Weekly Report

Market PulseMarch 13, 2026by ValIndex Intelligence

Week 11

New Registrations

1,225

-2% WoW

+2% 4W

Distress Events

456

-2% WoW

-4% 4W

M&A Deals

-17% WoW

-5% 4W

Succession Alerts

+6% WoW

-26% 4W

Publications

6,738

-2% WoW

+2% 4W

Deal of the Week

Type	Acquirer	Target	Sector	Assets	Net
Merger	CGI Switzerland SAINBOUNDSERIAL	Apside Genève SA	Technology & Software	2.9M CHF	1.8M CHF
Serial acquirer: 4 Swiss deals since 2023. CGI Group = Montreal, TSX: GIB.A. — CGI Group (Montreal, TSX: GIB.A, world’s 5th-largest IT services firm) absorbed Apside Genève SA — the Swiss unit of French IT firm Apside Group. CGI acquired Umanis (renamed CGI Switzerland SA in 2023) and is now rolling up additional Swiss IT entities. Third absorption in 3 years. Building unified Romandie IT consulting platform.

More in this edition

SLB Holding AG←BSK Holding AG5.8M CHF
MCM Schaublin AG←Ino Medical Solutions GmbH1.2M CHF
Equans Switzerland AG←Equans Techniques SA20.4M CHF
4 bankruptcy investigations
12 share deal signals (probable SPAs)
3 signal spotlights

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Canton Activity Map

Most M&A Deals

Zurich

2deals

Runner-up

Geneva

1deals

National Total

4deals this week

Top Jurisdictions

1.Zurich

218.9%

2.Geneva

111.1%

3.Solothurn

12.1%

Top 3 cantons represent 100% of national m&a deals activity this week.

Low

High

Source: SOGC Publications

Sector Signals

Growing

Stable

Declining

New

(4-week trend)

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

M&A Transactions (3 more)

Type	Acquirer	Target	Sector	Assets	Net
Asset Transfer	SLB Holding AG	BSK Holding AG	Financial Services	5.8M CHF	5.8M CHF
Family succession restructuring. SLB Holding AG was purpose-built in Jan 2026, weeks before this zero-consideration transfer of CHF 5.8M in nearly debt-free assets (CHF 24K liabilities). Both entities in Oberriet (SG Rhine Valley). BSK→SLB initials suggest generational transition. Transferred assets likely equity participations or unencumbered property. Signals a Rhine Valley industrial family is restructuring.
Merger	MCM Schaublin AG	Ino Medical Solutions GmbH	MEM: Machinery & Automation	1.2M CHF	887K CHF
Medtech platform roll-up orchestrated by Healthcare Holding Schweiz AG (Baar, ZG). MCM Schaublin AG (formerly MCMmedsysAG) already absorbed Schaublin Medica SA in Nov 2025. Ino Medical Solutions adds medical device capabilities from Rapperswil-Jona. Three acquisitions in 6 months. German board members suggest possible German medtech investor. Schaublin brand carries significant Swiss precision engineering equity.
Merger	Equans Switzerland AGINBOUNDSERIAL	Equans Techniques SA	Building & Infrastructure	20.4M CHF	7.0M CHF
Serial acquirer: 6 deals since 2019, CHF 511M total absorbed. Bouygues consolidation. — Group simplification within Bouygues/Equans. Third Swiss entity absorbed in 12 months (total ~CHF 183M). Equans is consolidating its Swiss legal entities into a single platform after the 2021-22 Engie spinoff. All Equans Techniques branches (Prilly, Neuchâtel, Collombey-Muraz) closed ahead of merger.

Signal Spotlights (3)

M&AZH

KIBAG RE AG / Sortag Zürich AG

KIBAG RE AG absorbed Sortag Zurich AG (CHF 9.7M in assets, CHF 6M net) — the second recycling-sector merger by the KIBAG Group in Q1 2026, following January's absorption of Muldenzentrale AG (CHF 3.1M). Combined Q1 absorption: CHF 12.8M in assets. Swiss construction waste recycling is a high-margin, regulation-driven sector with growing volumes under circular economy mandates — KIBAG is positioning for scale.

SUCCESSIONSO · Installation Électrique

Lanz Oensingen AG

Lanz Oensingen AG, a century-old Solothurn-based electrical installation company (~100 employees, family-owned since 1918), published the departure of the second Gerster family member from its board — with no replacement named. Since the patriarch's exit in 2019, the company has systematically installed external management, converted share classes, and refreshed governance with non-family directors. The pattern reads as a family methodically preparing for an ownership transition.

DISTRESSZH · Industrie & Fabrication

Rethan AG

Rethan AG — a 53-year-old Zurich aluminum coating specialist — underwent a full year of court-supervised composition (Nachlassstundung) with two extensions before the court declared the restructuring failed and opened bankruptcy on 5 March 2026. For distressed-asset investors, the customer base and coating equipment are the opportunity, not the entity itself. Coating and surface treatment is consolidating across Switzerland.

Notable Bankruptcies (4)

Company	Canton	Sector	Details
Jank + Blatter AG Flooring technology engineering, planning, production, trade, and services	LU · AG	Industrial & Manufacturing	Est. 1997 · gov contracts
A nearly 30-year-old floor coverings firm that showed classic slow-motion collapse: co-founder Blatter departed the board in early 2019, followed by two more officers within months and a fourth by 2022. Seven years of steady board attrition with no replacements suggests deepening financial difficulty and inability to attract governance. The Kriens court opened bankruptcy proceedings in March 2026.
Bohnenblust & Partner AG Manufacturing electrical control systems and trading goods	ZH · AG	Industrial & Manufacturing	Est. 1995
A Dietikon switchgear manufacturer founded by Johann Bohnenblust, this company underwent a textbook generational transition in 2019–2021 as three family members exited and son Stephan took sole control. The rebrand to “Bohnenblust & Partner AG” in late 2023 — with a newly hired operations manager and broadened purpose clause — signaled ambition, but the partner departed after just two years, and the Dietikon bankruptcy court opened proceedings on 4 March 2026. From family legacy to liquidation: a succession that never found its footing.
Rethan AG Coating metal and trading plastic-coated aluminum	ZH · AG	Industrial & Manufacturing	Est. 1973
Rethan AG took the structured route: a formal Nachlassstundung (composition moratorium) granted in March 2025 with court-appointed administrator Edward Salib overseeing the restructuring attempt. After two six-month moratorium periods — a full year of effort to reach a deal with creditors — the Zurich Nachlassgericht declared the composition failed and opened bankruptcy on 5 March 2026. A 53-year-old industrial firm and a year of supervised rehabilitation that could not save the patient.
Perseus Verlag AG Operating a publishing house	BL · AG	Media & Telecom	Est. 2010 · TM: The Present Age, DER EUROPÄER
A niche anthroposophical publisher founded in 1990 by Thomas H. Meyer in Basel. Published the monthly journal "Der Europäer" for nearly 30 years — a rare registered trademark in Swiss independent publishing. The bankruptcy of a 16-year-old AG with active IP assets signals distress in specialist media.

Weekly Take

Three multinational rollups in a single week — Equans (Bouygues), CGI (Montreal), and MCM Schaublin (medtech) — signal that cross-border consolidation of Swiss operating entities is accelerating beyond post-COVID catch-up into permanent structural simplification. The BSK→SLB zero-consideration asset transfer in Oberriet reads as textbook Rhine Valley family succession: purpose-built holding, near-zero liabilities, identical geography — the kind of signal that only registry data can surface. On the distress side, both Rethan AG’s failed year-long composition moratorium and Bohnenblust’s post-succession collapse illustrate the same pattern: late-stage intervention rarely reverses structural decline, and the companies that reach Nachlassstundung or generational handover without adequate capital almost never survive.

Share Deal Signals (12)

Board changes at AG/GmbH companies suggesting probable share deals (SPAs) — ownership transitions not captured by SOGC structural events.

Synthes Holding AGSO

Medical devices holding (J&J subsidiary). Board refresh at Switzerland's iconic medtech name.

SCHULER AUKTIONEN AGZH

Fine art auction house, Zurich. 3 new directors after 5 years of stability — potential ownership transition.

BMZ Druck AGBL

Print & media production, Basel-Land. Board overhaul after 4.5 years — sector consolidation signal.

Les Ambassadeurs AGLUTM:12

Luxury watch & jewellery retailer (12 trademarks). 3 new board members after 4.4 years — PE entry or family exit.

Censi & Ferrari SA, impresa costruzioniGR

Construction, Graubünden. Near-full board replacement after 6 years — generational handover.

Fressnapf Schweiz AGZH

Europe's largest pet retailer (Swiss unit). 4 new board members — parent company restructuring.

Allfarm AGBL

Agricultural services, Basel-Land. 4 new directors after 5 years — classic succession pattern.

Tierklinik Stockrüti AGTG

Veterinary clinic, Thurgau. Board refresh after 6.4 years — vet sector consolidation wave.

Bischofberger Handels AGZG

Trading company, Zug. 3 new members after 7.2 years of stability — Zug = classic PE jurisdiction.

Walche Revisionsgesellschaft AGTG

Audit firm, Thurgau. Board overhaul after 7.1 years — audit sector M&A.

Suvretta Sports School AGGR

Sports & leisure, Graubünden (St. Moritz). 4 new directors — tourism sector ownership change.

Deduca AGZH

Education services, Zurich. Board refresh after 7.6 years — EdTech sector interest.

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