generate revenue and cost synergies, management can professionalise the acquired companies, additional scale can improve margins and reduce risk, leverage can amplify the resulting equity returns, and the larger group can ultimately command a different valuation at exit.
There is, however, another mechanism which is both much simpler and, based on the empirical evidence, surprisingly important: a PE-backed platform can acquire smaller businesses at valuation multiples materially below the multiple at which the platform itself is valued, and once those acquired earnings sit inside the larger group, they can effectively be revalued at the platform multiple.
Put differently, a meaningful amount of value can be created by buying EBITDA at one multiple and subsequently owning that same EBITDA inside an asset valued at another multiple.
This is exactly what Philipp Heisig, Jonas Kick and Bernhard Schwetzler examine in Multiple Arbitrage and Buyout Performance: Evidence from Buy-and-Build Deal-Level Data, and what makes the paper particularly useful is the level of detail in the transaction data available to the authors.
The current study analyses 161 Buy & Build investments, while the detailed underlying dataset described in an earlier version of the research contains 971 related add-on acquisitions, including information on enterprise values and EBITDA multiples paid for individual bolt-ons.
That gives the authors something that is often missing in private equity research: the ability to look beyond the platform at entry and exit and ask, transaction by transaction, what was actually bought, at what valuation and how that affected the economics of the overall investment.
The core question becomes:
How much of the apparent growth in a Buy & Build strategy was actually generated by the business, how much was simply acquired, and how much additional value was created because the acquired EBITDA was purchased at a lower multiple than the platform?
That distinction sounds technical, but it changes the interpretation of Buy & Build performance quite materially.
The problem with conventional Buy & Build performance analysis
Assume a PE investor acquires a company with €10 million of EBITDA and, five years later, exits a business generating €30 million.
At first glance, that looks like exceptional growth. If we simply calculate the CAGR between €10 million and €30 million, we arrive at approximately 25% annual EBITDA growth, which in a normal investment presentation would probably be highlighted as one of the main value creation achievements of the holding period.
The problem is that this number tells us almost nothing about how the EBITDA actually increased.
Suppose that the platform acquired companies contributing €15 million of EBITDA during the holding period and that only the remaining €5 million of growth came from organic growth, margin improvement and synergies across the combined group.
The story now looks very different.
The platform did not operationally grow from €10 million to €30 million. A substantial part of the increase was purchased with additional capital, and the return generated by that purchased EBITDA depends not only on what happened to the business after acquisition, but also on the price originally paid for it.
This is where Heisig, Kick & Schwetzler improve on the conventional attribution framework.
Instead of treating the entire increase in EBITDA as one homogeneous source of value creation, they distinguish between organic growth, inorganic growth through acquisitions, and what they call the add-on sourcing effect, which captures the value created when acquired EBITDA is purchased below the valuation multiple of the platform.
That distinction is important because, particularly in aggressive Buy & Build strategies, a large proportion of what appears in the value creation bridge as “EBITDA growth” may actually have been bought rather than created.
And once we recognise that, the price paid for the acquired EBITDA becomes central to the return analysis.
How the add-on sourcing effect works
The cleanest way to understand the mechanism is through a simple example.
Assume a platform generates €10 million of EBITDA and is valued at 10x EBITDA, resulting in an enterprise value of €100 million.
The platform then acquires a smaller company generating €2 million of EBITDA at 6x, paying €12 million for the business.
The investor has now paid a total of €112 million for €12 million of combined EBITDA, which means that the effective blended acquisition multiple has fallen from 10x to approximately 9.3x.
Nothing operational has happened at this point. Revenue has not grown organically, margins have not improved, there are no procurement savings, no cross-selling benefits, no duplicated overheads have been removed and the market has not changed its view on the value of the platform.
Yet, if the combined €12 million of EBITDA is now valued at the platform’s original 10x multiple, the combined enterprise value becomes €120 million.
The investor has paid €112 million for something that is theoretically worth €120 million.
That €8 million difference exists because €2 million of EBITDA was acquired at 6x and subsequently sits inside an asset valued at 10x.
This is the add-on sourcing effect.
One point that is worth being very clear about is that this mechanism is different from conventional exit multiple expansion, because the platform multiple does not need to increase at all for the effect to occur. The platform can remain valued at 10x throughout the entire holding period and the investor can still generate a valuation uplift simply by lowering the blended acquisition multiple through cheaper add-ons.
That is why we think the effect is more structural to Buy & Build than the usual “entry multiple versus exit multiple” discussion sometimes suggests.
The effect is economically meaningful
The authors find that the sourcing effect makes a material contribution to Buy & Build performance.
The current version of the research estimates that the sourcing effect accounts for roughly 8% of equity value CAGRacross the B&B investments analysed.
An earlier detailed version of the same study provides another perspective on the magnitude and estimates that approximately 21.2% of EBITDA CAGR across the full sample could be attributed to the sourcing effect, with a very similar figure for realised investments.
These measures should not be mixed mechanically because equity value CAGR and EBITDA CAGR are different concepts and the methodology evolved between versions of the paper, but both point in the same direction.
The valuation at which add-on EBITDA is acquired is not a secondary assumption in a Buy & Build model. It can be one of the central drivers of the return.
This is also consistent with what we have seen in practice.
In an investment committee paper, we can spend a great deal of time discussing organic market growth, cross-selling, procurement synergies, management upgrades, integration costs and margin expansion, while an assumption such as “average add-on acquisition multiple: 6.5x EBITDA” can sit relatively innocently somewhere in the model.
But if the platform itself is valued at 10x or 12x, the gap between the platform multiple and the add-on multiple may be one of the most important pieces of the entire investment case.
It therefore deserves to be analysed with the same level of scrutiny as organic growth, margin expansion and exit valuation.
Multiple arbitrage is partly hidden inside “EBITDA growth”
This also creates a problem for conventional PE value creation bridges.
A typical bridge decomposes equity value creation into three broad components: EBITDA growth, multiple expansion and deleveraging.
For a standalone buyout, this is usually a reasonable framework.
For a Buy & Build, however, it becomes much less clean because a meaningful part of the EBITDA growth may have been purchased rather than generated, while the value attached to that purchased EBITDA may itself contain a valuation effect.
If the platform starts with €10 million of EBITDA and exits with €25 million, while €10 million of that increase came from add-on acquisitions, then attributing the full increase to “EBITDA growth” creates a misleading picture of what happened economically.
The investor did not create all of that EBITDA. The investor bought a large part of it.
And if the acquired EBITDA was purchased at 6x while the platform is valued at 10x, some of the resulting value increase is economically closer to multiple conversion than to operating growth.
When the authors adjust the conventional attribution framework to reflect this, the importance of multiple conversion increases materially. In the earlier detailed analysis, it accounts for approximately 35.5% of performance across the full B&B sample, compared with a lower contribution under a more conventional decomposition.
The precise percentage is less important than the broader implication.
Valuation mechanics appear to account for a larger share of historical Buy & Build performance than a standard EBITDA-growth bridge would suggest.
That means that when we say a B&B investment “grew EBITDA substantially”, we should be much more precise about what we actually mean.
The most important test: removing the sourcing effect
For us, the strongest part of the research is what happens when the authors compare Buy & Build investments with comparable non-B&B private equity investments and then remove the benefit created by acquiring add-ons below the platform multiple.
Before adjustment, Buy & Build investments outperform, which is broadly consistent with the conclusion of Hammer et al. and other earlier research.
The authors then construct a price-adjusted performance measure that removes the add-on sourcing effect and repeat the comparison.
The result changes materially.
Once the sourcing effect is excluded, Buy & Build outperformance declines significantly and moves much closer to the performance of comparable non-B&B investments.
This is a much more important result than simply showing that multiple arbitrage exists.
It suggests that a meaningful part of the historical performance advantage associated with Buy & Build can be explained by the ability to acquire add-on EBITDA below the valuation multiple of the platform.
From an underwriting perspective, this changes the framing of the question entirely.
The question should not simply be:
Can we find and acquire enough companies?
It should be:
Can we acquire enough high-quality EBITDA at a sufficiently attractive valuation relative to the platform, and can we maintain that spread for long enough to make the strategy work?
Those are very different questions, and in our view the second one is much closer to the real economics.
Fragmentation is not enough
This has direct implications for one of the most common arguments in Buy & Build investment cases: market fragmentation.
Almost every consolidation thesis contains some version of the same slide: there are hundreds or thousands of independent companies, the largest players have relatively low market shares and a long tail of founder-owned businesses remains available for consolidation.
That is useful information, but on its own it tells us very little about whether the Buy & Build economics are actually attractive.
A market can remain highly fragmented statistically while becoming unattractive economically if too many well-capitalised consolidators are competing for the same targets.
Once several PE-backed platforms are active in the same market, founders become more educated about valuation, advisors become better at running competitive processes, sellers start benchmarking themselves against larger platforms rather than against other small businesses, and the valuation discount available on smaller companies can compress very quickly.
The market map may therefore still show hundreds of independent companies, while the actual economics of acquiring those companies have deteriorated substantially.
We would therefore think about the attractiveness of a B&B market as something closer to:
Fragmentation × executable acquisition volume × sustainable multiple spread
All three elements matter.
A market with 1,000 theoretical targets may be a poor Buy & Build market if almost all credible companies are already expecting 9–10x EBITDA, while a market with 150 realistic targets may be considerably more attractive if good businesses can repeatedly be acquired at 5–6x while the platform itself is valued at 10–12x.
This formula is our interpretation rather than something directly tested in the paper, but it follows naturally from the sourcing-effect mechanism identified by the authors.
The acquisition pipeline should be measured in EBITDA, not logos
The same logic changes how we look at an acquisition pipeline.
A presentation showing 100 potential targets can look impressive, but the number itself does not tell us much.
We would much rather know how many of those businesses are genuinely actionable, what EBITDA they represent, how many owners are realistically willing to sell during the planned holding period, what level of competition exists for the better assets, what percentage could plausibly be sourced bilaterally, and at what valuation those businesses are actually likely to transact.
The more relevant question is therefore not:
How many targets are there?
It is:
How much EBITDA can we realistically acquire at a meaningful discount to the valuation of our own platform?
That is a much more useful way to define acquisition runway, because a B&B strategy does not create value simply by having hundreds of theoretical targets in the market.
It creates value by repeatedly deploying capital into attractive acquisitions at prices that preserve the economics of the strategy.
Being good at Buy & Build also means being good at buying
The research also changes how we think about M&A capability itself.
We normally describe a strong B&B platform as one that can source opportunities, execute transactions, integrate acquired companies, realise synergies and retain key management teams.
All of those capabilities clearly matter.
However, the paper suggests that one more capability deserves to sit alongside them:
valuation discipline.
Imagine two platforms that both begin with €10 million of EBITDA, both acquire another €20 million of EBITDA during the holding period, both integrate the acquisitions equally well and both eventually exit at 10x EBITDA.
The only difference is that Platform A buys the €20 million of acquired EBITDA at an average of 6x, while Platform B pays 9x.
Platform A spends €120 million to acquire the additional EBITDA.
Platform B spends €180 million.
At exit, the acquired €20 million of EBITDA is worth €200 million at the group valuation of 10x.
Platform A has therefore generated €80 million of gross valuation uplift from the multiple spread, while Platform B has generated only €20 million.
The businesses can look almost identical at exit, but the returns to shareholders can be completely different because one platform was simply much better at buying.
This is why acquisition count is such a poor KPI for Buy & Build success.
The better question is what was acquired, at what valuation, how that acquired EBITDA performed after the transaction and what valuation it eventually received as part of the group.
Add-on multiple inflation should be a core downside case
If add-on pricing is an important source of B&B returns, then the practical implication is fairly obvious: add-on multiple inflation should be explicitly stress-tested in every Buy & Build investment case.
Assume the base case is built around a platform acquired at 10x EBITDA, add-ons acquired at an average of 6x and an exit at 10x.
The structural spread is very attractive.
But what happens if the realistic add-on multiple is 7x rather than 6x?
What happens at 8x?
What happens at 9x?
And perhaps more importantly, what happens if the add-on multiple increases over time?
This is a scenario that we think is often more realistic than assuming one constant acquisition multiple throughout the holding period, because a successful consolidation strategy can make its own market more expensive.
The first acquisitions demonstrate that there is a well-capitalised buyer in the sector, competing sponsors notice the opportunity, advisors become more active, sellers gain better valuation benchmarks and other PE firms may launch competing platforms.
As a result, the platform may be able to acquire the first few companies at 6x, the next group at 7x and the later transactions at 8–9x.
The strategy may still work perfectly well, but the return profile can look very different.
If a B&B model collapses because the average add-on multiple increases by one turn, that is important information about the robustness of the investment thesis.
The second half of the arbitrage happens at exit
There is another important question that the authors address.
Buying smaller companies cheaply is only half of the multiple-arbitrage mechanism.
For the strategy to work, the acquired EBITDA must subsequently receive the valuation multiple of the combined group.
If a platform buys €2 million of EBITDA at 6x and an exit buyer later says that the original platform EBITDA is worth 10x while the acquired EBITDA is still only worth 6x, then most of the theoretical arbitrage disappears.
The authors therefore examine whether exit buyers differentiate between different sources of EBITDA growth.
Their results provide preliminary evidence that they largely do not.
In other words, once the acquired earnings are part of the combined platform, the exit market appears to value them similarly to the rest of the group’s EBITDA.
This is what completes the economic mechanism.
The platform acquires €1 of EBITDA in a small business at 6x, integrates it into a larger group and can eventually sell that same €1 as part of an asset valued at perhaps 10x or 12x.
That is the fundamental conversion taking place.
Pure arbitrage versus earned re-rating
At first sight, this may sound like pure financial engineering, but the reality is more nuanced.
Sometimes the multiple uplift is indeed straightforward arbitrage. A company is acquired at 6x, little changes operationally and it is consolidated into a group valued at 10x.
But sometimes the asset genuinely changes.
A founder-led company with weak reporting, limited management depth and customer concentration can become part of a diversified platform with professional management, institutional reporting, stronger systems and a much broader buyer universe.
In that situation, at least part of the re-rating may be economically justified because the risk profile of the earnings has improved.
We therefore find it useful to distinguish between pure multiple arbitrage and earned re-rating.
Successful Buy & Build strategies are likely to contain both.
The research shows that the pricing effect is economically important, but it cannot fully determine how much of the eventual uplift represents pure arbitrage and how much reflects a genuine improvement in asset quality.
That distinction matters because it tells us something about how repeatable and sustainable the return really is.
This does not mean Buy & Build is just multiple arbitrage
It would be easy to overinterpret the paper and conclude that B&B outperforms simply because PE buys small companies cheaply and later sells them at a higher multiple.
We do not think that is the right conclusion.
When the authors remove the sourcing effect, B&B performance moves materially closer to that of non-B&B peers, but they do not show that all outperformance disappears.
There are still several other value creation mechanisms at work, including organic growth, margin improvement, cost and revenue synergies, professionalisation, deleveraging, strategic repositioning and conventional multiple expansion.
The sourcing effect is therefore an important part of the Buy & Build story, but not the entire story.
This distinction matters because a B&B strategy built exclusively around multiple arbitrage is fragile.
If acquisition multiples rise, the thesis weakens.
If exit multiples decline, the thesis weakens.
If the acquired businesses deteriorate during integration, the thesis weakens.
If the group does not genuinely become an institutional-quality asset, the exit buyer may simply refuse to apply the expected valuation.
Multiple arbitrage is a powerful tailwind, but it should not be the only source of return.
In a nutshell
The most important conclusion from Heisig, Kick & Schwetzler is not simply that multiple arbitrage exists.
Anyone working in Buy & Build already knows that smaller businesses often trade at lower valuation multiples than larger institutional platforms.
The real contribution is that the authors are able to measure the effect using actual add-on transaction data and show that it explains a meaningful part of historical Buy & Build performance.
Even more importantly, when the sourcing effect is removed, the historical performance advantage of B&B investments over comparable non-B&B investments becomes significantly smaller.
That is a powerful result because it means sourcing is not merely the front end of the acquisition process.
Sourcing itself is a value creation capability.
A platform that can repeatedly acquire good businesses at attractive relative valuations has a genuine economic advantage over another platform pursuing exactly the same consolidation strategy but consistently paying full prices.
For us, this is one of the most useful ways to think about the economics of Buy & Build.
The strategy is partly about improving companies, partly about building scale and partly about integration, but it is also about converting low-multiple EBITDA into high-quality platform EBITDA without paying the platform multiple to acquire it in the first place.
When this works together with genuine operating improvement, the return potential can be extremely attractive.
When the acquisition-price spread disappears, the strategy becomes much more dependent on execution.
And if the investment case requires both aggressive operating improvement and aggressive multiple assumptions to generate an acceptable return, there is probably very little room for error.
In Vol. 3, we will look at the research by Bansraj, Smit & Volosovych and the next obvious question: does Buy & Build also create measurable operational improvements beyond multiple arbitrage?
Main research
Heisig, P., Kick, J. & Schwetzler, B. (2026), Multiple Arbitrage and Buyout Performance: Evidence from Buy-and-Build Deal-Level Data.
Buy & Build is one of the most widely used value-creation strategies in private equity.
But how much evidence is there that it actually works?
This is the first of a series of posts I plan to write on Buy & Build — combining academic research with some observations from my own experience working on buy-and-build platforms.
A good place to start is Hammer, Marcotty-Dehm, Schweizer & Schwetzler (2022), “Pricing and value creation in private equity-backed buy-and-build strategies”, published in the Journal of Corporate Finance.
The authors analyse 3,399 buyouts between 1997 and 2020, supplemented by proprietary PE performance data.
Several of their findings strongly resonate with what I have seen in practice.
1. The right platform is rarely cheap.
The study finds that PE investors pay significant premiums for companies suitable as Buy & Build platforms.
That matches my experience.
The best platform is usually not simply the cheapest company in a fragmented market.
You are looking for a business that can actually absorb acquisitions: strong management, scalable systems, a credible commercial position, sufficient organisational maturity and, ideally, a management team capable of operating a much larger company several years later.
Those qualities tend to be visible to other buyers as well.
So in many cases, you pay for them.
I have increasingly come to think about this as paying not only for the existing EBITDA, but also for the right to consolidate the market around that asset.
2. The economics really start with the add-ons.
Hammer et al. find that, despite higher platform entry valuations, Buy & Build investments generate above-average equity returns.
This also fits what I have seen.
Once a good platform is in place, the economics can change materially.
Smaller businesses are often available at lower multiples. They may have succession issues, limited management depth, no institutional processes or simply be too small to attract larger buyers.
The platform can acquire those businesses and provide something they could not economically build themselves: professional management, finance, IT, procurement, sales infrastructure and access to a larger organisation.
This is where Buy & Build starts becoming much more than simply “doing acquisitions”.
3. Growth and multiple expansion reinforce each other.
Another finding in the paper is that B&B outperformance is associated with both:
- stronger top-line growth
- greater multiple expansion
Again, this feels very familiar from practice.
A successful Buy & Build can create several layers of value at the same time.
You acquire EBITDA.
You grow the acquired businesses.
You realise procurement, sales or overhead synergies.
You professionalise the organisation.
You reduce dependency on individual customers, suppliers, founders or products.
And, perhaps most importantly, you transform the nature of the asset itself.
A collection of €1-3m EBITDA businesses is not valued in the same way as a professionally managed €15-20m EBITDA group with diversified earnings, proper reporting, a second management layer and further acquisition potential.
That difference is fundamental to Buy & Build economics.
But it is also where I think the strategy is often misunderstood.
It is tempting to attribute the success of Buy & Build entirely to operational improvement. In reality, part of the return comes from something much simpler: buying smaller businesses at lower multiples and ultimately selling their earnings as part of a larger company at a higher multiple.
If you build the organisation required to turn a collection of small companies into an institutional-quality asset, the re-rating is arguably part of the value you created.
But it raises an important question for anyone underwriting a Buy & Build today:
How much of the expected return comes from actually making the businesses better – and how much depends on the multiple spread between add-ons and the eventual exit?
In my experience, the best strategies have both.
The multiple arbitrage gives you a structural tailwind.
Operational improvement makes the strategy robust.
And organic growth makes it exceptional.
Over the next posts, I want to dig deeper into each of these components – including multiple arbitrage, integration, acquisition cadence, platform selection and where Buy & Build strategies tend to fail.
Source: Hammer, B., Marcotty-Dehm, N., Schweizer, D. & Schwetzler, B. (2022), “Pricing and value creation in private equity-backed buy-and-build strategies”, Journal of Corporate Finance, Vol. 77, 102285.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244189
Healthcare Holding Schweiz AG, a leading Swiss service provider and distributor of medical technology, has further strengthened its portfolio through the acquisition of Compet Medical AG. Healthcare Holding Schweiz is managed by Winterberg Advisory and KKA Partners.
Baar, Switzerland – June 2026
Healthcare Holding Schweiz AG has successfully acquired Compet Medical AG, headquartered in Schindellegi in the Canton of Schwyz. Compet Medical is a specialized provider in the field of harm reduction and has supplied professional organizations, public institutions, counseling centers, and other organizations with high-quality, user-friendly products for safe and hygienic use in low-threshold care settings for more than 30 years. The product range includes sterile single-use products, customized prevention kits, and products in the areas of protection, hygiene, and accessories. With warehouse locations in Näfels in the Canton of Glarus for the Swiss market and in Konstanz, Germany, for the European market, Compet Medical ensures reliable and efficient supply to its customers.
With its clear focus on quality, availability, and customer-specific solutions, Compet Medical plays an important role in a sensitive area of public health. The company supports institutions in reducing health risks, providing professional prevention services, and supplying people in difficult life situations with safe and reliable products. Compet Medical has an established customer base in Switzerland, Germany, Austria, and other European markets.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG, explains: “With Compet Medical, we are expanding our portfolio with a company that operates in a challenging but socially highly relevant field. Harm reduction is part of a modern, pragmatic, and responsible health policy. For Healthcare Holding Schweiz, this is another step toward integrated care: we want to provide support where quality, availability, and professional structures are critical for people, institutions, and the healthcare system.”
Andreas Baumgartner, CEO and former owner of Compet Medical, adds: “Compet Medical was built through close collaboration with professional organizations and institutions. Our customers rely on reliability, flexibility, and a supply model that works in everyday practice. With Healthcare Holding Schweiz, we have found a partner that understands our business, takes a long-term view, and will further develop Compet Medical with entrepreneurial strength.”
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 regionand 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 Compet Medical AG visit www.competmedical.com
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch, www.senectovia.ch, www.mikrona-group.ch, www.mcm-schaublin.ch, www.mvb-med.ch, www.cdpswiss.com, www.aestheticbedarf.ch, www.quniquegroup.com, www.ksm-swiss.ch, www.sevikamedical.com, www.medddbase.com, www.alpinorthodontics.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 Swiss service provider and distributor of medical technology, has further strengthened its portfolio through the acquisition of an equity stake in Alpin Orthodontics AG, headquartered in Lucerne. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – March 2026
Healthcare Holding Schweiz AG has successfully completed the acquisition of shares in Alpin Orthodontics AG. Alpin is one of Switzerland’s leading providers of orthodontic products and consumables, exclusively representing a number of renowned and innovative international manufacturers in the Swiss market. Since its founding in 1995, Alpin has built a strong reputation for deep technical expertise, personalized customer support, and outstanding reliability.
As part of the transaction, founder Florindo Palladino will reinvest in Healthcare Holding Schweiz AG and, together with his son Silvio Palladino, will continue to lead the company, ensuring continuity for customers, suppliers, and employees.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG, commented: “We are delighted to welcome Alpin Orthodontics to our group and look forward to working closely together. The company is an excellent strategic fit with our ambition to partner with Switzerland’s leading specialized dental businesses. I am confident that both customers and suppliers will benefit significantly from this partnership. Together, we will enhance our nationwide coverage, broaden our product portfolio, and further strengthen our proximity to our customers.”
Florindo Palladino added: “We are very pleased to become part of Healthcare Holding Schweiz. The group’s concept and the people behind it have fully convinced us that this is the right next step for Alpin. Together, we will continue the company’s successful development in a sustainable manner while benefiting from the synergies within the group. It is particularly important to me to emphasize that there will not be any changes for our customers and suppliers – my son and I, as well as all other team members, will remain with the company.”
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 leveragestechnology 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 Alpin Orthodontics AG visit www.alpinorthodontics.ch
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch, www.senectovia.ch, www.winthermedical.ch, www.mikrona.com, www.orthowalker.ch, www.mcm-schaublin.ch, www.mvb-med.ch, www.dentalaxess.ch, www.effectum-chrep.com, www.cdpswiss.com, www.aestheticbedarf.ch, www.ftcdental.ch, www.inomedicalsolutions.ch, www.quniquegroup.com, www.kundenservicemanagement.ch, www.sevikamedical.com, www.medddbase.com,www.plusortho.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 service provider and distributor of medical technology in Switzerland, expands its portfolio through the acquisition of PlusORTHO Prothetik GmbH, headquartered in Oftringen. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – January 2026
Healthcare Holding Schweiz AG has successfully acquired PlusORTHO Prothetik GmbH, based in Oftringen. PlusORTHO is a specialist in orthopedic hand, foot and knee implants, as well as fixation systems. The portfolio also includes the corresponding surgical instruments and implantation tools – designed to support optimal patient outcomes. For more than a decade, the company has been a trusted partner to hospitals and surgeons across Switzerland, recognised for its hands-on support in the operating theatre and its reliable clinical service. In this field, the company exclusively represents numerous innovative global manufacturers in Switzerland.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz, comments: “Shortly after the first acquisition of our new Orthopedic Solutions platform, we are pleased to welcome another distributor in this segment to our group. We see significant synergies that will benefit both customers and suppliers alike: with a broader product portfolio, shorter delivery times and enhanced customer service, we aim to establish ourselves as the leading integrated orthopedic provider in Switzerland.”
Andreas Keller, Founder and Managing Director of PlusORTHO, adds: “PlusORTHO and Healthcare Holding Schweiz are an excellent strategic fit. Collaboration within the Orthopedics platform alongside the other companies has already commenced – highly focused, strongly partnership-driven and full of momentum. We will be able to communicate first joint successes in the near future. On a personal note, I am very pleased that the transaction was completed so swiftly and smoothly, and I will continue to support the Orthopedics platform on an open-ended basis to actively contribute to its sustainable and successful development.”
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 leveragestechnology 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 PlusORTHO Prothetik GmbH, visit www.plusortho.ch
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch, www.senectovia.ch, www.winthermedical.ch, www.mikrona.com, www.orthowalker.ch, www.mcm-schaublin.ch, www.mvb-med.ch, www.dentalaxess.ch, www.effectum-chrep.com, www.cdpswiss.com, www.aestheticbedarf.ch, www.ftcdental.ch, www.inomedicalsolutions.ch, www.quniquegroup.com, www.kundenservicemanagement.ch, www.sevikamedical.com, www.medddbase.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.
TIC Holding Schweiz AG, a buy, build and technologize platform financed by Winterberg Investment X and managed by Winterberg Advisory GmbH, has acquired a stake in Vibro-Consult AG, headquartered in Brugg, Canton of Aargau, Switzerland.
Baar, Switzerland – January 2025
TIC Holding Schweiz has successfully acquired a stake in Vibro-Consult AG, based in Brugg, Canton of Aargau. The former owner and Managing Director, Daniel Iseli, will reinvest in the holding as part of the transaction and will continue to serve as Managing Director of the company.
Vibro-Consult AG is an independent Swiss SME founded in 1988 and is one of the leading specialists in vibration and machinery diagnostics, particularly in power generation using hydropower, steam and gas. The company has decades of expertise in measurement and vibration technology, is the market leader in Switzerland, and supports its customers internationally — ranging from small industrial companies to major energy utilities and global corporations — in the analysis, monitoring and optimization of rotating machinery such as turbines, generators, pumps and similar equipment. Its service portfolio includes high-precision vibration analyses, condition monitoring, root-cause analysis of vibration issues, balancing of rotating components, as well as the design and installation of vibration monitoring systems and related services such as commissioning and periodic functional testing. Vibro-Consult’s experts provide independent diagnostics and develop customized solutions to reduce vibration, thereby contributing to increased operational reliability, energy efficiency and extended service life of machinery.
Daniel Iseli comments: “We are very pleased to become part of TIC Holding Schweiz. We have experienced strong growth in recent years and believe that now is the right time to join a corporate group that can further support us in developing the necessary processes and structures. Already during the discussions prior to the transaction, we developed many valuable ideas together with the Winterberg team and see exciting synergies, particularly in the area of mechanical calibration and testing. We expect sustainable results in this area as early as this year and are very much looking forward to contributing to the development of this dynamic and highly motivated group. For our customers, everything remains unchanged — all familiar contacts will remain on board. We have many plans ahead together.”
Fabian Kröher, Chairman of the Board of Directors of TIC Holding Schweiz and Partner at Winterberg, adds: “Vibro-Consult is truly a unique company. It is the clear market leader in Switzerland and, due to its highly specialized capabilities, is also in demand worldwide. We are therefore delighted that Vibro-Consult is strengthening our Industry platform. We will deploy all available resources to provide Vibro-Consult with the best possible foundation for continued growth, enabling the company to build on its highly impressive development of recent years.”
Winterberg is actively pursuing acquisitions in the sector of accredited testing and calibration services, particularly in industrial metrology and materials testing, as well as in the fields of construction materials and environmental and hazardous substance analysis in Switzerland. TIC Holding Schweiz will continue to be expanded to ensure comprehensive nationwide coverage of all relevant service areas. To this end, Winterberg is in active discussions with a number of additional companies.
About Vibro-Consult AG
Vibro-Consult AG is an independent Swiss SME founded in 1988 and headquartered in Brugg, Canton of Aargau, and is one of the leading specialists in vibration and machinery diagnostics, particularly in power generation using hydropower, steam and gas. The company has decades of expertise in measurement and vibration technology, is the market leader in Switzerland, and supports its customers internationally — ranging from small industrial companies to major energy utilities and global corporations — in the analysis, monitoring and optimization of rotating machinery such as turbines, generators, pumps and similar equipment. Its service portfolio includes high-precision vibration analyses, condition monitoring, root-cause analysis of vibration issues, balancing of rotating components, as well as the design and installation of vibration monitoring systems and related services such as commissioning and periodic functional testing. Vibro-Consult’s experts provide independent diagnostics and develop customized solutions to reduce vibration, thereby contributing to increased operational reliability, energy efficiency and extended service life of machinery.
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 Vibro-Consult AG: www.vibro-consult.ch
Further information on the other group companies of TIC Holding Schweiz AG: www.metron-labo.ch, www.transgeo.ch, www.lcbe.ch, www.hseconseils.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 TIC Holding Schweiz AG.
TIC Holding Schweiz AG, a buy-and-build platform backed by Winterberg Investment X and managed by Winterberg Advisory GmbH, announces the acquisition of HSE Conseils SA, headquartered in Laténa (Neuchâtel) with six additional locations across Switzerland.
Baar, Switzerland – January 2025
TIC Holding Schweiz has successfully completed the acquisition of HSE Conseils SA, whose headquarters are located in Laténa, Neuchâtel, and which operates six additional sites in the cantons of Vaud, Valais, Geneva, Fribourg and Jura. The former owner, Marc Dutoit, is reinvesting as part of the transaction at holding level and will continue to serve as Chief Executive Officer of the company.
For nearly 20 years, HSE Conseils SA has been a leading specialist in construction-related pollutants, environmental services and occupational health and safety in French-speaking Switzerland.
HSE Conseils SA offers a comprehensive portfolio of services for construction companies, property managers, planners, private enterprises and public institutions. These services include, in particular, the diagnosis and analysis of pollutants (asbestos, PCBs, lead), environmental and waste management, occupational health and safety concepts (MSST), as well as a dedicated training centre. All analyses are conducted in the company’s in-house laboratory, accredited by SAS (Swiss Accreditation Service), and form the basis for robust, legally compliant solutions. Another core focus lies in advisory and planning services related to safety on construction sites and within enterprises, complemented by training and continuing education programmes. HSE Conseils SA supports its clients from initial risk assessment through to the implementation of protective and remediation measures, thereby contributing to safe, sustainable and compliant working and construction environments.
Marc Dutoit commented: “TIC Holding is the ideal acquirer for our already multi-site and multi-sector company. What convinced me above all was the team, the strong entrepreneurial momentum, and the group’s decentralised and federal structure. I look forward to continuing the development of the ‘construction safety, environment and occupational health & safety’ platform within the holding. Together, we will further accelerate HSE’s strong growth while benefiting from synergies with the other group companies. Our organisational structure, our entire team and all client contacts will remain unchanged, and we will continue to deliver the highest quality and maximum reliability.”
Ralph Nowak, Member of the Board of Directors of TIC Holding Schweiz and Partner at Winterberg, added: “We are delighted to welcome HSE to our group. With HSE, we now cover the industrial sector, construction materials, as well as construction safety, environmental services and occupational health and safety. This marks an important milestone in the development of TIC Holding Schweiz—these three platforms underscore our position as a leading independent group in these fields across Switzerland. At the same time, we continue to advance the implementation of more efficient and transparent processes through digitalisation and artificial intelligence, enabling both employees and clients to fully benefit from group-wide synergies. TIC Holding Schweizwill also continue on its defined path in 2026, focusing on independence, quality and scalability.”
Winterberg, which is active in Switzerland in the field of accredited testing and calibration services—particularly in construction and infrastructure, as well as in industrial metrology and materials testing—is actively pursuing further acquisitions. TIC Holding Schweiz is being continuously strengthened to ensure comprehensive coverage of all relevant disciplines and a nationwide geographic presence.
To this end, Winterberg is currently engaged in active discussions with several additional companies.
About HSE Conseils SA
HSE Conseils SA, headquartered in Laténa, Neuchâtel, and operating six additional sites in the cantons of Vaud, Valais, Geneva, Fribourg and Jura, has been a leading specialist in construction-related pollutants, environmental services and occupational health and safety in French-speaking Switzerland for nearly 20 years. The company offers a comprehensive portfolio of services for construction companies, property managers, planners, private enterprises and public institutions.
These services include, in particular, the diagnosis and analysis of pollutants (asbestos, PCBs, lead), environmental and waste management, occupational health and safety concepts (MSST), as well as a training centre. All analyses are carried out in the company’s in-house laboratory accredited by the Swiss Accreditation Service (SAS) and provide the foundation for robust, legally compliant solutions.
Another key area of expertise lies in safety consulting and planning for construction sites and enterprises, complemented by training and professional development programmes.
HSE Conseils SA supports its clients from risk analysis through to the implementation of protective and remediation measures, thereby contributing to safe, sustainable and fully compliant working and construction environments.
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.hseconseils.ch
Further information on the other group companies of TIC Holding Schweiz AG: www.metron-labo.ch, www.transgeo.ch, www.lcbe.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 service provider and distributor of medical technology in Switzerland, expands its portfolio through the acquisition of a majority stake in MedddbaseInternational AG, which includes Medddbase Schweiz AG and Medddbase Deutschland GmbH. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – January 2026
Healthcare Holding Schweiz AG has successfully acquired a majority interest in Medddbase International AG, headquartered in Buchs, St. Gallen. Medddbase is a highly specialized service provider for the commercialization and logistics of medical products across Switzerland, the European Union, and the United Kingdom. For nearly 20 years, the company has exclusively supported more than 50 global medical technology manufacturers through a network of five locations (including partner sites), handling close to half a million product shipments annually.Medddbase offers a comprehensive suite of services, including company domiciliation, customer support, warehousing and logistics, accounting, legal and regulatory advisory, required ISO certifications, as well as Swiss and EU importer services (CH-IMP, EU-IMP).
Fabian Kröher, Chairman of the Board of Healthcare Holding Schweiz AG and Partner at Winterberg Group, commented: “With Medddbase International, we are significantly strengthening our value proposition for international medical technology manufacturers. In addition to exclusive distribution capabilities, we will now offer a modular, end-to-end service platform – ranging from CH- and EU-MDR-compliant import services to logistics backbone solutions, customer support, and financial accounting. This allows us to selectively provide individual service components such as logistics or customer service independently of distribution. Through our Healthcare Holding Schweiz subsidiary QUNIQUE, we can also cover key regulatory roles such as Swiss and EU Authorized Representative (CH-REP, EU-REP). As a result, we further consolidate our position as Switzerland’s leading medical technology distributor while creating a highly attractive gateway into the European market – particularly valued by suppliers from North America and Asia.”
Luigi Bivi, Member of the Board of Directors of Medddbase International AG, added: “Over recent years, we have successfully established Medddbase across the DACH region and further strengthened our presence in the UK and other European markets through local partners. Together with Healthcare Holding Schweiz, we can now systematically build on this strong foundationand further expand our role as a go-to-market backbone for international MedTech manufacturers – from import and logistics services to scalable market access models. With such a strong partner at our side, our development will become even faster and more dynamic, which we very much look forward to. Together with my co-founder Manfred Menzi, I will continue to actively support the management team in our role as members of the Board of Directors.”
About Medddbase International AG
Medddbase International AG, headquartered in Buchs, St. Gallen, is a specialized service provider for the commercialization and logistics of medical products for the Swiss, EU, and UK markets. For almost 20 years, the company has exclusively supported more than 50 global medical technology manufacturers across five locations (including partner sites) and manages nearly half a million product deliveries per year. Its service offering includes domiciliation, customer support, warehousing and logistics, accounting, legal and regulatory advisory, ISO certifications, and Swiss and EU importer services (CH-IMP, EU-IMP).
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 groupcompanies 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 Medddbase International AG, visit www.medddbase.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.com, www.orthowalker.ch, www.mcm-schaublin.ch, www.mvb-med.ch, www.dentalaxess.ch, www.effectum-chrep.com, www.cdpswiss.com, www.aestheticbedarf.ch, www.ftcdental.ch, www.inomedicalsolutions.ch, www.quniquegroup.com,www.kundenservicemanagement.ch, www.sevikamedical.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.
Healthcare Holding Schweiz AG, a leading Swiss service provider and distributor of medical technology, has expanded its portfolio through the acquisition of a majority stake in Sevika Medical AG. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – December 2025
Healthcare Holding Schweiz AG has successfully acquired a majority interest in Sevika Medical AG, headquartered in Baar, Switzerland. Sevika Medical is a distributor of innovative orthopedic products in Switzerland, with a focus on surgical navigation, orthobiologics, sports medicine, hip arthroscopy, and infection management. Leveraging its extensive network and strong commitment to staying at the forefront of medical technology innovation, Sevika Medical serves not only as a Swiss distributor for physicians and hospitals, but also as a trusted partner and point of contact for new and innovative medical technologies entering the Swiss market.
Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG, commented: “With Sevika Medical, we are establishing a new platform within Healthcare Holding Schweiz focused on orthopedics. This segment is particularly attractive to us as a provider of innovative medical technology, as orthopedics is characterized by continuous innovation and, in some cases, truly groundbreaking products that deliver better outcomes for patients. We will actively support Sevika Medical in consistently offering the latest and best solutions to the market.”
Manfred Menzi, Member of the Board of Directors of Sevika Medical AG, added: “We are very pleased to have successfully completed this transaction with Healthcare Holding Schweiz just before the end of the year. They were clearly our partner of choice. Together with co-founder Luigi Bivi, we will continue to actively support the management team in driving forward the strong growthachieved in recent years. Our passion for orthopedics remains unchanged, and with a strong strategic partner at our side, we will be able to bring even more innovative products to Switzerland in the future.”
About Sevika Medical AG
Sevika Medical AG distributes innovative orthopedic products in Switzerland, with a focus on surgical navigation, orthobiologics, sports medicine, hip arthroscopy, and infection management. Thanks to its broad network and strong interest in the latest developments in medical technology, Sevika Medical acts not only as a distributor for physicians and hospitals, but also as a key partner for new and innovative medical technologies entering the Swiss healthcare market.
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 groupcompanies 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 Sevika Medical AG, visit www.sevikamedical.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.com, www.orthowalker.ch, www.mcm-schaublin.ch, www.mvb-med.ch, www.dentalaxess.ch, www.effectum-chrep.com, www.cdpswiss.com, www.aestheticbedarf.ch, www.ftcdental.ch, www.inomedicalsolutions.ch, www.quniquegroup.com,www.kundenservicemanagement.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.
