1.0Market Snapshot
- +8.2%
- Growth in the number of Swiss M&A transactions in 2025, from 464 to 502 (KPMG Clarity on M&A). Deal value rose from USD 115.1 billion to USD 166.8 billion.
- 208
- M&A transactions involving Swiss SMEs in 2025, +16% (Deloitte; SMEs with CHF 10M+ revenue, under 250 employees). A record 104 were acquisitions by foreign buyers.
- 28%
- Share of Swiss M&A transactions with private equity involvement in 2025: 142 of 502 (KPMG). Among SME deals the share was 56% (Deloitte).
- 90,667
- Swiss SMEs that need a succession solution in the coming years — 13.7% of firms with up to 249 employees (Dun & Bradstreet, March 2025).
2.0Industry Overview
M&A advisers earn their fees from deal activity, and 2025 was a better year. KPMG counted 502 Swiss M&A transactions worth USD 166.8 billion, up from 464 worth USD 115.1 billion in 2024. Pharmaceuticals and life sciences led by value (74 deals, USD 53.0 billion); technology, media and telecoms by number (84 deals). The five largest deals made up almost 40% of the value, led by Holcim's spin-off of Amrize (USD 33.7 billion). Private equity took part in 142 transactions, 28% of the total. Swiss companies were buyers in 225 deals, foreign buyers acquired 133 Swiss companies, and only 49 deals were purely domestic.
3.0Industry Health Check (SWOT)
- Recovering deal activity: 502 Swiss M&A transactions in 2025, +8.2% (KPMG)→ §7.0
- Revenue depends on success fees — deals that fail pay little
- Succession mandates for owner-run SMEs→ §7.0
- Economic or tariff shocks that stop deal processes
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M&A & Corporate Advisory business valuation in Switzerland
- Statutory Multiple (EBITDA)
- 4.0 - 6.0×
- Deal Multiple (EBITDA)
- 5.0 - 8.0×
- Market Trend
- Stable
Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.
8.0Regional Clusters
Zurich
The centre of Swiss M&A advice: KPMG, Houlihan Lokey Switzerland and Rothschild & Co Bank are registered here, and Oaklins has a team in the city.
Geneva and Lake Geneva
Rothschild & Co Bank has a branch in Geneva; the region serves French-speaking family businesses and international groups.
Bern and Basel
Oaklins Switzerland is registered in Bern and has a team in Basel. Northwestern Switzerland has the highest share of SMEs needing a successor (Dun & Bradstreet).
Eastern and Central Switzerland
Much succession advice for small firms is done by regional fiduciaries and banks; Dun & Bradstreet ranks Eastern Switzerland second for open successions.
Sources
9.0Frequently Asked Questions
▶How much is an M&A advisory firm worth in Switzerland?
ValIndex's multiples table puts Swiss M&A and corporate-advisory firms at 5.0–8.0× EBITDA in transactions and 4.0–6.0× EBITDA on statutory valuations. Because most revenue is success fees, buyers usually value an average of several years' earnings, and part of the price is often tied to the partners staying.
▶What drives the value of a Swiss M&A boutique?
Buyers price: (1) the deal record and current pipeline; (2) relationships with private-equity funds and strategic buyers; (3) the team beyond the founding partners; (4) sector specialisation, such as IT and software; (5) the share of retainers versus success fees; (6) membership of an international network that brings cross-border buyers.
▶How big is the Swiss M&A market?
KPMG counted 502 Swiss M&A transactions worth USD 166.8 billion in 2025 (2024: 464, USD 115.1 billion). Deloitte counted 208 transactions involving Swiss SMEs (+16%). The fee income of advisers is not published; deal value is not the size of the advisory market.
▶Who are the main M&A advisers in Switzerland?
The market includes the Big Four deal teams (for example KPMG, which publishes the annual Clarity on M&A review), international investment banks such as Houlihan Lokey and Rothschild & Co, mid-market networks such as Oaklins Switzerland, and many small boutiques and fiduciaries.
▶What are the key trends in Swiss M&A?
Five trends: (1) deal activity recovered — 502 transactions in 2025; (2) SME deals rose 16%; (3) private equity took part in 28% of all deals and 56% of SME deals; (4) IT and software lead the mid-market; (5) a large succession pipeline of 90,667 SMEs.
▶What are the main risks when buying a Swiss M&A boutique?
The main risks are: (1) clients following departing partners; (2) earnings swinging with the number of closings; (3) a thin pipeline after the sale; (4) liability and reputation risks from failed processes; (5) market shocks that stop deals. Due diligence should check the pipeline, fee agreements and the partners' commitment.
▶How many Swiss SMEs need a successor?
Dun & Bradstreet identified 90,667 Swiss SMEs needing a succession solution in the coming years (March 2025), 13.7% of firms with up to 249 employees. Sole proprietorships are most affected (19.3%), followed by companies limited by shares (14.0%) and limited liability companies (9.6%).
▶Where are Swiss M&A advisers located?
Zurich is the centre, with the Big Four deal teams, investment banks such as Houlihan Lokey and Rothschild & Co, and many boutiques. Geneva serves banks, families and cross-border deals; Bern and Basel host mid-market advisers such as Oaklins Switzerland. In Eastern and Central Switzerland much succession advice is done by regional fiduciaries and banks.