Healthcare Holding Schweiz AG, a leading provider of services and distributor of medical technology in Switzerland, has expanded its portfolio with the acquisition of Ino Medical Solutions GmbH. Healthcare Holding Schweiz is managed by Winterberg Advisory GmbH and KKA Partners.
Baar, Switzerland – June 2025
Healthcare Holding Schweiz AG has successfully completed the acquisition of Ino Medical Solutions GmbH, based in Rapperswil-Jona. Ino Medical is a specialized provider of sterile containers, medical instruments, and implants, serving sterilization centers, university and cantonal hospitals, as well as private hospital groups across Switzerland.
Fabian Kröher, Chairman of the Board of Healthcare Holding Schweiz AG and Partner at Winterberg, commented: “Ino Medical Solutions is a leading Swiss player in the sterile container segment, offering the best product in the market. In daily sterilization workflows, stability, safety, and ease of use are key — particularly in larger hospital systems or when sterilization is outsourced to dedicated centers and transport routes become longer. We will leverage the full strength of our holding to further accelerate Ino’s successful market development.”
Dieter Roth, Managing Director of Ino Medical Solutions, added:“Healthcare Holding Schweiz was my preferred partner for succession. I am fully confident that Ino Medical Solutions is in the best, capable hands, and so are all our customers and suppliers. I will continue to be actively involved in the business for the foreseeable future, so we can continue to grow the market together — not only for sterile containers, but also for instruments and implants. I very much look forward to this collaboration.”
About Ino Medical Solutions GmbH
Based in Rapperswil-Jona, Ino Medical Solutions GmbH is a specialist provider of sterile containers, surgical instruments, explantation tools, spinal implants, and other products, acting as exclusive distributor in Switzerland for renowned international manufacturers. The company’s products meet the highest quality standards and are considered among the best in the market. Ino Medical Solutions is also recognized for its market-leading turnaround and delivery times, as well as outstanding customer service.
About Healthcare Holding Schweiz AG
Healthcare Holding Schweiz AG is a Buy, Build & Technologize platform and a leading provider of medical technology products and services in Switzerland. The group is based in Baar and pursues an ambitious growth strategy through acquisitions, often in the context of succession arrangements, partnerships, and organic growth. Healthcare Holding Schweiz and its group companies are committed to the highest standards of innovation and customer satisfaction. The group consistently leverages technology to make business processes safer and more efficient. As a market leader, the company sets new standards for the industry and offers employees attractive development opportunities. All of the management team holds shares in Healthcare Holding Schweiz, thus forming a dynamic community of entrepreneurs. Since 2023, the group has been led by CEO Fabio Fagagnini.
About KKA Partners
Founded in 2018, KKA Partners is a Berlin-based lower mid-market private equity firm that invests in leading companies in Germany, Austria and Switzerland – the so-called “Mittelstand”. The Founding Partners all have a deep-rooted family and professional heritage in the Mittelstand developed over 20 years in working closely with Mittelstand companies. KKA is at the forefront of the next wave of value creation through Technology Enabled Transformation of the Mittelstand.
About Winterberg Advisory GmbH and Winterberg Group AG
Winterberg Group AG, based in Zug, operates as an independent family office for its founders. Winterberg mainly invests in SMEs in the German-speaking region and selectively considers investments in startups and real estate. Winterberg Advisory GmbH is a general partner and fund manager regulated by the German BaFin. Winterberg Advisory has launched numerous private equity funds and is invested in Healthcare Holding Schweiz AG through its funds Winterberg Investment VIII and Winterberg Investment IX. The two Partners and Executive Directors, Fabian Kröher and Florian Brickenstein, manage Healthcare Holding Schweiz AG via its board of directors.
For press inquiries, please contact presse@healthcare-holding.ch
Note for Editors: Please reference Healthcare Holding Schweiz AG for any provided quotes and information.
For more information about Ino Medical Solutions GmbH, visit www.inomedicalsolutions.ch
For more information about Healthcare Holding Schweiz AG, visit www.healthcare-holding.ch
For more information about the portfolio companies of Healthcare Holding, visit www.senectovia.ch, www.winthermedical.ch, www.mikrona.ch, www.orthowalker.ch, www.mcm-medsys.ch, www.naropa-reha.ch, www.mvb-medizintechnik.ch, www.dentalaxess.com, www.effectum-chrep.com, www.schaublin-medica.ch, www.cdpswiss.com, www.aestheticbedarf.ch
For more information about KKA Partners visit www.kkapartners.com and about Winterberg www.winterberg.group.
This press release is issued and distributed by Winterberg Advisory GmbH on behalf of Healthcare Holding Schweiz AG.
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.
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.
