Rapporto settimanale

Market PulseMarch 6, 2026by ValIndex Intelligence

Week 10

New Registrations

1,247

+7% WoW

+0% 4W

Distress Events

464

+14% WoW

-1% 4W

M&A Deals

-14% WoW

+4% 4W

Succession Alerts

-62% WoW

-30% 4W

Publications

6,868

+6% WoW

+3% 4W

Deal della settimana

Tipo	Acquirente	Target	Settore	Attivi	Netto
Fusione	HOTEL DE LA POSTE VERBIER SA	HPV SA	Hospitality & Food	15.9M CHF	110K CHF

Altro in questa edizione

Coloplast AG←Kerecis Switzerland AG8.7M CHF
DERTOUR Suisse AG←Golf and Travel AG6.2M CHF
Garage Galliker AG←Autohaus Imholz AG3.2M CHF
Volvo Group (Schweiz) AG←Nef Truckcenter AG2.8M CHF
JoliMonde AG←Verein Bethesda50.6M CHF
5 procedure fallimentari
3 spotlight segnali

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Mappa attività cantonale

Più Transazioni M&A

Zurich

2deals

Secondo

Zug

1deals

Totale nazionale

5deals questa settimana

Cantoni principali

1.Zurich

218.6%

2.Zug

19%

3.Valais

14.8%

4.Lucerne

13.5%

I primi 3 cantoni rappresentano il 80% dell'attività transazioni m&a nazionale questa settimana.

Low

High

Fonte: Pubblicazioni FUSC

Segnali settoriali

In crescita

Stabile

In calo

Nuovo

(tendenza 4 sett.)

11 sectors · 12 weeks aggregated · box size = M&A count35 M&A signals · % = 4-week trend

Transazioni M&A (5 altre)

Tipo	Acquirente	Target	Settore	Attivi	Netto
Fusione	Coloplast AG	Kerecis Switzerland AG	Precision & Medtech	8.7M CHF	6.8M CHF
Fusione	DERTOUR Suisse AG	Golf and Travel AG	Hospitality & Food	6.2M CHF	1.6M CHF
Fusione	Garage Galliker AG	Autohaus Imholz AG	Automotive & Mobility	3.2M CHF	2.6M CHF
Fusione	Volvo Group (Schweiz) AG	Nef Truckcenter AG	Automotive & Mobility	2.8M CHF	1.3M CHF
Trasferimento patrimoniale	JoliMonde AG	Verein Bethesda	Healthcare	50.6M CHF	50.6M CHF

Spotlight segnali (3)

M&AZG

Coloplast AG / Kerecis Switzerland AG

Danish wound-care giant Coloplast (CPH: COLO-B, DKK 120B market cap) completed its absorption of Kerecis Switzerland AG, transferring CHF 8.7M in assets and CHF 1.9M in liabilities. Kerecis — an Icelandic biotech acquired by Coloplast in 2023 for USD 1.3B — pioneered fish-skin grafts for wound healing. The Swiss entity dissolution signals full operational integration into Coloplast's Zug-based European hub. For PE watchers: Coloplast's roll-up strategy in advanced wound care creates acquisition opportunities among smaller Swiss medtech suppliers now competing against a larger, better-capitalized incumbent.

SUCCESSIONAG · Peinture & Revetement de Surface

Hochtec GmbH

Hochtec GmbH (Rothrist, AG) — a specialist painting and surface coating firm — lost its sole remaining Gesellschafter this week with no replacement announced. The company, active in industrial coatings since its Aargau registration, now faces a classic Swiss Mittelstand succession gap: a skilled-trades business with no visible next generation. For acquirers targeting the CHF 4B+ Swiss building services market, single-owner coating specialists with established client relationships represent low-hanging fruit — especially in the current environment where 47 succession signals were recorded this week across Industrial & Manufacturing.

DISTRESSAG

SMAM GmbH

SMAM GmbH (Reinach, AG) moved from voluntary liquidation to formal bankruptcy proceedings by order of the Obergericht Aargau on 19 February. The firm — originally active in facility management services — had its name reverted from "SMAM GmbH in Liquidation" back to "SMAM GmbH" as part of the court-ordered process. This pattern (voluntary → forced bankruptcy) typically signals that asset recovery fell short of creditor expectations during the liquidation phase, a red flag for counterparties in similar situations.

Fallimenti notevoli (5)

Società	Cantone	Settore	Dettagli
d-Tec dubois technologies associées SA en liq Surface treatments and tribology consulting	VD · AG	Luxury & Heritage	Est. 2009 · TM: D-TEC Dubois Technologies Associées
DRINKOTEC Sàrl en liquidation Smart beverage systems manufacturing and sales	VD	Hospitality & Food	Est. 2002 · TM: DRINKOTEC
Polytek SA en liquidation General contractor, specializing in sealing works	VD · AG	Building & Infrastructure	TM: afa POLYTEK
Solab-Swissvault Sàrl, en liquidation IT consulting, virtualization, and secure cloud computing	GE	Technology & Software	Est. 2018 · TM: Solab-Swissvault
Swiss Gruyere Pharm Lab SA en liquidation Laboratory research, development, and manufacturing	FR	Life Sciences & Pharma	Est. 2021 · TM: C Seropharm

Commento settimanale

Switzerland's commercial register recorded 6,868 publications this week, with Zurich (18.6%) and Geneva (11.2%) driving nearly a third of all activity. The 189 bankruptcy filings sit 12% above the trailing 8-week average, while new registrations (1,247) continue to signal resilient entrepreneurial activity despite macro headwinds.

The M&A pipeline produced 20 qualifying transactions totaling over CHF 87M in disclosed assets. The Coloplast-Kerecis merger (CHF 8.7M) underscores continued consolidation in medtech, while DERTOUR's absorption of Golf and Travel (CHF 6.2M) marks further roll-up activity in Swiss tourism.

Succession signals remain elevated at 47 — primarily board shrinkages in Industrial & Manufacturing firms across the German-speaking cantons. This aligns with the demographic pressure we've flagged in previous editions: baby-boomer founders reaching retirement age with no visible successor.

Notably, Zug accounts for 9% of national activity despite representing just 1.5% of the population — a reminder of the canton's outsized role as a corporate domicile, particularly for holding structures and international headquarters.

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