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 

  1. 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.

  2. 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

  3. 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. 

  1. 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 


  2. 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.

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.