Week 2

New Registrations

781

+34% WoW

Distress Events

240

+33% WoW

M&A Deals

-50% WoW

Succession Alerts

+54% WoW

Publications

5,344

+62% WoW

Deal of the Week

Type	Acquirer	Target	Sector	Assets	Net
Merger	Galenos AG	vivacare AG	Healthcare	193.1M CHF	69.3M CHF

Mitrelli Group Swiss AG / AAC Africa Swiss AG

Mitrelli Group Swiss AG absorbed AAC Africa Swiss AG in Thurgau, transferring CHF 56.6M in assets and CHF 26.9M net. Mitrelli is an Israeli-founded infrastructure and technology conglomerate with projects across Sub-Saharan Africa, using its Swiss entity as a European holding vehicle. The intra-group merger consolidates two Thurgau-registered subsidiaries into a single entity — typical housekeeping for international groups simplifying their Swiss corporate structure.

SUCCESSIONSG · CVC (Pompes à Chaleur)

Hälg & Co. AG

Hälg & Co. AG (St. Gallen), one of Switzerland's leading HVAC and building services firms, lost a senior prokura holder this week with no replacement. The company — active in heat pumps, ventilation, and building automation — holds government contracts and patents. For a firm of this scale in the CHF 4B+ Swiss building services market, any governance thinning warrants monitoring.

DISTRESSZH

AH Montagen GmbH

AH Montagen GmbH (Winterthur, ZH) had its bankruptcy ruling upheld on appeal by the Obergericht Zürich on December 23. The assembly/installation firm — a GmbH with a succession score of 25 — exemplifies the pattern of small trades businesses failing when owner-operators exit without a transition plan.

Notable Bankruptcies (5)

Company	Canton	Sector	Details
Dayamondo Sàrl Buys/sells/imports jewelry, operates online store	GE · AG	Luxury & Heritage	TM: d DAYAMONDO
NISI DECO SA Provides building construction, renovation, and maintenance services	GE · AG	Industrial & Manufacturing	Est. 2023
AKKO SA Buys/sells real estate, provides construction services	VD · AG	Building & Infrastructure	Est. 2018
Pro Esperanto en liquidation Promotes and develops the Esperanto community	NE	Industrial & Manufacturing	-
Maxi Shipping SA en liquidation Manages boats, maritime logistics, and vessel financing	FR	Transport & Logistics	-

Weekly Take

Swiss commercial activity surged back to life in the first full working week of 2026, with 5,344 publications — a 62% jump from the holiday-shortened W01. Board changes led the rebound at +52.5% WoW, as companies processed year-end governance decisions that had been queued over the break.

The M&A pipeline delivered two standout transactions: Galenos AG's absorption of vivacare AG (CHF 193M in assets) signals consolidation in the Swiss health insurance market, while Mitrelli Group's merger with AAC Africa Swiss AG (CHF 56.6M) reflects ongoing restructuring among Swiss-domiciled international holding companies.

Bankruptcies held flat at 26 — identical to the holiday week — suggesting the seasonal lull persists into early January. Succession signals, however, jumped 54.5% to 34, with notable board departures in Building & Infrastructure firms across eastern Switzerland.

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Type	Acquirer	Target	Sector	Assets	Net
Merger	Mitrelli Group Swiss AG	AAC Africa Swiss AG	Financial Services	56.6M CHF	26.9M CHF
Merger	curaulta	sanavals Gesundheitskasse	Healthcare	15.5M CHF	9.9M CHF