Swiss assets changed hands in every direction this week — and Mammut was the biggest
Mammut Sports Group AG of Seon, founded in 1862, is being acquired by the Chinese alternative asset manager CPE from Jacobs Capital under an agreement signed on 30 July 2026. Financial terms were not disclosed and the transaction remains subject to regulatory approvals. Jacobs Capital invested in 2021; over that period total revenue grew at a double-digit compound annual rate, operating profit margins more than doubled, and markets outside Europe came to account for more than half of sales.
Visana Allgemeine Versicherungen AG agreed on 5 August 2026 to acquire simpego Versicherungen AG, buying Pax Holding's 61.33 per cent majority and the shares of all minority holders including die Bayerische. simpego was founded in 2016 as Dextra Versicherungen AG and wrote CHF 55.27 million of gross premiums in 2025. The purchase price is confidential and the transaction is subject to FINMA approval; around 70 jobs are retained.
In the five trading days from 3 to 7 August 2026 the Swiss commercial register published 5,136 notices against 5,589 the previous week, recorded 926 new companies against 918, logged 2,104 board changes against 2,358, and counted 44 M&A-relevant filings against 85. Distress fell to 362 events, 158 bankruptcies and 204 liquidations, from 418.
12Press-Reported Deals+300% WoW
362Distress Events-13% WoW
2Startup FundingCHF 7.7M converted
11Succession Signals+38% WoW
926New Registrations+1% WoW
2104Board Changes-11% WoW
On 30 July, Jacobs Capital signed an agreement to sell Mammut Sports Group AG of Seon — the outdoor brand founded in 1862 — to CPE, the Chinese alternative asset manager behind Pop Mart. Advisers confirmed it through the first week of August. Jacobs bought in during 2021 and leaves after three years in which revenue compounded at a double-digit rate, operating margins more than doubled, and more than half of sales moved outside Europe. Headquarters, innovation, development and design stay in Switzerland, and Heiko Schäfer stays as chief executive. Terms undisclosed, approvals pending.
It was not alone. On 5 August Visana agreed to buy simpego Versicherungen AG from Pax Holding, taking the 61.33 per cent majority plus every minority holder — including Munich's die Bayerische, which leaves Switzerland altogether. simpego wrote CHF 55.27 million of gross premiums last year and keeps around 70 jobs, subject to FINMA. German house NORD Holding added the softgel manufacturer Gelpell AG to its 1Q Health platform, a fifth bolt-on. And Czech group KKCG's Aricoma took Dentsu Tracking, sixty specialists doing regulated track-and-trace for governments.
Note what none of those were: a distressed sale. Mammut sold on momentum, Gelpell into a roll-up, Dentsu Tracking as a working carve-out. The buyers were Chinese, German, Czech and Swiss. Swiss capital spent the same week going the other way and far larger — Partners Group announced roughly three billion francs of commitments on 6 August alone, exclusive talks for Aroma-Zone near EUR 2 billion and over USD 1 billion for control of AVK Power Solutions in the UK. Neither is closed.
The tape. The register published 5,136 notices against 5,589, and 2,104 board changes against 2,358. Formations alone rose, 926 against 918. M&A-relevant filings nearly halved, 44 against 85. Distress eased to 362 events, 158 bankruptcies and 204 liquidations, from 418 — among them Rüedu Bern AG, nineteen unstaffed round-the-clock farm shops, bankrupt from 31 July at 09:00 after eighteen months of restructuring and a financing round that never came.
One Story Deeper: the register just showed which Swiss brand could be next
Three Swiss businesses sold this week. A fourth quietly removed the obstacle to selling. On 5 August Biotta AG of Tägerwilen, the organic vegetable-juice maker, absorbed Biotta Holding AG — its own parent — on a merger contract of 10 June against the 31 December 2025 balance sheet. It took over CHF 29,718,731.33 of assets and CHF 45,177.40 of liabilities, and the notice states what those assets are: all the shares of Biotta AG itself. No capital increase, because the parent's shareholder simply receives the own shares acquired in the merger.
Read it mechanically. A holding company whose only real asset was the operating company has been dissolved into it, and the ultimate owner now holds the operating company directly rather than through a layer. Biotta has belonged to the listed ORIOR group since 2018. Our read: collapsing an intermediate holding is what you do to make an operating company cleanly held and transferable in a single step. It is the standard tidy-up before a disposal, and it is equally consistent with plain group housekeeping. We are not calling a sale — we are noting that in the same week Swiss brands were being bought by Chinese, German and Czech money, one more had its structural obstacle to a sale removed, and nobody announced it.
The counter-example, filed the day before. Roamer AG of Wallbach, whose brand has sold Swiss watches since 1888, passed assets of CHF 3,308,551.79 against liabilities of CHF 4,910,245.17 into its sister company Jacques du Manoir AG — a liability excess of CHF 1,601,693.38, with audit-confirmed subordinations covering the capital loss and the over-indebtedness. One shareholder owns both sides, so no price was set and no shares moved. Not every Swiss brand is being bought. Some are simply being absorbed.
Pre-Deal Signals — moves that precede transactions
Aug 3
PV-Tec GmbHSZ· Energy & Utilities
Registered seat moved to a low-tax canton (SG → SZ)
neutral
Aug 5
Micreos Pharmaceuticals AGZG· Life Sciences & Pharma
Capital increase (CHF 200,000 → CHF 400,000 (+99%))
Auditor upgraded to a Big4 firm (succursale de Fribourg (CHE-320.651.923) → Young SA)
bullish
Aug 7
Managem International AGZG· Financial Services
Auditor upgraded to a mid-tier firm (REWISCO AG → Grant Thornton AG)
bullish
Aug 7
Mediakind Switzerland (H) GmbHFR· Media & Publishing
Registered seat moved to a low-tax canton (FR → ZG)
neutral
Procurement Prints — federal awards
Aug 6
Toneatti AG BiltenGL
Toneatti AG wins a CHF 15.8 million construction contract with Swiss Federal Railways (SBB) to excavate the starting pit for the Etzelwerk power plant overhaul, locking in an early role on a strategic Alpine infrastructure renewal.
award 4 on our record · 4 tracked total · CHF 59M lifetime
CHF 15.8M
Aug 3
Büro Sona AGZH
Büro Sona AG wins a CHF 6.85 million framework contract to supply meeting boxes for ETH Zurich’s real estate arm, locking in a recurring revenue stream from a prestigious and expansion-ready institutional client.
CHF 6.9M
Aug 5
Burkhalter Technics AGZH
Burkhalter Technics AG, a unit of listed building technology group Burkhalter, has secured a CHF 4.0 million electrical works contract from the Federal Office for Buildings and Logistics for the renovation and expansion of the Agroscope Re
5 federal awards in 2026 · 13 tracked total · CHF 95M lifetime
Bechtle Schweiz AG, a subsidiary of Germany-listed IT systems house Bechtle, secures a CHF 2.3 million Microsoft licensing solution partner contract for schools with Canton Lucerne's IT department, reinforcing its recurring revenue moat in the public education sector.
6 federal awards in 2026 · 19 tracked total · CHF 271M lifetime
CHF 2.3M
Aug 4
Trench Austria GmbH
High-voltage equipment specialist Trench Austria GmbH secures a CHF 2.3M air-core shunt reactor supply contract with Swissgrid for the Gotthard project, tightening its grip on the Swiss transmission grid's critical voltage-control components.
CHF 2.3M
The Tape — 11 transactions
Press reported in the mediaReg commercial-register filing, value = net assets
Jul 30
PRESS
CPE← Mammut Sports Group AGAG
Agreement signed 30 July, adviser confirmations through the first week of August. Jacobs Capital exits after a 2021 entry and a three-year rebuild: double-digit revenue CAGR, operating margin more than doubled, more than half of sales now outside Europe. CPE is a Chinese alternative asset manager whose holdings include Pop Mart. Headquarters, innovation, development and design stay in Switzerland; Heiko Schäfer stays as CEO. Freshfields for Mammut management, Bär & Karrer for CPE.
Pax Holding sold its 61.33 per cent majority and Visana took out every minority holder, including Munich's die Bayerische, which exits Switzerland entirely. simpego was founded in 2016 as Dextra Versicherungen AG and wrote CHF 55.27m of gross premiums in 2025; around 70 jobs are retained. A Swiss health insurer buying a Swiss digital non-life carrier is the clearest domestic consolidation print of the week.
German private-equity house NORD Holding adds the Swiss softgel specialist to its 1Q Health platform — the fifth bolt-on since the group was formed and the second this year, after EHF Production. Gelpell develops and contract-manufactures softgel, hard and vegetarian capsules and holds patented GELPELL Beads technology. IFBC advised NORD Holding; McDermott acted on the legal side. A Swiss CDMO absorbed into a European roll-up.
Completed 1 August, announced 3 August. The Czech KKCG group's IT arm takes the Swiss-headquartered supply-chain traceability business from dentsu, with roughly 60 technology specialists across Switzerland and Spain. The work is regulated-sector track-and-trace for governments and multinationals — sticky, compliance-driven revenue. Lenz & Staehelin advised on the Swiss side.
Exclusive negotiations announced 6 August, not a signed deal. Aroma-Zone turned over EUR 300m in 2025, up 52 per cent, having more than tripled revenue since Eurazeo invested in 2021, with over five million active customers. At EUR 2bn that is roughly 6.7 times 2025 revenue, both figures disclosed. Eurazeo would take about EUR 576m gross and keep a significant minority.
Majority stake in the UK-headquartered data-centre power specialist, announced the same day as the Aroma-Zone talks. Funded from the fourth direct infrastructure programme, which closed above USD 15bn in July. AVK builds back-up generation, behind-the-meter microgrids and modular power units; management retains a minority.
More than USD 1bn of equity, plus debt financing (deal value)
Effective 1 August, announced 5 August. Pagani Pens SA of Cadempino, the company behind PRODIR, bought the operations of the Groß-Bieberau pen maker from the administrator of its March insolvency. The German plant stays open, around 120 jobs are preserved, and SENATOR continues as a separate brand. Baker McKenzie advised the buyer.
Undisclosed (asset deal from the insolvency estate)
Published 5 August. Merger contract of 10 June 2026 on the balance sheet at 31 December 2025: Biotta AG of Tägerwilen absorbed its own parent, taking over CHF 29,718,731.33 of assets and CHF 45,177.40 of third-party liabilities. The notice records that those assets consist of all the shares of the absorbing company. No capital increase, because the parent's shareholder receives the own shares acquired in the merger. Biotta has belonged to the listed ORIOR group since 2018. This is the week's largest Swiss absorption by some distance.
Aug 4
REG
Jacques du Manoir AG← Roamer AGAG
Published 4 August. Merger contract of 19 June 2026 on the balance sheet at 31 December 2025: assets of CHF 3,308,551.79 and third-party liabilities of CHF 4,910,245.17 passed to Jacques du Manoir AG in the same village of Wallbach, a liability excess of CHF 1,601,693.38. The licensed audit expert confirmed subordinations covering both the capital loss and the over-indebtedness. One shareholder holds every share on both sides, so no capital increase and no share allotment. Roamer AG is deleted; the Roamer brand has sold Swiss watches since 1888.
CHF 3.3M (net assets)
Aug 5
REG
Faiveley Transport Schwab AG← Wabtec Services GmbHSH
Published 5 August. Merger contract of 23 June 2026: assets of CHF 12,464,375 and third-party liabilities of CHF 4,550,649 passed to Faiveley Transport Schwab AG of Schaffhausen. The notice states that the acquiring company's own balance sheet shows over-indebtedness, and that the transferring company holds freely disposable equity covering it. Same owner on both sides, both under Wabtec Corporation. The solvent entity was used to repair the other.
CHF 12.5M (net assets)
PRESS
Rimag Insurance Consulting AG← B + S Versicherungsberatung AG
Published 3 August. Merger contract of 24 May 2026: assets of CHF 166,473.25 against third-party liabilities of CHF 3,308.50, both companies in Unterengstringen. Unremarkable in itself, except for the comparison — this was the largest Swiss business to change hands between genuinely unrelated parties all week. The next was VARISTOR AG of Freienbach taking Karl Schlumpf AG of Baden, at CHF 104,787.34.
Wolgensinger AG SG · Automotive retail / multi-brand dealership
74/100
A live court-supervised restructuring, not a warning. A multi-brand dealer running the Ford flagship store in St. Gallen alongside Maxus, Peugeot, Renault and Dacia has franchise agreements, a workshop, a service book and a site, and those are separable from the debt. The July hearing means the creditor arrangement is in front of the court now, which is the window in which a trade buyer can still shape it.
Jean Theytaz SA VD · Real estate and tourism operations
70/100
An organisational-deficiency warning means the registry has found the company lacks a body it is legally required to have. Arriving after three board contractions in six months, it documents a governance structure that has emptied out rather than a solvency event. For a company whose registered purpose is property operations and tourism, the assets outlive the governance.
MangoldPartner AG BL · Construction / building-envelope planning
68/100
A company incorporated in 2024 carrying a bankruptcy warning, most of its board gone three weeks later, has run out of runway in under two years. The Allschwil firm plans sheet-metal roofing and flat-roof systems, specialist know-how carried by named people rather than by the entity. If those people are leaving, there is little left to buy.
Rüedu Bern AG BE · Retail / unstaffed regional-produce convenience shops
Bankruptcy opened 31 July 2026 at 09:00, published 6 August
Nineteen round-the-clock unstaffed farm shops across the Bern region, in fixed premises and flexible containers, stocked mainly by regional producers. The board filed an over-indebtedness notice with the Regionalgericht Bern and closed every outlet on the evening of 28 July. The company had been in restructuring since March 2025; the turnaround needed fresh investor capital and, after several rounds of talks, it did not come. The estate holds a brand with real regional recognition, the container and fit-out fleet, and the supplier relationships. What it does not hold is a proven unit economic.
Giesserei Hegi AG BE · Foundry, mechanical workshop and pattern making
Bankruptcy opened 31 July 2026 at 10:00, published 6 August
An Oberburg foundry that ran a machine shop and a pattern carpentry alongside the casting operation. It had been granted a definitive composition moratorium on 30 March 2026 and failed anyway four months later, one hour after Rüedu on the same day. That sequence is the useful part: the Swiss composition procedure bought this business four months and did not save it. For a buyer the estate is unusually tangible — furnaces, machine tools and the pattern library, which is the asset that takes decades to rebuild and is worth nothing to a scrap bidder.
Nautic Plattform AG FR · Passenger shipping · est. 2012
Bankruptcy opened 6 July 2026, confirmed on appeal 24 July, published 3 August
A Mont-Vully passenger shipping operator. The president of the Seebezirk civil court opened bankruptcy on 6 July; the company appealed on 20 July and the Kantonsgericht Freiburg dismissed it on 24 July, confirming the judgment. Worth noting because appeals against Swiss bankruptcy openings succeed often enough to be worth checking before writing a company off — this one did not, and the route is now exhausted. A licensed passenger vessel with an operating permit on Swiss waters is a scarce, transferable asset.
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Based on 5,136 SOGC/SHAB publications processed this week. M&A data sourced from Swiss commercial registry filings (9 SOGC), press-reported transactions via web intelligence (12 EXA), and startup funding from Startupticker, Tech.eu, and company disclosures (2 rounds). Company distress scoring based on proprietary multi-signal model across 113,000 Swiss companies. Valuation benchmarks supplemented from Deloitte Swiss M&A reports and Dealsuite DACH data.
ValIndex reads every Swiss commercial-register filing the day it publishes and prices what it finds: merger balance sheets, board changes, auditor switches, capital movements and bankruptcy openings. The asset figures behind this week's absorptions were never announced. They were filed. Request access →