Winterberg Group’s Perspective on the Year Ahead
At Winterberg Group, we specialize in small and mid-cap Buy & Build strategies, focusing on high-quality Mittelstand businesses in the DACH region. As we enter 2025, we see a renewed opportunity for sector consolidation, value creation, and operational transformation in key industries.
With capital markets stabilizing, interest rates trending downward, and a strong backlog of portfolio companies seeking exits, the European private equity landscape is poised for accelerated deal activity. However, high valuations, sector convergence, and macroeconomic uncertainties make disciplined investment strategies crucial for sustainable growth.
Among the many sectors seeing consolidation, we see strong potential in:
Healthcare & MedTech:
- Fragmentation in medical distribution & services – Many small and mid-sized healthcare providers operate independently, leading to inefficiencies. Consolidation allows for operational synergies, better bargaining power, and standardization of care.
- Regulatory burden driving M&A – Stricter compliance (e.g., MDR, IVDR) makes it too costly for smaller firms to comply independently, increasing pressure to join larger, well-capitalized platforms.
- Aging population & rising demand for specialized care – The growing need for orthopedic implants, chronic disease management, and home healthcare makes scaling through acquisition attractive.
- Technology integration (AI & digital health) – Companies that adopt AI-assisted diagnostics, robotic surgery, and digital patient management will gain a competitive advantage, making acquisitions a way to speed up innovation adoption.
Testing, Inspection, and Certification (TIC):
- Mission-critical role in industrial supply chains – The demand for certified quality assurance, regulatory compliance, and precision testing is rising across manufacturing, energy, and pharmaceuticals.
- Regulatory tightening & industry standardization – Stricter ISO and EU compliance standards make smaller TIC providers less competitive, increasing pressure to join larger, well-resourced platforms.
- Need for scale to handle digitization – Automated testing, AI-driven inspections, and predictive maintenance require investment in technology, which small TIC firms struggle to afford.
- Private Equity already driving sector roll-ups – TIC has proven resilient and highly cash-generative, making it attractive for Buy & Build strategies in niche testing & certification markets.
Pet Services:
- Strong consumer demand & recession resilience – Pet spending remains non-cyclical, with veterinary care and premium pet products continuing to grow, even in economic downturns.
- Fragmented veterinary clinic landscape – The European veterinary sector is highly fragmented, with independent clinics struggling to compete on cost, technology, and branding. Consolidation enables economies of scale, centralized procurement, and digital customer engagement.
- Growth of pet insurance & wellness services – The rise of subscription-based pet insurance and wellness plans creates opportunities for vertical integration, merging care services with insurance and retail.
- Private Equity interest increasing – Multiple PE firms have entered the veterinary consolidation space, indicating a strong Buy & Build thesis.
Personal & Medical Services:
- Shift from traditional healthcare to self-care & aesthetics – Consumers are spending more on aesthetic treatments (e.g., Botox, laser procedures, and cosmetic dentistry), creating high-margin business models.
- Fragmented market ripe for roll-ups – Most cosmetic clinics, dermatology centers, and aesthetic medical practices are run by independent operators, making them prime acquisition targets for larger platforms.
- Technology driving differentiation – AI-assisted consultations, robotic hair transplants, and digital skin analysis are setting high-tech clinics apart, giving larger groups an advantage.
- Regulatory trends favoring larger players – Tighter licensing, medical oversight, and quality standards make it harder for small providers to operate independently.
AI Applications:
- Move from hype to profitability – The AI sector is shifting from experimental projects to real revenue-generating applications, particularly in robotic surgery, automated quality control, and smart diagnostics.
- Companies need scale to afford AI investments – Smaller firms struggle to fund AI implementation, making them attractive acquisition targets for PE-backed consolidators with capital to deploy.
- Demand for AI-powered efficiency in manufacturing & healthcare – AI is revolutionizing diagnostics, workflow automation, and supply chain management, making acquisition-driven scaling essential.
- Defense & industrial AI applications growing – AI-driven surveillance, drone automation, and cybersecurity are seeing rapid adoption, attracting PE and corporate investors.
Defense & Aerospace:
- Geopolitical instability increasing defense budgets – Rising tensions in Europe and the Middle East are driving governments and defense contractors to invest heavily in drone technology, cybersecurity, and intelligence systems.
- High fragmentation among defense subcontractors – Many specialized technology suppliers (e.g., drone manufacturers, radar developers, and electronic warfare firms) remain small and lack the scale needed for international expansion.
- Cross-border M&A interest from U.S. and EU players – Larger defense contractors are actively acquiring niche military tech firms to enhance their capabilities in AI-driven warfare, unmanned systems, and satellite surveillance.
- R&D investment requirements favor larger platforms – Defense technology requires heavy upfront investment in R&D, favoring larger PE-backed groups that can spread costs across multiple subsidiaries.
Our top-pick (and topic #1) – Healthcare & MedTech: A Prime Buy & Build Sector
- AI-Driven Transformation & Digitalization
AI-powered diagnostics, robotic-assisted surgery, and digital patient management are reshaping the healthcare industry. However, fragmentation remains a challenge, particularly in medical distribution, niche medical devices, and outpatient care.
For Buy & Build investors, acquiring specialized MedTech distributors and service providers presents an opportunity to integrate them into larger, technology-enabled platforms. Winterberg’s experience with Healthcare Holding Schweiz AG illustrates how consolidating fragmented distributors creates economies of scale while leveraging AI and automation to improve operational efficiency.
- Regulatory Complexity as an M&A Driver
With Europe’s evolving medical regulations (e.g., MDR for medical devices, IVDR for diagnostics), compliance has become an expensive burden for smaller players. Many are seeking strategic partnerships or exits, creating strong Buy & Build opportunities in:
Clinical testing & certification – PE-backed platforms can standardize compliance processes, reduce costs, and scale geographically
Outsourced regulatory services – Compliance consulting for MedTech firms is increasingly attractive as a scalable service model
- Aging Population & Chronic Disease Management
The European aging population continues to fuel demand for orthopedic implants, dental care, and home-based medical services. Consolidating mid-sized healthcare providers and niche equipment manufacturers allows for operational synergies and expansion into adjacent markets.
Where Winterberg Sees Opportunity:
- Medical Device Distribution – Rolling up specialized distributors to create regional or category leaders
- Outsourced Clinical Research & Laboratory Services – Standardizing fragmented testing & certification providers
- Regulatory & Compliance Services – Acquiring niche consulting firms to serve the growing regulatory burden
Our second bet (and topic #2) – TIC (Testing, Inspection, and Certification): Consolidation Beyond Mechanical Calibration
The TIC sector is experiencing a structural shift, with industries demanding higher precision, compliance, and automation across various applications.
- Digitalization & AI in Industrial Testing
The TIC industry is transitioning toward automated testing, predictive maintenance, and AI-powered quality control. Many small players struggle to keep up due to high investment costs, presenting consolidation opportunities for PE-backed Buy & Build platforms.
AI-supported defect detection, machine learning-based predictive maintenance, and remote inspection technologies are driving efficiency in sectors such as:
– Aerospace & Defense
– Automotive & High-Precision Manufacturing
– Energy Infrastructure & Renewables
- Expanding Beyond Mechanical Calibration
The market demand for precision testing extends beyond mechanical calibration into material testing, chemical analysis, and environmental compliance.
Key Buy & Build opportunities include:
ISO-certified testing labs – Acquiring and consolidating independent laboratories
Digitalized compliance platforms – Investing in software-based compliance solutions for regulatory tracking
Automation of industrial inspections – Integrating AI and robotics for real-time, non-destructive testing
Where Winterberg Sees Opportunity:
- Industrial Calibration Labs – Rolling up regional providers for scalability
- Digital Inspection Platforms – Leveraging AI to improve compliance & efficiency
- High-Value TIC Segments – Expanding into aerospace, defense, and green energy testing
2025 Outlook: Discipline, Specialization, and Operational Execution Will Define Success
The private equity landscape in 2025 will be shaped by ongoing macroeconomic uncertainty, high interest rates, and geopolitical instability—factors that have turned volatility into a permanent fixture rather than a cyclical phase. In this environment, value creation will increasingly rely on hands-on operational execution rather than financial engineering.
Despite these challenges, the outlook for M&A activity is improving. A narrowing price gap, an expected increase in corporate carve-outs, and a more stable interest rate environment are likely to drive a rebound in deal volume. Surveys indicate that investor sentiment is turning more optimistic, with private equity firms planning a more aggressive approach to acquisitions compared to 2024.
However, simply deploying capital will not be enough. The firms that succeed in 2025 will be those that embrace specialization, execute disciplined Buy & Build strategies, and leverage operational expertise to generate value. Winterberg Group is well-positioned for this shift, focusing on three core principles:
- Targeting high-value, fragmented sectors where consolidation can create market-leading platforms
- Using technology to drive efficiency and scalability in industrial, healthcare, and service-based businesses
- Applying a rigorous, sector-focused Buy & Build approach to transform businesses through operational improvements rather than financial leverage
While capital availability remains constrained and leverage terms remain difficult, firms with a strong operational value-creation playbook will gain a competitive advantage. The private equity industry is moving away from reliance on multiple arbitrage and cheap debt and toward genuine alpha generation through hands-on portfolio management.
For investors who can navigate this complexity, 2025 presents a unique opportunity. The combination of industry fragmentation, technological transformation, and increased corporate divestitures will reward those who take a disciplined, value-driven approach to Buy & Build.
TIC Holding Schweiz AG, a Buy, Build and Technologize platform funded by Winterberg Investment X and managed by Winterberg Advisory GmbH, has acquired Metron Measurement SA based in Quartino, Switzerland.
Baar, Switzerland – January 15, 2025
TIC Holding Schweiz has successfully completed the acquisition of Metron Measurement SA, an SCS-accredited laboratory specialized in calibrating measurement equipment in the field ofLength, Force, Torque, Humidity, Pressure and Electrical quantities. Metron further offers active administration and handling of all the equipment of their customers and can even perform its services onsite.
TIC (Testing, Inspection, and Certification) services have been a focus for private equity groups for decades, particularly in Europe, driven by the sector’s non-cyclical nature and high levels of recurring revenues. Winterberg has explored this sector in Switzerland for more than three years before making its first acquisition and is currently pursuing further live transactions.
Lorenzo Tencati, Board Member at TIC Holding Schweiz and Partner in Winterberg states: “After being in the M&A market in TIC in Switzerland for a long time, we have finally found the nucleus of our new platform. Metron has strong processes, and impressive growth and a highly motivated team to deliver its services at the highest standards, to the utmost satisfaction of its customers. We are also very happy that Alessandro Capone stays with us as CEO of Metron with a significant shareholding in TIC Holding Schweiz. Together with my partner Fabian Kroeher and the Winterberg team we are all up for an exciting journey to build a Swiss market leader in the next 5 to 7 years.”
Alessandro Capone, CEO of Metron Measurement adds: “From the first meeting, we were convinced that Winterberg will be the right partner to take Metron to the next level. We have been growing our services and team every year and really look forward to now be able to strategically invest and grow by acquisition in addition. We are also extremely grateful to our first investor Brütsch Rüegger Tools and especially to its CEO Martin Wirth for their support and trust in us during the last 10 years of activity, since 2015. We want to ensure that our collaboration in the market remains at its current level and that we continue to best meet our customers‘ needs.”
Martin Wirth, CEO of Brütsch Rüegger Tools affirms: “We are pleased to transfer our stake in Metron to an investor poised to further develop the company strategically and to expand the group into new sectors beyond our current scope. We are confident they will successfully drive Metron’s continued growth and build on its strong momentum. Metron is and remains our reliable exclusive partner for testing and calibration services – a long-standing partnership that will continue. We will keep providing our customers with calibration services and process-integrated calibration solutions based on Metron’s comprehensive portfolio of expertise and solutions.”
About TIC Holding Schweiz AG
TIC Holding Schweiz aims at becoming one of Switzerland’s leading customer-centric groups with a strong commitment to quality, excellence and diversity. The holding is actively seeking to acquire small and medium enterprises in accredited Testing, Inspection and Certification Services, preferably in succession situations. By fostering an entrepreneurial culture and benefiting from latest technologies in all corporate functions, it aspires to generate above-market growth and returns. TIC Holding Schweiz is based in Baar, Switzerland and its first group company Metron Measurement SA is located in Quartino, Switzerland.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Gruenwald, Germany, Winterberg Advisory GmbH manages private equity investment funds, mainly concentrating on small- and mid-cap successions, creating Buy, Build and Technologize platforms such as TIC Holding Schweiz AG and Healthcare Holding Schweiz AG. Winterberg Group AG, located in Zug, Switzerland, is an independent family office that invests in private equity, along with selective ventures in real estate and other asset classes.
For media inquiries, please contact presse@tic-holding.ch
Note to Editors: Please credit Winterberg Group for all references to provided quotes and information.
For further information about TIC Holding Schweiz AG, please visit www.tic-holding.ch
For further information about Metron Measurement SA, please visit www.metron-labo.ch
For further information about Winterberg Advisory GmbH and Winterberg Group AG, please visit www.winterberg.group.Winterberg’s Swiss healthcare platform Healthcare Holding Schweiz AG can be found under www.healthcare-holding.ch
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of TIC Holding Schweiz AG.
Winterberg Investment X, a fund advised by Winterberg Advisory GmbH, has recently acquired its nucleus asset in Switzerland. The fund will develop a new Swiss Buy, Build and Technologize platform in the area of accredited Testing, Inspection and Certification Services and plans to acquire 3-7 Swiss small and medium enterprises in the next 5 years.
Baar, Switzerland – December 19, 2024
Winterberg, together with funds advised by renowned European small-cap specialist Yana Investment Partners, have established TIC Holding Schweiz AG as a platform to build a leader in the Swiss accredited testing, inspection and certification market. The first nucleus asset has recently been acquired. Details of the first acquisition will be published shortly.
Testing, Inspection, and Certification (TIC) has been a focus for private equity groups for decades, particularly in Europe, driven by the sector’s non-cyclical nature and high levels of recurring revenues. The growing emphasis on quality, safety, and environmental standards have further fueled this trend. The sector’s resilience, even during economic downturns, and the essential nature of its services make it a reliable investment.
Fabian Kroeher, President of the Board of TIC Holding Schweiz and Partner in Winterberg states: “After having launched Healthcare Holding in 2021, we are excited to start our second platform in Switzerland, which we currently view as one of the most attractive markets on the European continent. Its economic stability, innovation, access to talent and thriving SME sector holds many opportunities for small-cap Buy, Build and Technologize strategies. After more than a decade of investing in Switzerland, we have built strong partnerships with industry, banks and advisors. Hence we are very confident that we can successfully execute our strategy.”
Dr. Hanspeter Bader, Founding Partner of Yana Investment Partners and designated Board Member of TIC Holding Schweiz adds: “Having built a relationship with Winterberg over several years, we are very happy to become an anchor investor in their TIC Buy & Build. We are convinced that the sector, in combination with a largely unconsolidated landscape of SMEs in Switzerland, is a tremendous investment opportunity. Testing, inspection and certification play a key role in maintaining safety and environmental standards in industrial and adjacent sectors and are therefore key in building a sustainable and eco-friendly future.”
About TIC Holding Schweiz AG
TIC Holding Schweiz aims at becoming one of Switzerland’s leading customer-centric groups with a strong commitment to quality, excellence and diversity. The holding is actively seeking to acquire small and medium enterprises in accredited Testing, Inspection and Certification Services, preferably in succession situations. By fostering an entrepreneurial culture and benefiting from latest technologies in all corporate functions, it aspires to generate above-market growth and returns. TIC Holding Schweiz is based in Baar, Switzerland.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Gruenwald, Germany, Winterberg Advisory GmbH manages private equity investment funds, mainly concentrating on small- and mid-cap successions, creating Buy, Build and Technologize platforms such as TIC Holding Schweiz AG and Healthcare Holding Schweiz AG. Winterberg Group AG, located in Zug, Switzerland, is an independent family office that invests in private equity, along with selective ventures in real estate and other asset classes.
About Yana Partners
Yana Investment Partners engages with institutional investors, family offices, and asset managers to invest directly in outstanding privately held companies across Europe. 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 media inquiries, please contact presse@tic-holding.ch
Note to Editors: Please credit Winterberg Group for all references to provided quotes and information.
For further information about TIC Holding Schweiz AG, please visit www.tic-holding.ch
For further information about Winterberg Advisory GmbH and Winterberg Group AG, please visit www.winterberg.group. Winterberg’s Swiss healthcare platform Healthcare Holding Schweiz AG can be found under www.healthcare-holding.ch
For further information about Yana Partners, please visit www.yana.partners
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of TIC Holding Schweiz AG.
The Swiss mergers and acquisitions (M&A) market in 2024 has been marked by sharp contrasts, offering mixed signals for investors. After a strong start with a series of high-profile transactions, the pace slowed dramatically in the third quarter. However, the year-end outlook remains optimistic, thanks to a rebound in activity during the fourth quarter, including some landmark deals.
A Promising Start to 2024
The first quarter of 2024 set the stage for an active M&A market in Switzerland, with four billion-euro deals completed. The largest transaction was Swisscom’s €8 billion acquisition of Vodafone Italia, a strategic move to strengthen its presence in the Italian market.
By the end of the first half, the Swiss M&A market recorded three additional billion-euro transactions, including Novartis’s acquisition of Mariana Oncology for $1 billion, with further earn-outs of $750 million. These deals highlighted the strong appetite for cross-border acquisitions in high-growth sectors such as technology and healthcare.
A Surprising Lull in Q3
Despite the promising start, the third quarter saw a significant drop in M&A activity. Only two transactions during the summer months made it into the top ten deals of the year. This slowdown mirrored a broader European trend, where economic uncertainties and rising geopolitical tensions caused many investors to pause their dealmaking.
The slowdown was further evidenced by a 31% decline in transaction volume during the first nine months of 2024 compared to 2023, as reported by BCG. Total deal values also lagged behind previous years. For context, aggregate M&A transaction values in Switzerland stood at CHF 71.5 billion in 2023, already a drop from CHF 108.6 billion in 2022. To match last year’s total, a flurry of billion-euro deals would need to close before year-end.
A Strong Fourth Quarter Rebound
The fourth quarter began with a major transaction: Partners Group’s sale of Techem Group for €6.7 billion to TPG and Singapore’s sovereign wealth fund GIC. This deal ranked as the second-largest of the year, highlighting the attractiveness of businesses focused on energy efficiency and digital solutions within the building sector.
Strategic acquisitions also dominated the deal landscape, with Swiss firms like Swisscom, Novartis, and Emmi targeting international markets. However, large-scale outbound transactions by Swiss companies remained limited, reflecting a more cautious approach to foreign expansions.
Insights on the Largest Deals
The largest transactions of 2024 reveal key trends:
- Strategic Focus: Most deals involved strategic buyers rather than private equity buyouts, emphasizing long-term value creation.
- Cross-Border Activity: Swiss buyers targeted assets in Italy, France, and the U.S., demonstrating continued interest in international growth.
- Private Equity Exits: While there were no major buyouts, private equity firms successfully exited investments, including Partners Group’s Techem deal.
Fabian Kroeher, Managing Partner at Winterberg Group, noted: “The Swiss M&A market’s dynamics this year reflect a pivot towards strategic, value-driven acquisitions. For private equity players, this creates a great environment for exits, because strategic buyers see more value in companies that fit their core businesses well.”
Winterberg Group’s Contributions to the Swiss M&A Landscape in 2024
Winterberg Group, through its Healthcare Holding Schweiz AG, played a significant role in shaping the Swiss M&A landscape this year. The group executed several strategic acquisitions that expanded its medtech services and distribution portfolio, cementing its position as a leader in the Swiss healthcare sector.
April 2024: Acquisition of MCM Medsys AG
Healthcare Holding Schweiz AG acquired MCM Medsys AG, a Solothurn-based distributor of medical devices and supplies specializing in interventional therapy, surgery, nephrology, and oncology. With a diverse catalog of over 900 products and strong relationships with 20 exclusive suppliers, MCM Medsys AG brought significant depth to Healthcare Holding’s offerings.
“With the acquisition of MCM, we are expanding our product portfolio to include high-class medical devices and establishing a stronger presence in Canton Solothurn,” said Fabian Kroeher. “This strategic move marks a milestone for our group and underscores our commitment to delivering innovative solutions for the Swiss healthcare market.”
July 2024: Acquisition of Naropa Reha AG
In July, Healthcare Holding completed its acquisition of Naropa Reha AG, a company specializing in rehabilitation and care products, including active wheelchairs. This acquisition provided the group with a foothold in the Swiss rehabilitation market and enhanced its ability to serve individuals with disabilities.
“Naropa’s expertise in rehabilitation complements our portfolio perfectly,” Kroeher noted. “This move aligns with our vision to broaden our reach while maintaining high standards of care and service.”
October 2024: Acquisition of MVB Medizintechnik AG
Healthcare Holding added MVB Medizintechnik AG to its portfolio in October, gaining access to specialized expertise in cardiotocography for gynecology and obstetrics, as well as innovative shock wave therapy products. The acquisition bolstered the group’s offerings in women’s health and therapeutic devices.
“The addition of MVB Medizintechnik AG strengthens our market position in women’s health and therapeutic solutions,” said Kroeher. “Their innovative products and expertise will significantly contribute to our growth strategy.”
Looking Ahead for Winterberg Group
Winterberg’s acquisitions in 2024 showcase the group’s strategic acumen and focus on long-term value creation. By targeting niche markets and leveraging synergies across its portfolio, Winterberg is well-positioned to drive sustained growth in the evolving Swiss healthcare landscape.
As the M&A market gains momentum in Q4, Winterberg remains committed to identifying high-potential opportunities that align with its disciplined investment philosophy and strategic goals and aims to still close one or two deals this year.
Healthcare Holding Schweiz AG, a Prominent Swiss Medtech Services and Distribution Group Managed by Winterberg Advisory GmbH, Expands its Portfolio with the Acquisition of MVB Medizintechnik AG based in Frick.
Baar, Switzerland – October 2024
Healthcare Holding Schweiz AG (“Healthcare Holding”) has successfully completed the acquisition of MVB Medizintechnik AG (“MVB”), enhancing its portfolio with specialized expertise in cardiotocography for gynecology and obstetrics, alongside innovative products in shock wave therapy, thereby strengthening its market position in both women’s health and therapeutic devices.
Fabian Kroeher, President of the Board of Healthcare Holding Schweiz and Partner at Winterberg Advisory GmbH, stated, “We are excited to welcome MVB Medizintechnik AG into the Healthcare Holding family. This acquisition not only broadens our product offerings but also enhances our capability to deliver tailored solutions to our customers. The integration of MVB’s specialized knowledge and innovative products will significantly contribute to our growth strategy.”
Both Günter Dreikorn and Henry Brülhart, the previous owners of MVB, will remain with the company to ensure continuity and maintain the high standards of service that MVB’s customers have come to expect.
“I am very pleased that we found a new home for MVB, which will provide us with everything to thrive and even accelerate our growth,” said Günter Dreikorn. “This partnership will allow us to leverage combined strengths and resources, ultimately making us even better to serve our customers at the highest standards.”
With this acquisition, Healthcare Holding Schweiz reinforces its position as the market leader in Medtech services and distribution in Switzerland. Already managing a diverse portfolio, the company continues to showcase its strategic expertise and commitment to excellence, driving sustained growth and innovation in the Swiss healthcare sector.
About MVB Medizintechnik AG
MVB Medizintechnik AG, based in Frick, Switzerland, is a specialized distributor in the fields of cardiotocography (CTG) for gynecology and obstetrics, and shock wave therapy, offering a range of CTG products and other gynecological devices, as well as advanced shock wave devices and other innovative products for women’s health.
About Healthcare Holding Schweiz AG
As a leading player in the Swiss Medtech services and distribution sector, Healthcare Holding Schweiz AG based in Baar, Switzerland is focused on growing its portfolio through strategic acquisitions and partnerships. It is committed to innovation and customer satisfaction, aspiring to redefine industry standards with state-of-the-art solutions and exceptional service. To date, the group has acquired Senectovia Medizinaltechnik AG based in Urdorf, Winther Medical AG based in Baar, Mikrona Group AG based in Schlieren with its business units Mikrona and Ortho Walker, MCM Medsys AG based in Solothurn, and Naropa Reha AG based in Staad, St. Gallen.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Gruenwald, Germany, Winterberg Advisory GmbH manages Private Equity investment funds, mainly concentrating on Small and Midcap Buy and Build platforms such as Healthcare Holding Schweiz AG. Winterberg Group AG, located in Zug, Switzerland, is an independent family office that invests in Small and Midcap Private Equity, along with selective ventures in real estate and other asset classes.
For media inquiries, please contact presse@healthcare-holding.ch
Note to Editors: Please credit Winterberg Group for all references to provided quotes and information.
For further information about MVB Medizintechnik AG visit www.mvb-med.ch
For further information Healthcare Holding Schweiz AG, please visit www.healthcare-holding.ch
For Healthcare Holding’s portfolio companies visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch, www.mcm-medsys.ch and www.naropa-reha.ch
For further information about Winterberg Advisory GmbH and Winterberg Group AG, please visit www.winterberg.group
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
Switzerland’s MedTech industry has long been a cornerstone of healthcare innovation, generating 24 billion Swiss francs in 2023 and employing over 70,000 people. Swiss distributors of medical devices are key players in this ecosystem, ensuring hospitals and clinics have access to cutting-edge medical products. However, the introduction of the EU Medical Device Regulation (MDR) in 2021, coupled with the discontinuation of Switzerland’s Mutual Recognition Agreement (MRA) with the European Union, has significantly complicated the landscape, placing new burdens on Swiss distributors who must now navigate a tougher regulatory environment.
Ensuring Compliance: The Evolving Role of Swiss Distributors Amid Regulatory Challenges
While Swiss distributors don’t certify products themselves, they are responsible for ensuring that the devices they distribute comply with Swiss regulations set by Swissmedic. Since Switzerland is no longer part of the Mutual Recognition Agreement (MRA) with the EU, manufacturers of MDR-certified products must appoint a Swiss Authorized Representative (CH-REP) to register their products with Swissmedic before selling them in Switzerland. This regulatory step adds complexity, as distributors must coordinate with both manufacturers and CH-REPs to confirm product registration and approval for the Swiss market. According to Fabian Kroeher, Managing Partner at Winterberg Group, this process often results in significant administrative burdens, particularly when manufacturers lack complete data on their portfolio’s registration status in Switzerland. This further complicates the distributor’s role in maintaining compliance and ensuring product availability without unnecessary delays.
Ensuring Product Availability: Navigating Delays, Re-certifications and Limited Innovation Access
The introduction of the EU Medical Device Regulation (MDR) has had a significant impact on the portfolios of medical device distributors. Under the MDR, stricter requirements for product certification, post-market surveillance and clinical evaluation have significantly increased the complexity and cost of bringing new medical devices to market. In addition to these challenges, existing products that were previously certified under older regulations must also undergo re-certification to remain available. This dual burden of re-certifying existing products while meeting requirements for new innovations has caused significant delays in product availability. As a result, distributors may face shortages in certain devices or be forced to discontinue offering products that manufacturers opt not to re-certify due to the high costs and regulatory hurdles imposed by the MDR.
The time and cost of MDR compliance have led many manufacturers to prioritize high-margin devices, often at the expense of smaller or niche products. This reduction in product variety limits distributors’ access to the full range of devices they previously offered. As a result, they must navigate a more limited and potentially more expensive selection, making it harder to maintain a competitive and comprehensive portfolio that meets healthcare providers’ diverse needs.
Increased time and costs of MDR compliance have led many manufacturers to prioritize launching innovations in markets with faster regulatory approvals. As a result, new technologies often launch in the U.S. before reaching the EU and Switzerland, delaying distributors’ ability to provide cutting-edge products to healthcare clients.
A Call for Swiss Regulatory Reform: Implementing Motion 20.3211
In response to the growing regulatory challenges, many industry stakeholders are advocating for the Swiss Federal Council to adopt the framework established by Motion 20.3211, which was passed by the Swiss Parliament. The motion calls for Switzerland to recognize FDA-certified medical devices, allowing such products to be approved for the Swiss market. This measure could alleviate regulatory bottlenecks, reducing the time and cost for Swiss distributors to ensure compliance with new and re-certified products. According to Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG, recognizing FDA-approved medical devices “would be a game changer for the industry”. He emphasizes that this reform would drastically reduce delays and allow Swiss healthcare providers faster access to cutting-edge technologies. With the current MDR framework and the loss of the MRA with the EU, product availability has lagged behind as manufacturers understandably prioritize larger markets. Fagagnini argues that by adopting Motion 20.3211, “Switzerland could maintain its competitive edge in the MedTech space, ensuring we’re not left behind in terms of innovation and quality care”. The reform would simplify supply chains, mitigate shortages and help distributors deliver better outcomes for Swiss patients.
Navigating Regulatory Challenges: Proactive Strategies for Swiss Distributors in the MedTech Industry
To navigate the increasingly complex regulatory landscape and maintain competitiveness, Swiss distributors must adopt proactive strategies to adapt and thrive:
- Build Regulatory Expertise and Offer CH-REP Services
Given the growing importance of regulatory compliance, Swiss distributors can invest in developing in-house regulatory expertise. By offering Swiss Authorized Representative (CH-REP) services to manufacturers, distributors can position themselves as key partners in helping foreign companies bring their products to the Swiss market. This not only adds value to the distributor’s portfolio but also strengthens relationships with manufacturers by streamlining the compliance process.
- Scout for FDA-Approved Products Early
With the potential adoption of Motion 20.3211, which would recognize FDA approvals in Switzerland, Swiss distributors should begin scouting for innovative FDA-approved products in advance. Establishing early contact with manufacturers will allow distributors to be at the forefront when these products become available in Switzerland, ensuring a competitive edge and faster access to cutting-edge technologies.
- Enhance Product Portfolio Management Tools
Investing in advanced portfolio management tools that track regulatory status and registration of devices across markets can help distributors stay ahead of compliance issues. These tools allow distributors to monitor which products are certified or registered for the Swiss market, ensuring more efficient portfolio management and avoiding potential gaps in product availability.
By adopting these strategies, Swiss distributors can stay agile, enhance their services and navigate the evolving regulatory landscape, ensuring Swiss healthcare providers have timely access to diverse, high-quality medical devices.
At Winterberg Group AG, we understand the importance of robust infrastructure and systems for driving growth within our portfolio companies. As a private equity player focused on Buy & Build platforms, we continuously seek to enhance operational efficiency across our investments. One such platform is Healthcare Holding Schweiz AG, a medical equipment distribution group that is part of Winterberg’s growing portfolio.
Recognizing the transformative potential of Salesforce, we implemented it across Healthcare Holding’s entities to strengthen customer relationships, streamline operations and drive scalability. In this article, we share the key challenges we encountered during the critical kick-off phase of Salesforce implementation and how other SMEs can avoid similar pitfalls.
“The Salesforce implementation has been a game-changer for Healthcare Holding Schweiz AG. It has enabled us to unify our operations and improve customer engagement across all entities. By adopting a phased approach, we were able to address the unique challenges of each business unit without disrupting our day-to-day activities.” – Fabio Fagagnini, CEO of Healthcare Holding Schweiz AG.
Challenge 1: Selecting the Right Tool
The first and most significant decision is selecting the right CRM tool. While Salesforce is a leader in the market, we needed to ensure that it was the best fit for Healthcare Holding’s specific needs.
- Understand Business Requirements: Each entity within Healthcare Holding had distinct requirements. We carried out a thorough assessment of each entity’s needs to ensure Salesforce would meet these diverse demands.
- Balancing Cost and Functionality: As Salesforce can be an expensive solution, we carefully weighed the costs of licensing and implementation against the projected benefits. In particular, we focused on maximizing cost efficiency while ensuring scalability.
- Alignment with Long-Term Goals: Salesforce needed to support the long-term growth of Healthcare Holding. We ensured that it could scale alongside the company’s expansion, making it a future-proof solution.
Challenge 2: Choosing the Right Implementation Partner
Finding the right Salesforce implementation partner was critical for ensuring a smooth process.
- Get Recommendations: Given the size of the market, we leveraged our network to find recommendations for partners that had experience in the healthcare and SME space.
- Experience with SMEs: We prioritized selecting a partner experienced in working with SMEs. They needed to be pragmatic, choosing functionality that fit our budget and operational needs. Several partners suggested costly enterprise-level solutions that were unnecessary for our purposes.
Challenge 3: Conduct a Successful Project Kick-off
The kick-off phase of the Salesforce implementation required careful planning to ensure smooth execution across Healthcare Holding’s entities.
- Define Roles and Responsibilities: We defined clear roles for both our internal team and the implementation partner, avoiding any ambiguity about who was responsible for key tasks.
- Create a Clear Roadmap: We developed a detailed roadmap with deadlines and ensured that everyone involved, from Sales to Customer Support, was aware of their responsibilities and timelines.
- Resource Allocation and Team Setup: We formed a dedicated project team early on, ensuring that all relevant stakeholders, including IT, Sales, and Service, were engaged from the start.
Challenge 4: Handling Multiple ERP Systems
Integrating Salesforce with Healthcare Holding’s existing ERP systems was one of the more complex challenges we faced.
- Assess Existing ERP Systems: We evaluated the current systems landscape to identify any integration challenges, aligning closely with our IT partner to ensure seamless integration.
- Select a Middleware: We selected a middleware layer that could handle the complexities of multiple ERP systems across our different entities, ensuring scalability and efficiency.
Challenge 5: Addressing Insecurity and Worries Among the Sales Force
Any major system change can cause concerns among employees, and Salesforce implementation was no exception. The sales force needed to be assured that the new system would support their work.
- Communicate Changes Early: We involved sales reps early in the process, allowing them to contribute to the project and gain confidence in the system’s potential.
- Demonstrate Capabilities of Salesforce: We showcased how Salesforce could increase productivity and enable the team to generate more sales, addressing their concerns.
- Avoid False Promises: Transparency was key. We avoided promising anything that might change during the rollout, ensuring clear and consistent communication.
Other Common Pitfalls in the Kick-Off Phase and How We Avoided Them
Several other potential pitfalls were carefully avoided during the Salesforce kick-off phase.
- Underestimating Complexity: Salesforce implementations are complex, especially when dealing with integrations and data migration. We adopted a phased approach, starting with core functionalities before gradually expanding the system’s scope.
- Inadequate Training and Support: User adoption is key to the success of any CRM. We invested in comprehensive training programs, including hands-on sessions and ongoing support, to ensure high adoption rates among our teams.
Preparing for the Next Phases
As Healthcare Holding continues to grow, we are preparing for the next phases of the Salesforce rollout, applying lessons learned from the kick-off phase to improve efficiency.
- Monitoring and Evaluation: We established a robust monitoring system to track the progress of the Salesforce implementation, ensuring any issues are addressed early.
- Planning for Rollout Across Entities: Each entity within Healthcare Holding has unique needs, so we tailored our approach while maintaining consistency across the organization.
- Consistency and Standardization: By balancing customization with standardization, we ensured that Healthcare Holding maintained a unified system that could support future growth.
“At Winterberg, we believe that leveraging technology to drive efficiency and scalability is critical for the success of our portfolio companies. The Salesforce implementation at Healthcare Holding has enabled us to build a robust foundation for future growth, while also improving customer interactions across all entities. Our phased approach ensured that we could address challenges early on, leading to a smoother, more successful rollout.” – Fabian Kroeher, Managing Partner at Winterberg Group AG.
In conclusion, implementing Salesforce within an SME, particularly in a multi-entity organization like Healthcare Holding Schweiz AG, requires a well-planned and executed kick-off phase. By carefully navigating key challenges such as tool selection, partner choice, and addressing team concerns, SMEs can ensure a successful rollout. As Winterberg Group continues to drive growth across its portfolio, we encourage other SMEs to invest in the critical early stages of their Salesforce journey for long-term success.
In the private equity world, competition is fierce, but the satisfaction of successfully executing a deal makes the grind worth it. We scour the market, build relationships, assess value and structure fair deals to drive growth for companies with high potential therefore creating value for our investors, the society and the economy. As PE players, we thrive in the complexities of sourcing, negotiating and closing deals that often require a delicate balance of strategic insight and operational know-how.
But lately, there’s been a looming threat on the horizon: Management Buy-Outs (MBOs). MBOs are not a new phenomenon in the M&A world, but their increasing prevalence in small-cap deals has become a particular challenge for players like us. What stings us the most is when we do all the heavy lifting — only to see the company handed over to its management team at the very last steps of the transaction process.
As small-cap PE investors, we understand the importance of aligning incentives with management teams. However, the rise of MBOs is starting to feel like an unfair game, one where PE players are being left out in the cold after having paved the way for success. In this article, we’ll explore why this trend is so concerning and how it threatens not only the hard work we put into deals but also the future of small-cap private equity.
Understanding the Dynamics of Management Buy-Ins
A Management Buyout (MBO) occurs when a company’s existing management team purchases the business, often with the help of external financing. In an MBO, the managers become the new owners of the company, and this can be an attractive option for both the company’s management and the current owner.
From the perspective of the current owners, an MBO often provides a smooth transition, as the managers are already familiar with the business and can ensure operational continuity. For the management team, an MBO offers them the chance to take control of the company they know intimately and potentially benefit from its future growth.
However, from the perspective of a PE firm, MBOs can represent a huge loss — particularly when they come late in the deal process. After all, it is the PE firm that often does the heavy lifting, from identifying value in the company, negotiating with stakeholders and creating strategic growth plans. To be cut out at the last minute by the management team stepping in with an offer can feel like a betrayal after months of work.
The Private Equity Journey: From Identification to Deal Execution
The path to a successful deal in small-cap PE is rarely straightforward. It begins with finding the right company — often an underappreciated or undercapitalized business that has untapped potential. We spend countless hours analyzing the market, reviewing financials, understanding the industry and identifying opportunities for operational improvement or strategic growth.
Next, we approach the company, build relationships with the key stakeholders and position ourselves as value-added partners. This often involves more than just showing up with a checkbook; we demonstrate how we can contribute strategic insight, operational expertise and the capital required to scale the business.
The due diligence process is another major investment of time and resources. We assemble teams of experts to assess the company’s financial health, uncover hidden risks and validate growth assumptions. This phase involves detailed legal work, financial modeling and long, intense negotiations.
At the culmination of all this hard work, we structure a deal that benefits everyone involved — only to find, at the last minute, that the management team has secured financing from elsewhere and has arranged an MBO. Suddenly, everything we’ve built—the trust, the relationships, the investment of resources — vanishes.
The Growing Prevalence of MBOs in Small-Cap PE
Why are MBOs becoming such a common issue for small-cap PE players? There are several contributing factors:
Access to Capital: Managers today have unprecedented access to financing options, particularly from non-traditional sources like family offices, private debt funds and mezzanine lenders. These sources often offer favorable terms, making it easier for management teams to pursue buyouts without relying on external PE firms.
Owner Preferences: For business owners, selling to management often represents the path of least resistance. Management teams already know the business inside out, reducing the perceived risks associated with transition. Owners may feel more comfortable selling to familiar faces rather than bringing in an outside PE firm, which may implement significant changes to operations, strategy, or leadership.
Manager Ambitions: For managers, the prospect of owning the business they run is highly attractive. With an MBO, they can take control of their own destiny, enjoying both the autonomy of ownership and the financial upside that comes with it.
Trust and Relationship: Management teams often have long-standing relationships with the business owner. This gives them an inside track and allows them to negotiate directly with the owner while PE firms are still navigating the formalities of structuring deals.
Strategic Motivations: Some management teams view MBOs as a way to ensure stability. They may feel that bringing in outside investors, such as PE firms, could disrupt the company’s culture, introduce new pressures or lead to changes in leadership. By organizing an MBO, they can maintain control while keeping the business on its current course.
The Frustrations of Being Sidelined
For a small-cap PE firm, being cut out by an MBO after months of hard work is frustrating on many levels. First, there’s the financial loss. We invest significant resources — both time and money — into sourcing and structuring deals. Whether it’s engaging consultants for due diligence, assembling legal teams for negotiations or spending months building relationships with key stakeholders, the costs add up quickly. When an MBO occurs at the last minute, all of this becomes a sunk cost.
But the financial loss is only part of the frustration. There’s also the emotional toll. Deal-making is not just about money; it’s about relationships, strategy and the satisfaction of seeing a vision come to life. To be sidelined after months of hard work can feel like a betrayal—especially when the management team uses the value we’ve helped uncover to execute their own buyout.
What Can Small-Cap PE Players Do to Protect Themselves?
While the rise of MBOs is a challenge, it is not insurmountable. There are several strategies that small-cap PE players can implement to protect themselves from being sidelined:
Early Engagement with Management: Building strong relationships with the management team from the outset is crucial. By aligning their interests with ours early on, we can position ourselves as partners rather than competitors. This can reduce the likelihood of management pursuing an MBO behind our backs.
Incentivizing Management: Offering management a stake in the business as part of the deal structure can help align interests and prevent them from pursuing an MBO. If management feels they have a meaningful role and stake in the business’s success, they’re less likely to go rogue with a buyout.
MBO Protection Clauses: Including clauses in the initial stages of deal negotiations that give us protection against MBOs can be a safeguard. This ensures that if an MBO is on the table, we can get our costs reimbursed.
Demonstrating Our Value Beyond Capital: PE firms need to continue showcasing the value they bring beyond financial resources. Whether it’s operational expertise, industry knowledge, or access to broader networks, we must emphasize that our involvement can accelerate the company’s growth in ways an MBO may not.
Better Due Diligence on Management Intentions: During the early phases of negotiations, it’s important to assess the likelihood of an MBO attempt. Understanding management’s ambitions and potential access to financing can help us foresee and address the risk early in the process.
Management buyouts are increasingly becoming a thorn in the side of small-cap private equity players. While MBOs provide attractive benefits for management and business owners, they represent a significant challenge for PE firms that invest so much time and effort into structuring deals, only to be cut out at the last minute.
“Our firm position on this, is that we do not start due diligence, if we do not feel protected enough. Doing multiple due diligences without having MBO protections would make every small cap PE bankrupt these days. In other words, we don’t gamble the DD costs anymore to find out in two months that the company is sold to its managers. We had painful experiences in the last few years and decided to put an end to that.” – says Fabian Kroeher, Managing Partner at Winterberg Group
As PE players, we must stay vigilant and proactive in addressing the threat of MBOs. By building stronger relationships with management, offering creative deal structures and showcasing the unique value we bring, we can mitigate the risk of being sidelined. After all, in the world of small-cap private equity, adaptability is key — and it’s often the difference between a deal closing in our favor or slipping through our fingers.
Healthcare Holding Schweiz AG, a Prominent Swiss Medtech Services and Distribution Group Managed by Winterberg Advisory GmbH, Expands its Portfolio with the Acquisition of Naropa Reha AG.
St. Gallen, Switzerland – July 2024
Healthcare Holding Schweiz AG (“Healthcare Holding”) has successfully completed the acquisition of Naropa Reha AG (“Naropa”), thereby gaining an access to a well-established portfolio of rehabilitation and care products, a foothold in the Swiss healthcare market, and a reputable brand known for improving the quality of life for individuals with disabilities.
“We are pleased to bring Naropa Reha AG into our portfolio,” stated Fabian Kroeher, President of the Board of Healthcare Holding Schweiz and Partner at Winterberg Advisory. “This acquisition aligns with our strategic goals, and we look forward to a productive collaboration. Naropa’s expertise in rehabilitation and care products will be a valuable addition as we continue to expand our presence in the healthcare market.”
“I am delighted to see Naropa Reha AG in such capable hands,” said Herbert Dietsche, the previous owner of Naropa. “I am confident that under Healthcare Holding Schweiz’s stewardship, our commitment to service with competence and heart, improving the lives of those we serve will continue uninterrupted. I look forward to seeing Naropa thrive and grow in this new chapter.”
With this acquisition, Healthcare Holding Schweiz further strengthens its status as market leader in Medtech services and distribution in Switzerland. Already boasting a diverse and robust portfolio of companies, Healthcare Holding Schweiz continues to demonstrate its strategic acumen and commitment to excellence, paving the way for sustained growth and innovation in the Swiss healthcare sector.
About Naropa Reha AG
Naropa Reha AG is a company based in Staad, St. Gallen, Switzerland, specializing in supplying products and services in rehabilitation and care as well as being a specialist in fitting and maintaining active wheelchairs, enhancing the lives and care of individuals with disabilities. Naropa Reha AG supports both private individuals and institutions with their comprehensive range products, maintenance and services.
About Healthcare Holding Schweiz AG
As a leading player in the Swiss Medtech services and distribution sector, Healthcare Holding Schweiz AG based in Baar, Switzerland is focused on growing its portfolio through strategic acquisitions and partnerships. It is committed to innovation and customer satisfaction, aspiring to redefine industry standards with state-of-the-art solutions and exceptional service. To date, the group has acquired Senectovia Medizinaltechnik AG based in Urdorf, Winther Medical AG based in Baar, Mikrona Group AG based in Schlieren with its business units Mikrona and Ortho Walker, and MCM Medsys AG based in Solothurn.
About Winterberg Advisory GmbH and Winterberg Group AG
Based in Gruenwald, Germany, Winterberg Advisory GmbH manages Private Equity investment funds, mainly concentrating on Small and Midcap Buy and Build platforms such as Healthcare Holding Schweiz AG. Winterberg Group AG, located in Zug, Switzerland, is an independent family office that invests in Small and Midcap Private Equity, along with selective ventures in real estate and other asset classes.
For media inquiries, please contact galina.derkacheva@winterberg.group
Note to Editors: Please credit Winterberg Group for all references to provided quotes and information.
For further information about Naropa Reha AG visit www.naropa-reha.ch
For further information Healthcare Holding Schweiz AG, please visit www.linkedin.com/company/healthcare-holding-schweiz-ag
For Healthcare Holding’s portfolio companies visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch and www.mcm-medsys.ch
For further information about Winterberg Advisory GmbH and Winterberg Group AG, please visit www.winterberg.group
This press release is prepared and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
Why is Switzerland considered an investment haven in 2024? To answer this question, we can observe how the country’s economic growth has compared against the other top 9 European countries by gross domestic product (GDP) in Graph 1 and 2.

While Switzerland was the seventh-largest economy in Europe by GDP, according to the most recent data available in 2023, it also experienced the third-largest compound annual growth rate (CAGR) in its yearly nominal GDP from 2017 to 2023.
This growth is impressive, but to further understand the key drivers behind it, we can compare which of Switzerland’s various sectors and industries were the most important contributors to economic growth by the total value of their output.

Graph 3 above displays the average of the total gross value added (GVA) contributed by each economic sector over the period. For a broad overview, it is evident that the Swiss economy was largely driven by the tertiary services sector, which on average contributed more than two-thirds of Switzerland’s total GVA per year.

Zooming further into the tertiary sector in Graph 4, the most significant industries in terms of average contribution to Switzerland’s total GVA per year over the same timeframe have been Government Services, Wholesale, Real Estate, Financial Services, and Healthcare, respectively.
Since our interest primarily lies in commercial industries, and with Wholesale being the most significant in terms of yearly contribution to total economic growth within the tertiary sector, further examination into Switzerland’s foreign trade environment is needed to understand what factors drive this industry.

In Graph 5, it is visible how Switzerland in recent years has been a net exporter, with imports trailing closely, representing only a marginally lower share of total foreign trade flows per year in CHF on average. If we segment Switzerland’s total exports and imports by product groups, as in Graph 6, then next after chemical and pharmaceutical products, the second most widely traded commercial products were Machines, appliances, and electronics.

From an investor’s perspective, one might assume that operating costs would be significantly higher for companies engaging in the production or sale of commercial goods with operations headquartered domestically in Switzerland rather than elsewhere. This is especially evident when comparing Switzerland’s annual wages to the other top 9 European countries by GDP, as seen in Graph 7 below. Switzerland’s average annual wages have been the highest among these countries in recent years, increasing at the second fastest CAGR of approximately 0.5% over the same period.

From this data, we can infer that exporting consumer goods to Swiss customers while having operations headquartered abroad could yield greater operating margins due to lower costs, such as full-time employee (FTE) salaries, and higher prices on product sales. This would be more advantageous than having operations headquartered domestically in Switzerland, which would result in significantly higher staff costs, especially for manufacturers with substantial infrastructure and FTEs.
However, the exception would be distributor companies, which need less infrastructure to conduct operations. For them, the most important factor is having all their customers based in Switzerland and selling their products at higher prices, not necessarily their operations. Although, ideally, they should be headquartered abroad too.
These insights on foreign trade and average annual wages in Switzerland outline an essential part of our investment rationale: our current focus on consolidating Swiss distributors of medical equipment and devices, as well as medical service providers, into our Buy & Build platform, Healthcare Holding Schweiz AG.
The Swiss medical services sector, which earlier in Graph 4 was the 5th most significant industry in terms of average contribution to Switzerland’s total GVA per year, is of equal interest to us for integration into our Buy & Build platform in the foreseeable future. Specifically, our focus remains on the testing and inspection of medical equipment.
“We are excited about the positive direction of the Swiss economy and look forward to realizing operational synergies from our current holdings,“ explained Fabian Kroeher, Partner and Co-Founder of Winterberg Group. “Expanding into the medical services industry with testing and inspection certification will broaden our range of offerings and enable product cross-sells, enhancing our overall value proposition.”
Alternatively, a current setback in the Swiss economy is the difficulty local businesses in all sectors and of all sizes face in successfully recruiting staff with higher professional education.

From the graph above, it is visible how within the tertiary sector, most difficulties related to recruiting staff with higher professional education were in the healthcare and social services industry—approximately 28% of full-time employees in that industry were found with difficulty per quarter on average.
An interesting offering by many medical equipment distributors based in Switzerland, including those we integrated into our Buy & Build platform, is that they provide complementary training to their customers’ staff on the usage and best practices for the equipment they sell. We plan to capitalize on this opportunity by capturing the professional training services market, specializing in the usage of medical equipment, to cross-sell more products and services offered by our holdings and realize further synergies.
In summary, Switzerland’s strong economic growth, largely fuelled by the tertiary sector, highlights its appeal as an investment haven. By integrating Swiss medical distributors and service providers into our platform, we enhance efficiency and capitalize on operational synergies. Additionally, integrating professional training services will solidify the position of Healthcare Holding Schweiz AG as a market leader in the Swiss medical industry.