Weekly Report

Market PulseMarch 20, 2026by ValIndex Intelligence

Week 12

New Registrations

1,222

— flat WoW

+1% 4W

Distress Events

411

-10% WoW

-9% 4W

M&A Deals

+50% WoW

+9% 4W

Succession Alerts

+116% WoW

+56% 4W

Publications

6,565

-3% WoW

— flat 4W

Deal of the Week

Type	Acquirer	Target	Sector	Assets	Net
Merger	Dätwyler IT Infra AGSERIAL	Mac Robi AG + Seabix AG	Technology & Software	n/d	n/d
Serial acquirer: 2+ deals \| IT infrastructure consolidation — Dätwyler IT Infra AG (~1,000 employees, ~CHF 750M revenue, Altdorf UR) absorbed two Swiss IT service firms simultaneously: Mac Robi AG (Zug, SME ICT services, founded 1996) and Seabix AG (Villmergen AG, managed IT/telecom with own Swiss data centres). Not publicly listed DAE — privately held by Pema Holding AG (same Dätwyler family that controls 78% of voting rights in SIX-listed Dätwyler Holding). CEO Adrian Bolliger building 'holistic ICT solutions from a single source.' Both targets acquired 2023-24, now formally absorbed — integration phase complete.

More in this edition

Pratica Holding AG←Hasler + Co AG29.0M CHF
APS Applied Power Systems AG←KES Circuit AG"3.9M CHF
Infragon Ingenieure AG←ProBAS AG1.2M CHF
TNC Consulting AG←TNC Engineering AG181K CHF
4 bankruptcy investigations
8 share deal signals (probable SPAs)
3 signal spotlights

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Canton Activity Map

Most M&A Deals

Zurich

2deals

Runner-up

Bern

1deals

National Total

5deals this week

Top Jurisdictions

1.Zurich

218.3%

2.Bern

17.3%

3.Solothurn

12.3%

4.Uri

10.3%

Top 3 cantons represent 80% 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 (4 more)

Type	Acquirer	Target	Sector	Assets	Net
Asset Transfer	Pratica Holding AG	Hasler + Co AG	Business Services	29.0M CHF	3.3M CHF
Formerly Delag Holding AG. The Hasler family of Winterthur — hardware retailers since 1853, now in their sixth generation — completed their fifth acquisition through this vehicle. Chaired by Christof Hasler (also president of Hasler Holding AG, alongside family members Andrea, Marc, and Tim), Pratica has assembled Hasler + Co branches across five cantons: Delémont, Oerlikon, Schlieren, Ipsach, and Monthey. This target was originally Tobler Protecta AG, a PPE specialist founded in 2001 by André Tobler and Urs Wyss, absorbed in late 2022. With ~300 employees, six locations, automated SERVUS warehousing, and Mitsubishi distribution partnerships, the Hasler group now operates Switzerland's largest independent PPE purchase-channel network. Shared auditor Wettstein & Partner confirms coordinated family governance. No PE money: patient, generational capital.
Merger	APS Applied Power Systems AG	KES Circuit AG"	MEM: Machinery & Automation	3.9M CHF	1.8M CHF
Industrial electronics vertical integration in Solothurn's MEM corridor. APS absorbed KES Circuit AG (CHF 3.9M gross assets, CHF 1.8M net) — a precision power systems company acquiring a circuit board specialist in Niederbuchsiten. Textbook vertical move: APS builds power systems, KES manufactured the circuit boards that go into them. The Northwestern Swiss MEM corridor continues to be one of the most active consolidation zones in our data.
Merger	Infragon Ingenieure AGSERIAL	ProBAS AG	Building & Infrastructure	1.2M CHF	949K CHF
Serial acquirer: 4 arms-length deals \| velocity 4/yr \| PE-backed — One of Switzerland's most active serial acquirers in infrastructure consulting. Four arms-length deals on record at velocity of 4/year. PE-backed platform absorbing ProBAS AG (Building & Infrastructure, CHF 949K net). Swiss engineering consulting remains highly fragmented with hundreds of sub-50-employee firms — ideal roll-up territory.
Merger	TNC Consulting AGSERIAL	TNC Engineering AG	MEM: Energy & Environment	181K CHF	121K CHF
Serial acquirer: 2 deals \| Solar energy consolidation — Swiss solar pioneer Thomas Nordmann (73, active since 1974) simplifies his micro-group: TNC Consulting absorbs subsidiary TNC Engineering AG. Previously absorbed floating-solar venture HydroSun in 2020. Nordmann — three-time Swiss Solar Prize winner who built the world's first PV noise barrier on the A13 in 1989. Founder age + sector roll-up pressure (PE-backed Swiss Solar Group buying installers with blue8 Capital) flag a succession story in renewable energy.

Signal Spotlights (3)

M&AZH

Pratica Holding AG / Hasler + Co AG

The Hasler family of Winterthur — hardware retailers since 1853, now in their sixth generation — completed the fifth acquisition through Pratica Holding AG (formerly Delag Holding AG). Chaired by Christof Hasler, who also leads Hasler Holding AG alongside family members Andrea, Marc, and Tim, this is textbook family-driven industrial consolidation. The target, Hasler + Co AG Ipsach, was itself the former Tobler Protecta AG — a PPE specialist founded by André Tobler and Urs Wyss, absorbed in late 2022. With ~300 employees across six locations, automated SERVUS warehousing, and Mitsubishi distribution partnerships, the Hasler group is now Switzerland's largest independent PPE distributor. No PE money: patient, generational capital in a CHF-billion workplace safety market.

SUCCESSIONZH · Industrie & Fabrication

Distran AG

Distran AG (Zurich), inventor of the world's first ultrasonic camera for industrial gas leak detection, lost a board member with no replacement — shrinking from three to two. Founded as an ETH Autonomous Systems Lab spin-off in 2013 by Florian Perrodin and Joel Busset (Ecole Polytechnique Paris alumni), Distran's Ultra Pro cameras use 124-microphone arrays to pinpoint leaks from distance. Deployed by Shell, TotalEnergies, and aboard the International Space Station. With ~CHF 13M revenue and a CHF 8.3M Series B (Swisscanto PE), the critical detail: Air Liquide's ALIAD joined in 2023 as both investor and customer — classic pre-acquisition positioning. A board reduced to two co-founders with a strategic industrial investor embedded reads as governance simplification ahead of a trade sale.

DISTRESSVD · Neuro-haptic Technology

Metaphysiks Engineering SA

Metaphysiks Engineering SA, an EPFL spinoff developing neuro-haptic wearable technology, entered liquidation this week — putting three patents in neural interface technology on the insolvency market. Co-founded by Prof. Olaf Blanke, one of the world's leading neuroscientists at EPFL's Center for Neuroprosthetics, Metaphysiks developed 'MetaTouch' — a technology that connects the nervous system via the skin for VR/metaverse and medical rehabilitation applications. The company raised $2M in 2022 from Logitech, Tej Tadi (founder of MindMaze, Switzerland's most valuable neurotech company), and TNF Investments. The technology contributed to restoring walking sensation in spinal cord injury patients, published in the Nature Index. For deeptech acquirers and IP-focused funds, this is a rare opportunity: patented neuro-haptic IP from a decade of EPFL research, backed by blue-chip investors, available through Swiss insolvency proceedings.

Notable Bankruptcies (4)

Company	Canton	Sector	Details
EVANCE SA Promotion et exploitation de pharmacies; fabrication, conditionnement et distribution de p...	VD · AG	Healthcare	Est. 1989 · TM: Labornest, Stemapharm
Vaud-based pharma/laboratory company, established 1989 — 37 years in operation. Holds five registered trademarks: Labornest (laboratory supplies), Stemapharm (pharma), and VitaNest (health/nutrition). Near-zero web footprint suggests the entity may have been a trademark holding vehicle rather than an active operating company. For distressed-asset buyers: five pharma-adjacent trademarks available through insolvency, potentially covering product lines in lab supplies and health supplements.
Augmentiq (Switzerland) SA Fourniture de tous conseils, prestations et services dans les domaines de la sécurité et d...	GE · AG	MEM: High-Tech & Aerospace	Est. 2010 · TM: augmentiq intelligent air transport solutions
Founded by Matthew Finn, former Director of Government & Security at SITA (aviation IT). Niche aviation security consultancy: 50+ clients in 20+ countries, security upgrades at 60+ airports. Crown jewel: helped deliver Canada's national aviation security program valued at CAD 1.5 billion. Clients included Air Canada, Eurostar, Swissport, NEC, Collins Aerospace. Revenue-dependent on Finn's personal network — a consulting business, not a product company. For acquirers: the 'augmentiq' brand in border/aviation security circles, government security relationships, and established frameworks with transport authorities worldwide.
Fair Commodities Trading SA Négoce international de tout produit et marchandise.	GE · AG	Retail & Consumer	Est. 2010 · TM: Happy Family
Founded 2010 with CHF 5.9M share capital on Rue du Cendrier in Geneva's commodity district. Physical merchant: sugar, rice, cacao, cashew, nickel, manganese — sourcing India/China/Brazil, delivering to West Africa. 'Happy Family' trademark covers a consumer food brand for African markets. Three bankruptcy attempts over two years (Feb 2024 suspended, Sep 2025 suspended, Jan 2026 final). A serial distress case — three bites at the cherry, none could save it. Assets: Happy Family brand with West African recognition, Geneva trading desk infrastructure.
Hipag Kälte- Wärme- Klimasysteme AG Handel, Service und Vertrieb von Kälte-, Wärme- und Klimasystemen.	AG · AG	Building & Infrastructure	Est. 1992 · TM: Hipag
Founded 1991, Bergdietikon. 34-year HVAC specialist and Swiss distribution partner for Mitsubishi Heavy Industries climate systems — chilled water units, heat pumps, IT cooling cabinets. Sole director Christian Chiodo Rana, 5-9 employees. For acquirers in building technology — and we track six serial acquirers in this sector (Hälg & Co., CKW Gebäudetechnik, Meier Tobler) — the registered 'Hipag' trademark, Mitsubishi distribution rights, and Zurich-Aargau service contracts are a bolt-on at distress pricing.

Share Deal Signals (8)

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

Hypothekarbank Lenzburg AGAG

CHF 8.3bn-asset Aargau bank (SIX: HBLN) restructuring into holding group under CEO Silvan Hilfiker. Spun off fintech unit Finstar AG (BaaS revenue +68% to CHF 16.3m) and acquired Swiss Bankers Prepaid as standalone subsidiary. Three separable units (banking, fintech licensing, prepaid payments) — each could attract a strategic buyer or partner. CHF 130m total revenue with proven open-banking API platform used by third-party banks.

Lonza AGVSTM:25

Three new directors at 2025 AGM: Juan Andres (ex-Novartis manufacturing), David Meline (ex-CFO Moderna and Amgen), Sami Atiya (ex-ABB robotics/automation) nominated for 2026. Board refresh coincides with CHF 2.3bn divestiture of Capsules & Health Ingredients to Lone Star Funds (closing H2 2026, Lonza retains 40%). Signals aggressive pivot to pure-play CDMO with AI-enabled process design — the Atiya nomination (ABB robotics/AI background) confirms digitization thesis.

Diametal AGBETM:4

Lafayette Mittelstand Capital (Luxembourg PE, 22-company DACH portfolio, EUR 10-50m tickets) acquired majority from Kowema AG effective January 2025, advised by BGPartner and Walder Wyss. 170+ employees across Biel (CH) and Oltingue (FR), manufacturing high-precision cutting and super-abrasive tools. Lafayette specializes in carve-outs and turnarounds — expect operational improvement and bolt-on acquisitions in European precision tooling.

Sonepar Suisse AGSGTM:7GOV

Swiss arm of Paris-based Sonepar (EUR 32.5bn global revenue, world's largest B2B electrical distributor). ~CHF 70m revenue, 550+ employees, 15 locations. Absorbed EHS Switzerland AG (Hitzkirch, 60+ years in industrial automation, 17 staff) with former co-owner Ronald Grolimund staying as MD. Sonepar completed 17 acquisitions globally in 2024 (EUR 2.2bn revenue added) — watch for further Swiss electrical distribution roll-up.

Elbit Systems Switzerland AGBE

Swiss subsidiary of Israeli Elbit Systems (TASE: ESLT, USD 7.9bn revenue, 20,000+ employees). Won landmark USD 338m contract for E-LynX software-defined radio network for Swiss Armed Forces plus USD 15m TASYS command-and-control. CEO Andreas Cantoni runs Bern HQ plus Network & Digitization Center in Uetendorf. Board changes reflect scaling-up phase as the radio network rolls out over six years.

Salt Mobile SAVD

Switzerland's 3rd mobile operator, acquired by Xavier Niel for USD 2.7bn in 2014 from Orange. Board includes Niel alongside Pierre-Emmanuel Durand and Franck Brunel (NJJ/Iliad insiders), with recent additions Luis Hernandez Gonzalez and Nina Hagmann. Reshuffling aligns with Niel's pattern across his telecom empire (Iliad France, eir Ireland, Play Poland) — typically signals operational efficiency push or preparation for strategic event (network-sharing, fibre JV, re-IPO).

Apco Technologies S.A.VDTM:2

Founded 1992 by André Pugin, now led by second-generation CEO Aude Pugin (took over 2017 after 8 years as CFO). ~400 employees, ~CHF 50m revenue. European leader in mechanical ground support equipment for Ariane 6 plus hardware for ESA missions (HERA, JUICE, Euclid, Sentinel-2) with permanent 35-person team at Kourou spaceport. Generational transition well underway — board changes could signal succession completion or positioning for strategic partner as European space budgets surge.

energieUri AGURTM:12GOV

Re-cantonalised 2023: CKW sold 52.3% stake for CHF 180m to Canton Uri, Korporation Uri, and Swiss Life Asset Management infrastructure funds (CKW retained 10%). 369 employees, 80 apprentices, CHF 147m total output, EBIT CHF 14.9m. Now building 58.6 MW battery storage with Axpo/Fluence in Gurtnellen (commissioning H1 2026). This re-cantonalisation model — public buyback funded by institutional infrastructure capital — could be replicated across other Swiss cantonal utilities held by Axpo/CKW/Alpiq.

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