Building category leaders, one acquisition at a time.
Investment thesis
Switzerland is rich in profitable, owner-led businesses with a generational succession question, sitting in fragmented niches where adjacency and scale create real, defensible advantages — better procurement, better technology, better access to talent. We believe these businesses deserve a long-term home that respects the operating culture that built them, and we structure our investments to be that home. We extend the same approach selectively to the wider DACH region where the right platform thesis applies.
Investment criteria
What we look for.
- Geography
- Switzerland first; selectively across the wider DACH region
- Enterprise value
- CHF 5–50M (sweet spot CHF 5–10M)
- EBITDA
- CHF 1–10M (sweet spot CHF 1–2.5M), margin >5%
- Ownership
- 100% acquisitions, with optional reparticipation at the group level
- Situations
- Succession, carve-outs, buy-and-build platforms
- Sectors
- Healthcare distribution & services, testing/inspection/certification, fiduciary & advisory services; selected opportunistic platforms
Buy-and-build
Platform plus discipline.
We identify a strong platform asset — typically the best operator in its niche — and grow it through patient, on-thesis add-ons. Each add-on is sourced for a specific reason: a missing capability, an adjacent geography, a critical customer. We do not buy for size.
Value-creation levers
Where the returns come from.
- 01
Operational professionalization
Founder-run businesses often have under-built finance, HR, and IT functions. We bring proven operators into the leadership team and stand up the systems that allow the company to scale without losing its operating culture.
- 02
Strategic M&A
Each add-on is bought to address a specific gap — capability, customer access, geography. We do not chase deal flow; we run a thesis-driven pipeline.
- 03
Commercial focus
Sharper segmentation, disciplined pricing, and salesforce effectiveness — the ordinary work of commercial excellence, done relentlessly.
- 04
Capital structure
We use leverage conservatively. Returns should come from operating progress and strategic moats, not from financial engineering.
- 05
Talent
We back operators we trust. Our role is to recruit, support, and occasionally challenge — not to run the business.