Un acquéreur du NASDAQ frappe deux fois dans la deeptech suisse, alors que l'élagage des gérants de fortune s'accélère
ValIndex counted 221 M&A-relevant filings in the Swiss commercial register in the week of June 1–6, 2026 — up 83% from 121 in the Whit-Monday-shortened prior week — plus 11 press-reported Swiss transactions.
Swiss registry data recorded 387 bankruptcies and 288 liquidations in week 23 of 2026; two wealth managers — Clarus Capital Group AG (Zurich) and Insidex Wealth Management SA (Geneva) — failed in the same week.
The week's only disclosed valuation: Mobilezone's CHF 180 million acquisition of AK Group (Apfelkiste.ch) closed June 1 at 1.8× revenue and 9.0× EBITDA.
On the morning of June 2, SEALSQ Corp — the WISeKey spinoff that trades on NASDAQ at roughly 39× revenue — announced two Swiss acquisitions before lunch: 100% of Miraex, the EPFL photonics spinoff whose chips connect quantum computers to optical networks, and majority control of Geneva's Wecan Group, whose compliance platform runs inside Pictet, Lombard Odier and Edmond de Rothschild. That makes six deals in twelve months, financed by a $200m internal quantum fund raised against $18.25m of actual revenue. Miraex had raised less than CHF 1m of disclosed venture capital and sold whole; neither price was disclosed. Our read: a story-stock converting its market cap into real Swiss engineering, at single-digit-million prices no domestic buyer contested.
The other end of the market told a quieter story. Two family companies changed hands this week, and both went to strategics rather than funds. On June 2 the Grob family agreed to sell its ~160-year-old Toggenburg gravel business to KIBAG — three pits, four concrete plants, all 50 staff retained — and on June 1 LEYAT, Switzerland's oldest secateur maker (1917), joined FELCO's owner Flisch Group. The pattern is consistent and worth pricing into any Swiss succession process: when continuity of staff and sites is on the table, it regularly beats the higher headline number.
Meanwhile the consolidation of Swiss wealth managers produced two failures in a single week. Clarus Capital — the Zurich firm that recruited UBS's Russia desk nearly whole in 2017 — entered bankruptcy on May 21, after sanctions made its client book unbankable and CEO Giancarlo Guetg departed in January. Days later, Geneva's Insidex Wealth Management followed into liquidation, never having appeared on FINMA's licensed-manager list. Both estates hold client relationships and reporting technology that competitors can acquire at estate prices.
Beneath the headlines: 231 M&A-relevant registry filings (against 121 in the holiday-shortened prior week), 387 bankruptcies, 288 liquidations, 2,642 board changes — and exactly one disclosed multiple, Mobilezone's CHF 180m Apfelkiste acquisition, which closed June 1 at 1.8× revenue / 9.0× EBITDA. All figures below are sourced directly from the Swiss commercial register.
One Story Deeper
A CHF 1.4m merger filed this week between two companies named like a motorcycle club — GP Devil AG absorbing RK Diablo AG. The registry tells the real story. RK Diablo is Reto Koch's holding from his 2019 takeover of electroplater Galvanova AG; GP Devil sits at the Malters address of hard-chrome specialist Blaser AG, where Koch also appears in management. What filed as a routine merger is in fact a Lucerne metal-finishing buy-and-build collapsing its acquisition vehicles into one plating group — in a sector where environmental permits make greenfield entry close to impossible.
The Tape — 11 transactions
Jun 1 PRESS | Mobilezone Holding AG (SIX: MOZN) ← AK Group AG (Apfelkiste.ch and MAREIN)ZG Closing completed 1 June: mobilezone paid CHF 180M cash (EV) for AK Group — Apfelkiste.ch (60,000-SKU phone-accessory/lifestyle e-tailer, founded 2011) plus retail-branding arm MAREIN. 2025 revenue over CHF 100M, EBITDA ~CHF 20M, ~100 staff — 1.8x revenue / 9x EBITDA. Founder Pierre Droigk rolls into a 5.18% mobilezone stake, becoming its largest individual shareholder, with a 2027 board seat proposed. PE seller Invision exits. Group 2026 EBITDA guidance lifted to CHF 50-57M. CHF 180M |
Jun 2 PRESS | KIBAG ← Grob Kies AGSG Textbook succession: the Grob family sells its ~160-year-old Toggenburg gravel/concrete firm (3 gravel pits, 4 concrete plants, 50 staff, all retained) with no family successor. Split sale — building materials, transport and recycling go to KIBAG per July 2026; the construction unit goes to local E. Weber AG per August. KIBAG (family-owned, Zurich, founded 1926, 2,000+ employees, 14 gravel works and 25 concrete plants) keeps consolidating aggregates — strategics move fast on pit assets where PE rarely competes. Undisclosed |
Jun 3 PRESS | Nestlé S.A. ← Yfood Nestlé announced 3 June it buys out the remaining ~51% of Munich meal-replacement brand Yfood from co-founder-CEOs Benjamin Kremer and Noël Bollmann (transfer effective 3 July 2026), having held 49% since 2023. Bloomberg pegs the implied valuation at ~€450M on 2025 sales of ~€150M with double-digit growth. Both founders exit; Nestlé's Jolanda Schwirtz takes over. First acquisition under new CEO Philipp Navratil — staged minority-to-control exits remain the corporate playbook PE must price against. Undisclosed (~€450M valuation per Bloomberg) |
Jun 1 PRESS | Flisch Group ← LEYATNE FELCO owner Flisch Group (Flisch Holding SA, Les Geneveys-sur-Coffrane NE) acquired LEYAT, Switzerland's oldest secateur maker — founded 1917 in Valais, now headquartered in Bevaix NE with ~20 employees. Announced 1 June; price undisclosed. Pure brand-and-craft consolidation in Swiss garden tools: Flisch plans to internationalize LEYAT, until now sold almost exclusively in Switzerland. Niche Swiss manufacturing heritage keeps getting absorbed by family-held strategics, not funds. Undisclosed |
Jun 2 PRESS | Patrimonium Holding AG ← Sustainable Real Estate AGZH Patrimonium Holding AG (Baar) takes over Sustainable Real Estate AG, Zurich (MDs Klaus Kämpf and Marco Scheurer) effective 1 July 2026. SRE manages the SIX-listed SRES fund — CHF 475M across 30 sustainable Swiss residential properties; Patrimonium AM (CHF 5B AUM, CHF 3.7B+ Swiss real estate) becomes fund manager 1 January 2027 pending FINMA, and inherits advisory ties to Quadoro's ~EUR 785M German funds. Sub-scale FINMA asset managers are sellers — consolidation continues. Undisclosed |
Jun 2 PRESS | SEALSQ Corp ← Wecan GroupGE Deal of the Week, part one: SEALSQ moves from 28% to majority control of Vincent Pignon's Geneva compliance-blockchain firm, whose client roster spans Pictet, Lombard Odier, Edmond de Rothschild, Syz and Barclays. See the full analysis above. CHF 5M commitment (deal value) |
Jun 2 PRESS | SEALSQ Corp ← Miraex SAVD Deal of the Week, part two: 100% of the 2019 EPFL photonics spinoff whose lithium-tantalate chips link quantum computers to optical networks — sold whole after raising under CHF 1m of disclosed venture capital. See the full analysis above. Undisclosed |
Jun 4 REG | AMAG Leasing AG ← Clyde Mobility AGZG AMAG buries its subscription experiment without a press release: Clyde Mobility AG folds into AMAG Leasing at CHF -25.7M negative net assets — the first hard number on what the 2019-launched Auto-Abo cost. Clyde survives only as a brand ('an offering of AMAG Leasing AG'); the standalone entity didn't outlast its Jan-2024 all-electric pivot. Architect Martin Everts had already left AMAG to run IWB. Registry-only disclosure of a venture write-off. CHF 4.3M (net assets) |
Jun 4 REG | FALEM Immobilien AG ← FAM Immobilien AG CHF 15.2M of Zurich property moves between vehicles of the same circle: FALEM (founded May 2020) is chaired by Sergio Galluccio (Feusisberg, also on Meluca Immobilien AG's board), alongside Christian Müller and Helena Oetiker Rauner; predecessor president Adrian Lüthi stepped back. FAM-into-FALEM reads as a Galluccio-linked portfolio consolidating into one holdco — consolidation mechanics, but a marker of who quietly controls CHF 15M+ of Zurich real estate. CHF 101.2M (net assets) |
Jun 5 REG | Swisspath AG ← Swissbluecapital AG Alessandro Lardi's Zurich multi-family office is simplifying its stack: Swisspath AG (revision waived since 2023, sole director) absorbs Swissbluecapital AG with CHF 3.2M net assets, while sister entity Swisspath Advisory AG sits in liquidation. The group — Swisspath Capital (CEO Monica Guelmani), Yachting (2018) — is post-buildout housekeeping, not new AUM. Worth tracking as the family-office roll-up tidies before its next move. CHF 4.4M (net assets) |
Jun 1 REG | GP Devil AG ← RK Diablo AG Not motorcycles — a hidden Lucerne metal-finishing buy-and-build folding its deal vehicles. RK Diablo AG (Emmenbrücke, 2019) is Reto Koch's holdco from his Jan-2019 takeover of electroplater Galvanova AG; GP Devil AG (2017) sits at Werkstrasse 5, Malters — home of hard-chrome specialist Blaser AG, where Koch also appears in management. CHF 1.4M net assets shift as Koch collapses two acquisition holdings into one plating group nobody has mapped. CHF 3.0M (net assets) |
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Based on 6,743 SOGC/SHAB publications processed this week. M&A data sourced from Swiss commercial registry filings (221 SOGC), press-reported transactions via web intelligence (11 EXA), and startup funding from Startupticker, Tech.eu, and company disclosures (3 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.
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