Building Materials & Supply Switzerland: 4.5–7× EBITDA, 1,971 Firms (2026)

1.0Market Snapshot

1,971: Wholesalers of building materials in 2024 (BFS STATENT, NOGA 46.73 wood, building materials, flat glass, paint and sanitary ceramics, and 46.74 metal and plastic goods for construction and plumbing and heating supplies). Retail DIY stores are not included.
28,392: Employees of building materials wholesalers in 2024 (BFS STATENT), 25,984 full-time equivalents. Building-materials merchants (NOGA 46.73.02) employ 11,471 and plumbing and heating wholesalers (46.74) 11,530.
+2.9%: Growth in employees of building materials wholesalers from 2020 (27,583) to 2024 (28,392), BFS STATENT, while the number of units fell 5.2% from 2,080 to 1,971.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,971 building materials & supply companies — Wholesalers of building materials in 2024 (BFS STATENT, NOGA 46.73 wood, building materials, flat glass, paint and sanitary ceramics, and 46.74 metal and plastic goods for construction and plumbing and heating supplies). Retail DIY stores are not included..

2.0Industry Overview

Market Scope

Building materials wholesale connects manufacturers of cement, bricks, insulation, timber, steel, sanitary ware and heating systems with Switzerland's construction firms, installers and tradespeople. In 2024 BFS counted 1,971 building materials wholesalers with 28,392 employees (STATENT, NOGA 46.73 and 46.74). Employment rose 2.9% from 2020 while the number of firms fell 5.2%: the trade is consolidating into larger groups with branch networks. Builders' merchants account for 1,010 units and 11,471 employees, and plumbing and heating wholesalers for 509 units and 11,530 employees — the largest firms on average, with 21 employees each.

3.0Industry Health Check (SWOT)

Key opportunityEnergy renovation

Internal factors

Strengths4

Essential supply role for contractors and installers

Weaknesses4

Thin margins typical of distribution→ §5.0

External factors

Opportunities4

Energy renovation: insulation, windows, heat pumps

Threats4

Weak heat-pump and new-build demand

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Fewer, larger merchants

Building materials wholesalers fell from 2,080 in 2020 to 1,971 in 2024 while their employees rose from 27,583 to 28,392 (BFS STATENT).

Heat-pump market weak

CHF 496.6 million

Meier Tobler reported a subdued Swiss heat-pump market in 2025: sales were flat at CHF 496.6 million and EBITDA fell 8.2% to CHF 37.9 million.

Private equity owns the Swiss merchant networks of CRH

Richner, Baubedarf, Gétaz and RegusciReco belong to Building Materials Europe, formed when Blackstone bought CRH's European distribution business in 2019.

Holcim refocuses

CHF 15,724 million

Holcim spun off its North American business as Amrize in June 2025 and reported 2025 net sales of CHF 15,724 million, up 3.0% in local currency.

Circular construction

23.5%

Holcim increased recycled construction and demolition materials by 23.5% to 8.0 million tons in 2025, part of a broader shift to low-carbon and recycled materials.

5.0Cost Structure Benchmark

68%

14%

Purchase of goods68%
Personnel14%
Logistics and transport8%
Warehousing and other3%
EBITDA margin7%

Indicative split for a Swiss building materials wholesaler, not a measured figure. Measured reference: Meier Tobler, the listed plumbing and heating wholesaler, earned an EBITDA margin of 7.6% in 2025 (8.3% in 2024).

6.0Top Building Materials & Supply Companies in Switzerland

Name	Location	Key Facts
HG CommercialeCHE-105.836.561	Zürich ZH	HG COMMERCIALE: trading cooperative of the Swiss Contractors' Association, registered in Zurich, which promotes the trade in building materials for its members.
Meier ToblerCHE-102.374.647	Schwerzenbach ZH	Meier Tobler Group AG: listed plumbing, heating and air-conditioning wholesaler registered in Schwerzenbach. 2025 sales CHF 496.6 million (+0.1%), EBITDA CHF 37.9 million (7.6%), 1,264 full-time positions.
Gétaz-Miauton (BME)CHE-105.893.702	Blonay - Saint-Légier VD	Gétaz-Miauton SA: builders' merchant in French-speaking Switzerland, registered in Blonay - Saint-Légier and formerly named Gétaz Romang; it has absorbed Glasson Matériaux, Rapin Matériaux, DuBois Matériaux and Matco. Part of Building Materials Europe (Blackstone).
Regusci Reco (BME)CHE-105.735.865	Bellinzona TI	Regusci Reco SA: builders' merchant in Ticino registered in Bellinzona, trading building materials, timber, ceramics and sanitary ware. Part of Building Materials Europe (Blackstone).
Debrunner Acifer (Klöckner & Co)CHE-105.973.005	St. Gallen SG	Debrunner Acifer AG: steel, reinforcement and technical-products distributor registered in St. Gallen, part of the Debrunner Koenig group, which has belonged to Klöckner & Co since 1992.
Sanitas TroeschCHE-105.915.143	Bern BE	Sanitas Troesch AG: bathroom and kitchen specialist registered in Bern, making and trading sanitary ware, furniture and building materials; it absorbed Saint-Gobain Distribution Bâtiment (Suisse) AG.

HG Commerciale

CHE-105.836.561

Zürich ZH

HG COMMERCIALE: trading cooperative of the Swiss Contractors' Association, registered in Zurich, which promotes the trade in building materials for its members.

Meier Tobler

CHE-102.374.647

Schwerzenbach ZH

Meier Tobler Group AG: listed plumbing, heating and air-conditioning wholesaler registered in Schwerzenbach. 2025 sales CHF 496.6 million (+0.1%), EBITDA CHF 37.9 million (7.6%), 1,264 full-time positions.

Gétaz-Miauton (BME)

CHE-105.893.702

Blonay - Saint-Légier VD

Gétaz-Miauton SA: builders' merchant in French-speaking Switzerland, registered in Blonay - Saint-Légier and formerly named Gétaz Romang; it has absorbed Glasson Matériaux, Rapin Matériaux, DuBois Matériaux and Matco. Part of Building Materials Europe (Blackstone).

Regusci Reco (BME)

CHE-105.735.865

Bellinzona TI

Regusci Reco SA: builders' merchant in Ticino registered in Bellinzona, trading building materials, timber, ceramics and sanitary ware. Part of Building Materials Europe (Blackstone).

Debrunner Acifer (Klöckner & Co)

CHE-105.973.005

St. Gallen SG

Debrunner Acifer AG: steel, reinforcement and technical-products distributor registered in St. Gallen, part of the Debrunner Koenig group, which has belonged to Klöckner & Co since 1992.

Sanitas Troesch

CHE-105.915.143

Bern BE

Sanitas Troesch AG: bathroom and kitchen specialist registered in Bern, making and trading sanitary ware, furniture and building materials; it absorbed Saint-Gobain Distribution Bâtiment (Suisse) AG.

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Groups and cooperatives buy regional merchants

1,971: building materials wholesalers in 2024 (BFS STATENT)
28,392: employees in 2024 (BFS STATENT)
7.6%: Meier Tobler EBITDA margin in 2025
4.5–7.0×: EBITDA deal multiples (ValIndex multiples table)

Swiss building materials wholesale is consolidating: fewer firms, more employees per firm, and large networks owned by a cooperative, a listed company, a German steel distributor and a private equity group. Regional builders' merchants, timber traders and sanitary specialists without successors are natural targets. Buyers pay for locations, delivery fleets, contractor relationships and supplier agreements, and discount for dependence on a few contractors and construction cycles. ValIndex's multiples table puts building materials wholesale at 4.5–7.0× EBITDA in transactions and 3.5–5.0× on statutory valuations.

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Valuation Snapshot

Building Materials & Supply business valuation in Switzerland

Statutory Multiple (EBITDA): 3.5 - 5.0×
Deal Multiple (EBITDA): 4.5 - 7.0×
Market Trend: Stable

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Zurich

278 building materials wholesalers with 6,327 employees in 2024 (BFS STATENT), the most employees of any region and the largest firms (22.8 per unit); HG Commerciale and Meier Tobler are based here.

Northwestern Switzerland

AGBLBS

280 units with 4,960 employees.

Bern and Solothurn

BESO

194 units with 4,278 employees, also large on average (22.1); Sanitas Troesch is registered in Bern.

Eastern Switzerland

SGTGGRSHARAIGL

355 units with 4,152 employees, the most firms of any region; Debrunner Acifer is based in St. Gallen.

Central Switzerland

LUSZZGOWURNW

283 units with 4,040 employees.

Western Switzerland

VDGEFRVSNEJU

336 units with 3,546 employees; Gétaz-Miauton is registered in Blonay - Saint-Légier (VD).

Ticino

211 units with 1,069 employees, the smallest on average (5.1 per unit); Regusci Reco is based in Bellinzona.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 467301, 467302, 467303, 467400)Meier Tobler — Ad hoc: definitives Geschäftsergebnis 2025 (26 February 2026: sales CHF 496.6m, EBITDA CHF 37.9m, 7.6%, 1,264 FTE)Debrunner Koenig — History (part of Klöckner & Co since 1992; Acifer joined 1996; roots in St. Gallen, 1755)BME Group — History (Swiss brands Richner, Baubedarf, Getaz and RegusciReco; Blackstone acquired CRH Distribution Europe in 2019)Holcim — Holcim completes spin-off of North America business (Amrize, June 2025)Holcim — Full-year 2025 results (27 February 2026: net sales CHF 15,724m; recycled construction demolition materials 8.0m tons)Aggregates Business — CRH completes sale of its Europe distribution business to Blackstone (2019)Zefix — Swiss Central Business Name Index (key players; Gétaz-Miauton formerly Gétaz Romang; Sanitas Troesch registered in Bern)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is a building materials wholesaler worth in Switzerland?

ValIndex's multiples table puts Swiss building materials wholesale at 4.5–7.0× EBITDA in transactions and 3.5–5.0× EBITDA on statutory valuations. Merchants with strong locations, their own delivery fleet and specialist ranges sit at the upper end; small general merchants dependent on a few contractors sit lower.

▶What drives the value of a Swiss building materials merchant?

Buyers price: (1) locations and their catchment; (2) delivery logistics and fleet; (3) relationships with contractors and installers; (4) supplier agreements and buying-group membership; (5) stock quality and working capital; (6) succession and dependence on the owner.

▶How big is Swiss building materials wholesale?

BFS counted 1,971 building materials wholesalers with 28,392 employees in 2024 (NOGA 46.73 and 46.74), up 2.9% in employment since 2020. No official figure for the market's revenue exists. For scale, Meier Tobler alone, the listed plumbing and heating wholesaler, sold CHF 496.6 million in 2025.

▶Who are the main building materials wholesalers in Switzerland?

HG Commerciale (Zurich), the contractors' trading cooperative; Meier Tobler (Schwerzenbach) in plumbing and heating; Gétaz-Miauton (Vaud) and Regusci Reco (Ticino), part of Blackstone's Building Materials Europe; Debrunner Acifer (St. Gallen, Klöckner & Co) in steel and reinforcement; and Sanitas Troesch (Bern) in bathrooms and kitchens. Holcim and other manufacturers supply them.

▶What are the key trends in Swiss building materials supply?

Five trends: (1) fewer firms but more employees from 2020 to 2024; (2) a weak heat-pump market in 2025; (3) private-equity ownership of former CRH merchants through Building Materials Europe; (4) Holcim's spin-off of Amrize in June 2025; (5) growth in recycled and low-carbon materials.

▶What are the main risks when buying a Swiss building materials merchant?

The main risks are: (1) construction and interest-rate cycles; (2) thin margins and price pressure; (3) dependence on a few large contractors; (4) stock and receivables risk; (5) owner-dependent relationships. Due diligence should check receivables, stock ageing, location leases and customer concentration.

▶What margins do Swiss building materials wholesalers earn?

Thin, as in most distribution. Meier Tobler, the only listed Swiss wholesaler in the sector, earned an EBITDA margin of 7.6% in 2025, down from 8.3%, because of lower gross margins and IT investment. Specialist merchants with services can do better; general merchants often do worse.

▶Where are Swiss building materials wholesalers located?

Using BFS figures for 2024: Eastern Switzerland has the most wholesalers (355, with 4,152 employees), followed by Western Switzerland (336; 3,546), Central Switzerland (283; 4,040), Northwestern Switzerland (280; 4,960), Zurich (278; 6,327), Ticino (211; 1,069) and Bern and Solothurn (194; 4,278). Zurich has the most employees and the largest firms.

Building Materials & Supply