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. 

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. 

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. 

 

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.