As of early April 2025, transaction activity in the European healthcare and medical technology sector continues to reflect several themes that validate Winterberg Group’s investment strategy. The first quarter highlights how consolidation, asset-light platforms, demographic tailwinds, and aligned governance structures are reshaping value creation across public and private markets. Ralph Nowak, Partner at Winterberg Group states: “Notably, the executional relevance of these themes is apparent in our portfolio company Healthcare Holding Schweiz AG, which continues to scale via strategic acquisitions in the Swiss MedTech and regulatory services ecosystem.” 

Key Market Trends Relevant to Winterberg’s Strategy 

Consolidation as a Value Driver 

Private equity investors remain focused on fragmented niches such as digital dentistry, MedTech distribution, and regulatory compliance. This trend is visible across several recent transactions, including our own acquisitions through Healthcare Holding Schweiz, as well as platforms developed by peers such as LBO France (Hemodia) and KKA Partners (BLACKROLL). These investments emphasize vertically integrated, sector-specific roll-up strategies—consistent with Winterberg’s “Buy, Build & Technologize” approach. 

Asset-Light Models Rewarded by Public Markets 

The IPO of Asker Healthcare Group AB underscores investor appetite for scalable, asset-light distribution platforms with high cash conversion and low capex intensity. With a current EV/EBITDA multiple of 24.1x, Asker’s market reception validates our thesis behind Healthcare Holding Schweiz: value accrues to those who can consolidate fragmented supply chains, optimize procurement, and build regulatory and digital capabilities into their platforms. 

Thematic and Demographic Tailwinds 

Funds like Quadrivio’s Silver Economy Fund demonstrate the power of long-term demographic alignment, particularly with aging populations and preventive healthcare. This reinforces Winterberg’s continued interest in healthcare adjacencies with strong macro tailwinds and resilience to economic cycles. 

Alignment Through Equity Participation 

Whether through equity rollovers (e.g., Dental Axess) or management buyouts (e.g., BLACKROLL), governance structures that align operators with institutional capital remain critical. Winterberg follows this principle in structuring equity incentives for management teams across our platforms, ensuring long-term executional focus. 

Portfolio Execution: Healthcare Holding Schweiz AG 

Acquisition of Effectum CH-Rep AG (Switzerland, March 2025) 

Through Healthcare Holding Schweiz AG, we acquired Effectum CH-Rep AG, the Swiss Authorized Representative (CH-REP) carve-out from Effectum Medical AG. The company provides critical regulatory infrastructure for non-EU MedTech companies accessing the Swiss market, including liaison with Swissmedic, PRRC appointment, and incident management. 

This acquisition deepens our capabilities in regulatory compliance, a core pillar in our platform’s full-service value proposition. Effectum CH-Rep’s integration enables us to offer end-to-end support to foreign device manufacturers—combining import, distribution, and regulatory functions under one roof. 

Acquisition of Dental Axess AG (Switzerland, March 2025) 

Mikrona Group AG, a Healthcare Holding subsidiary, completed the buyout of Dental Axess AG, focusing on its Swiss operations in digital dental technology. Dental Axess strengthens our position in digital dentistry by adding CAD/CAM systems, scanners, and software tools to our portfolio. The deal was structured as a carve-out, with international activities remaining under Dental Axess Holding AG. 

As part of the transaction, Dental Axess AG’s Managing Director joined the shareholder group of Healthcare Holding Schweiz, creating clear alignment on growth and integration objectives. 

Relevant Market Activity Across Europe 

Winterberg and Dealert actively track transactions that shape the European healthcare landscape. Several recent deals offer benchmarks and strategic insights: 

Investment of Fagerhult Group into Trato TLV Group in a Strategic Partnership deal, France (04/04/2025) 

As of April 4th, 2025, Fagerhult Group announced that it has entered into an agreement to acquire 100% of the shares in the Trato TLV Group, including Trato SAS and its subsidiaries Trato Industries SAS, T.L.V. SAS, and Biolume Sarl. The Trato TLV Group, headquartered in Lille, France, operates across three sites and comprises three distinct brands with established reputations in retail and infrastructure lighting (Trato) as well as healthcare equipment (TLV and Biolume). 

The Group reported total revenue of €56 million for the year 2024, split between Trato (€36 million) and TLV/Biolume (€20 million), and employs 230 individuals. The transaction, scheduled to close in Q2 2025, is being financed through a mix of existing cash reserves and new credit facilities. 

On a pro forma basis, the acquisition will increase Fagerhult’s Net Debt/EBITDA from 2.00x to 2.55x, while contributing a 0.4% increase to the Group’s operating margin. Although valuation multiples have not been disclosed, the deal represents a strategic consolidation in the French lighting and healthcare equipment sectors. 

Regulatory and labor body approvals remain outstanding. The Picha family, current owners, are retaining involvement, supporting operational continuity post-close. No exit strategy has been specified at this stage. 

Read more here: https://dealert.ai/deal_public?id=2XE9  

Investment of Silver Economy Fund into Biotec Italia in a Majority Stake Acquisition, Italy (29/03/2025) 

As of March 29th, 2025, Silver Economy Fund, a thematic private equity fund managed by Quadrivio Group, announced that it acquired a majority stake in Biotec Italia, a leading Italian provider of non-invasive technological solutions for aesthetic medicine. 

Founded in 1993 and headquartered in Dueville, Vicenza, Biotec Italia specializes in the development and commercialization of Energy-Based Devices (EBD), leveraging a suite of patented technologies including lasers, ultrasound, microwaves, and cryotherapy systems. The company operates in over 60 countries, with Italy accounting for 53% of device sales—handled through direct channels—while international sales are managed via distributors. Key markets include Poland, Brazil, France, Hong Kong, Germany, and others. 

In FY2024, Biotec Italia recorded €18 million in revenue, with 15% derived from aesthetic product lines complementary to its device offerings. Over 30,000 devices have been sold globally. Production is entirely in Italy, adhering to ISO 13485 standards, with in-house capabilities ensuring end-to-end quality control. 

The acquisition marks the fund’s fifth investment in Silver Economy’s sector, aligning with its thematic focus on products and services for aging populations. No valuation or exit timeline has been disclosed. 

Read more here: https://dealert.ai/deal_public?id=J5JJ 

Investment of LBO France into Hemodia in a Management Buyout Deal, France (27/03/2025) 

As of March 27, 2025, LBO France has acquired a majority stake in Hemodia, a leading French manufacturer of single-use medical and electro-medical devices. Established in 1985, Hemodia designs and produces treatment sets primarily for dialysis and infusion, as well as pumps and tubing for arthroscopy used in minimally invasive surgical procedures. Headquartered in Toulouse, the company operates five production facilities across France and Tunisia, all equipped with advanced sterilization systems and logistics infrastructure tailored to meet stringent healthcare standards. Hemodia employs around 500 staff and reported annual revenues of approximately €50 million, supported by an 8% average annual growth rate. The company holds a strong market position in high-demand segments such as dialysis in France and arthroscopic devices, bolstered by in-house R&D capabilities and internally developed technological solutions. Rothschild & Co advised on the transaction. 

Hemodia’s alignment with ESG principles—through investments in recyclable materials, packaging reduction, and sustainable sterilization processes—adds strategic value, reinforcing its operational resilience and compliance with evolving sector standards. While no transaction valuation or exit timeline has been disclosed, the deal reflects LBO France’s continued emphasis on healthcare sector investments characterized by operational excellence, defensible market positions, and scalability within regulated environments. 

Read more here: https://dealert.ai/deal_public?id=JTT2  

Investment of Teleflex Incorporated into the Vascular Intervention Division of BIOTRONIK in a Strategic Partnership Deal, Germany (27/02/2025) 

As of February 27, 2025, BIOTRONIK, a German-based leader in medical technology, announced that it agreed to divest its Vascular Intervention (VI) division to Teleflex Incorporated (NYSE: TFX), a global medical device company. The transaction is expected to close by Q3 2025, pending regulatory approval. 

This strategic divestiture allows BIOTRONIK to focus its resources on its core competencies in active implantable devices and digital healthcare technologies. The VI division includes a portfolio of advanced interventional therapies, including drug-eluting stents and vascular scaffolds, which strategically complement Teleflex’s existing interventional business. 

The deal highlights BIOTRONIK’s longstanding reputation for innovation and quality across the cardiovascular, endovascular, and neuromodulation markets. While no financial metrics or valuation multiples were disclosed, the acquisition aligns with Teleflex’s broader strategy to expand its global capabilities in delivering high-impact healthcare solutions. 

Although the transaction is subject to regulatory approval, it offers strong strategic rationale for both parties. The sale supports BIOTRONIK’s capital reallocation toward areas such as Cardiac Rhythm Management, Patient Monitoring, Heart Failure, and Neuromodulation—sectors aligned with macro healthcare trends emphasizing digital innovation and specialized implantable technologies. 

Read more here: https://dealert.ai/deal_public?id=RF2J  

Investment of KKA Partners into BLACKROLL in a Management Buyout Deal, Switzerland (31/01/2025) 

On January 31, 2025, BLACKROLL, a global leader in health and recovery products based in Switzerland, announced the completion of a management buyout (MBO) led by private equity firm KKA Partners. The transaction follows a record financial year for BLACKROLL in 2024. 

Specific financial details such as revenue, EBITDA, transaction size, or valuation multiples were not disclosed. The MBO includes both leadership continuity and organizational restructuring. 

Founded in 2007, BLACKROLL serves over 57 international markets with a range of products focused on physical recovery, movement, and sleep enhancement. Its offerings are rooted in applied expertise from physiotherapy, sports science, and medicine. 

The company operates within the broader Swiss health and wellness industry, which continues to benefit from strong consumer demand, quality-focused regulation, and innovation in recovery and rehabilitation products. BLACKROLL is distinguished by its emphasis on sustainability and premium brand positioning. 

No information has been provided regarding the capital structure post-transaction, return expectations, intended investment duration, or exit strategy. The investment thesis is supported by BLACKROLL’s strong brand, established global presence, and role as a leader in an expanding segment of the wellness market. 

Read more here: https://dealert.ai/deal_public?id=U9LH  

Investment of Silver Economy Fund into Medical International Research in a Buyout Deal, Italy (29/01/2025) 

As of January 29, 2025, the Silver Economy Fund, a private equity vehicle managed by Quadrivio Group, completed the acquisition of 100% of MIR (Medical International Research), a Rome-based global leader in spirometry diagnostics. Founded in 1993, MIR develops and distributes medical devices and proprietary software for the diagnosis and monitoring of respiratory conditions. Its product portfolio includes spirometers, pulse oximeters, and disposable respiratory turbines, integrated with real-time monitoring software. 

MIR’s international regulatory certifications—including approvals from the FDA, NMPA, ANVISA, COFEPRIS, and Health Canada—enable its products to be marketed globally. The company maintains a presence in over 100 countries through direct subsidiaries in North America, France, and Brazil, supported by a robust distribution network. 

MIR reported €22 million in revenue for 2024, doubling from €11 million in 2020, reflecting an approximate compound annual growth rate (CAGR) of 20%. This growth underscores the company’s scalability and market penetration in a sector benefiting from strong tailwinds, including rising awareness of respiratory health and increased demand for diagnostic solutions. 

The spirometry market itself is valued at over €1 billion and is projected to reach €1.8 billion by 2031, driven by demographic trends and technological innovation in healthcare. The transaction structure, valuation, and leverage levels were not disclosed. Nonetheless, MIR’s global footprint, strong compliance infrastructure, and consistent revenue growth make it a compelling asset within the expanding respiratory diagnostics market. 

Read more here: https://dealert.ai/deal_public?id=LXX9 

Investment of KARL STORZ into ANKLIN in a Buyout Deal, Switzerland (20/01/2025) 

As of January 15, 2025, KARL STORZ, a global leader in endoscopic and minimally invasive surgical technologies, completed the acquisition of ANKLIN, its long-standing Swiss distribution partner. 

The transaction involves the full transfer of ANKLIN’s product sales and service operations related to KARL STORZ, along with approximately 80 employees who have been dedicated to supporting KARL STORZ accounts. Although the financial terms of the deal were not disclosed, this acquisition is consistent with KARL STORZ’s broader strategy of transitioning to direct sales in key European markets. 

ANKLIN, which has established a strong market share and is highly regarded for its customer service and efficient delivery, will continue to operate under its brand name from its current facility in Reinach, Switzerland. Importantly, the portion of ANKLIN’s business unrelated to KARL STORZ was spun off prior to the transaction. 

The acquisition is expected to strengthen KARL STORZ’s market position in Switzerland by improving operational control, ensuring continuity of customer relationships, and leveraging ANKLIN’s deep local expertise. KARL STORZ plans to incorporate ANKLIN into its broader European organizational framework to drive alignment across key regional markets. 

The deal also reflects a broader trend of vertical integration within the high-value MedTech market. 

Read more here: https://dealert.ai/deal_public?id=BTEC  

IPO of Asker Healthcare Group AB on the Stockholm Stock Exchange, Sweden (27/03/2025) 

Asker Healthcare Group AB (publ), a leading B2B provider of medical technology supplies and services in Europe, completed its initial public offering on March 27, 2025, listing its shares on Nasdaq Stockholm. Headquartered in Danderyd, Sweden, the company operates through 45 subsidiaries across 17 European countries, with over 4,000 employees. It supplies healthcare institutions—including hospitals, elderly and homecare providers, and public health authorities—with a wide array of consumables, devices, equipment, and value-added services. These include procurement support, IT integration, logistics coordination, product bundling, and administrative and patient support services. 

Positioned at the center of the MedTech distribution value chain, Asker bridges the gap between fragmented suppliers and care providers, streamlining product access and enhancing procurement efficiency. Asker’s economic moat stems from its role as a consolidator in Europe’s fragmented MedTech distribution sector, where its integrated procurement, logistics, and compliance infrastructure enables smaller acquired firms to meet complex regulatory, ESG, and tendering requirements that would otherwise limit their competitiveness in institutional healthcare markets. 

For the year ending December 31, 2024, Asker generated SEK 15,025 million in revenue and SEK 1,466 million in EBITDA, equating to an EBITDA margin of 9.8%. The company’s asset-light structure and operational design enabled an average cash conversion rate of 89% from 2022 to 2024, underpinned by disciplined working capital management and a low capex profile (1.5–2% of sales). On IPO day, Asker’s market capitalization stood at SEK 26.8 billion—representing the total market value of all shares assuming full subscription of the offering—while net debt was SEK 3.091 billion, leading to an enterprise value (EV) of SEK 29.891 billion and an EV/EBITDA multiple of 20.4x based on the latest reported figures. By April 8, the EV had increased to SEK 35.27 billion, reflecting a 24.1x EV/EBITDA multiple. 

The offering comprised approximately 127 million shares (33% of the company), of which 21.4 million were newly issued, raising SEK 1.5 billion in gross proceeds. SEK 1.2 billion of the proceeds were used to refinance credit facilities, materially strengthening the balance sheet and reducing leverage. The remaining SEK 235 million was designated for bolt-on acquisitions and equity investments in target companies. Notably, a 15% over-allotment option—equal to 19 million additional shares—was exercised in full following high demand, increasing the free float and solidifying aftermarket trading liquidity. The transaction attracted strong interest from both Nordic retail investors and global institutions, and no price stabilization measures were needed post-listing, with shares rising up to 25% above IPO price on debut. 

Key pre-IPO events include the February 2025 acquisitions of two companies with a combined SEK 860 million in revenue and SEK 110 million in EBITDA, as well as a March 2025 share issue of 20.5 million shares to settle shareholder loans, optimizing capital structure prior to listing. The offering was Europe’s largest IPO of 2025 to date and followed the earlier IPO of Roko AB, reflecting strong market appetite for scaled, cash-generative healthcare platforms. 

Asker Healthcare Group AB IPO Implications for Healthcare Holding Schweiz AG 

Asker Healthcare’s IPO, now trading at a 24.1x EV/EBITDA multiple as of April 8, 2025, highlights a broad re-rating in the valuation of scaled MedTech distribution platforms in Europe. This upward shift in market expectations affirms the attractiveness of centralized, asset-light operating models that unlock margin and working capital efficiency across fragmented supply chains—a dynamic directly relevant to Healthcare Holding Schweiz AG. 

Asker’s positioning confirms that buyers are paying a premium for platforms that can consolidate procurement volume, reduce supplier complexity for care providers, and generate cash from low-capex operations. 

For Healthcare Holding, this underscores that executing its roll-up strategy in Switzerland—by integrating smaller distributors under a unified logistics and sourcing structure—can directly translate into higher enterprise value per acquired unit.  

Winterberg’s partnership with Dealert 

In March 2025, Winterberg Group AG announced a strategic partnership with Dealert.AI, a leading AI-powered M&A transaction database. This collaboration aims to enhance Winterberg’s investment operations by leveraging Dealert.AI’s extensive deal data and artificial intelligence capabilities. Together, the firms plan to co-develop proprietary AI tools designed to optimize deal sourcing, market mapping, competitor analysis, and the evaluation of large datasets. These initiatives are intended to strengthen Winterberg’s market presence and drive technological innovation across its portfolio companies. Additionally, Winterberg will utilize Dealert.AI’s comprehensive database to publish in-depth transaction insights in its core sectors, including Healthcare, MedTech, and Testing, Inspection & Certification (TIC), thereby reinforcing its commitment to transparency and data-driven decision-making in the European private equity landscape.