Winterberg Group

What Winterberg Group does

Winterberg Group AG is a Swiss multi-family office investment firm headquartered in Zug, with a BaFin-regulated fund-management affiliate (Winterberg Advisory GmbH) in Grünwald near Munich, Germany. Founded in 2011 by partners Florian Brickenstein, Fabian Kröher, Ralph Nowak, and Lorenzo Tencati, the firm executes two complementary strategies: Mature Stage Buyouts of 51-100% in European Mittelstand SMEs with €1-10M EBITDA (sweet spot €1-2.5M; EV €5-50M), and Early Stage Growth Capital of €0.2-2.0M into Seed/Round A startups. The buyout franchise is anchored on succession situations in niche industrial-technology champions across Healthcare, Agricultural Machinery, Pumping Equipment, Industrial Measuring Tools, and Engineering Services, sourced through direct origination rather than proprietary technology.

The firm operates two buy-build-and-technologize platforms: Healthcare Holding Schweiz AG (medical technology distribution and services, founded 2021) and TIC Holding Schweiz AG (testing, inspection, and certification services, founded 2024). Winterberg Advisory GmbH manages successive private equity funds — most recently Winterberg Investment X, which closed at its €35M hard cap in October 2025 — and co-manages the healthcare platform with KKA Partners while TIC Holding has Yana Investment Partners as anchor LP and Alessandro Capone as CEO. Portfolio platforms have executed over a dozen tuck-ins since 2021, with active acquisition cadence continuing through 2025 and 2026.

Revenue derives from management fees and carried interest on managed PE vehicles, plus investment income from Winterberg Group AG's family-office balance sheet across funds, real estate, and direct investments. The firm serves wealth-creating families needing succession and wealth-preservation structuring, founders of target SMEs seeking a long-term capital partner, and the LP base of its funds. With 11-50 employees, Winterberg remains a boutique concentrated-portfolio investor focused on the DACH region and select EMEA/US geographies.

Name

Winterberg Group

Legal name

Winterberg Group AG

Website

https://winterberg.group

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Winterberg Group AG is a Swiss multi-family office that invests through two strategies — majority buyouts of succession-bound European Mittelstand SMEs and early-stage venture tickets — operating buy-build platforms in MedTech distribution (Healthcare Holding Schweiz) and testing/inspection/certification services (TIC Holding Schweiz).

Ownership category

akta.pro rank

Product category

Private Equity & Venture Capital Investment Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Industry-Specialist Buyout (Sector-Focused) (FSANABAE)

akta.pro secondary industries

Early-Stage Venture Capital (Series A/B) (FSANAAAB), Healthcare & Life Sciences Growth Equity (FSANACAB)

Keywords

• Private equity buyouts
• Venture capital investments
• Multi-family office
• Growth capital
• Buy-and-build platforms

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Private Equity Fund Management: Winterberg Advisory GmbH manages private equity investment funds (Winterberg Investment VIII, Winterberg Investment IX, Winterberg Investment X) that invest in small and mid-cap buy-and-build platforms. Revenue is generated through management fees and carried interest from portfolio company exits. Winterberg Group AG operates as an independent family office investing in these funds.
2. Real Estate Investment: Winterberg Group AG selectively invests in real estate as part of its family office mandate, complementing its private equity activities.
3. Startup/VC Investments: Early stage growth capital investments in Seed/Round A startups in sectors including Transportation & Mobility, Health & Fitness, Marketplaces, and Cyber Security, with ticket sizes of €0.2-2.0M for 10-50% equity stakes.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Winterberg Group is a multi-family office investment firm that deploys capital across two strategies: Mature Stage Buyouts (acquiring 51–100% of small and mid-sized industrial technology-driven Mittelstand companies with €1–10M EBITDA, sweet spot €1–2.5M) and Early Stage Growth Capital (Seed/Round A minority investments of €0.2–2.0M for 10–50% equity in fast-growing startups). It also develops and manages buy-build-and-technologize platforms — notably Healthcare Holding Schweiz AG (medical technology distribution) and TIC Holding Schweiz AG (testing, inspection, and certification services) — funded through the Winterberg Investment VIII/IX/X private equity funds managed by Winterberg Advisory GmbH.

Product overview

Winterberg Group is a multi-family office investment firm offering two core investment strategies: Mature Stage Buyouts (majority stakes in industrial technology SMEs with €1-10M EBITDA) and Early Stage Growth Capital (minority stakes in early-stage startups). The firm operates two key buy-build-and-technologize platforms: TIC Holding Schweiz AG (accredited testing, inspection, and certification services in Switzerland) and Healthcare Holding Schweiz AG (medical technology distribution and services in Switzerland). Winterberg Advisory GmbH manages the investment funds while Winterberg Group AG serves as the independent family office.

Differentiator

Problem solved

Functional benefit

Products and services

• Mature Stage Buyouts Investment strategy in which Winterberg acquires 51–100% of small and mid-sized, industrial technology-driven companies with proven and sustainable business models, niche technology, and clear USPs — typical targets in Healthcare, Agricultural Machinery & Technologies, Pumping Equipment & Systems, Industrial Measuring & Analytical Tools, and Engineering Services, with EBITDA of €1–10M (sweet spot €1–2.5M) and EV €5–50M (sweet spot €5–10M). Intended for owners of mature family-owned Mittelstand businesses looking for successors.
• Early Stage Growth Capital Seed and Round A primary-share investments of €0.2–2.0M for 10–50% equity stakes in fast-growing future-unicorn startups disrupting large traditional markets in Transportation & Mobility, Sharing Economy, IoT, Health & Fitness, Marketplaces, and Cyber Security across Europe, US, and South Africa. Targets must have a launched product and monthly revenue above €20k; Winterberg can lead rounds in syndicated deals.
• TIC Holding Schweiz AG Swiss buy-build-and-technologize platform managed by Winterberg Advisory GmbH (and anchored by Yana Partners) that acquires and consolidates accredited testing, inspection, and certification companies across construction materials and adjacent sectors, positioning itself as one of the leading corporate groups in Switzerland's TIC sector. Portfolio includes Metron Measurement SA, TransGeo AG, LCBE SA, HSE Conseils SA, and Vibro-Consult AG.
• Healthcare Holding Schweiz AG Swiss medical-technology distribution and services platform, jointly managed by Winterberg Advisory GmbH and KKA Partners, built through acquisitions of succession-oriented MedTech businesses across orthodontics, medical consumables, regulatory affairs consulting, and MedTech distribution. Subsidiary portfolio includes Senectovia Medizinaltechnik AG, Mikrona Group AG, Winther Medical AG, Schaublin Medica SA, CDP Swiss AG, Aestheticbedarf AG, Ino Medical Solutions GmbH, KSM, Sevika Medical AG, Medddbase International AG, QUNIQUE GmbH, PlusORTHO Prothetik GmbH, Alpin Orthodontics AG, and Compet Medical AG.
• Winterberg Investment X fund Closed-ended private equity fund managed by Winterberg Advisory GmbH that invests in small and mid-sized Swiss companies (primarily in the TIC sector) to build TIC Holding Schweiz AG as a leading industrial group, generating revenue via management fees and carried interest. The fund successfully closed at its €35M hard cap, above its initial €20–25M target.

Quantifiable outcome

• Achieved superior performance over many years for portfolio companies as well as shareholders and investors

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• KKA PartnerscoreStrategic or Co-development PartnerKKA Partners, a Berlin-based Mittelstand investment company founded in 2018 with partners having over 20 years of experience, co-manages Healthcare Holding Schweiz AG alongside Winterberg Advisory GmbH. They apply a Technology Enabled Transformation approach to make Mittelstand companies durably more competitive. The founding partners of KKA are involved in driving Healthcare Holding's growth strategy.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• capiton AG: Berlin-based mid-market private equity firm investing in succession situations and growth financings across DACH. Comparable on DACH SME succession thesis and ticket size range.
• Auctus Capital Partners: German mid-market private equity firm acquiring majority stakes in SMEs with EBITDA typically in the €2-15M range. Direct overlap in DACH succession buy-and-build thesis.
• Afinum: Munich-based mid-market private equity investor with strong DACH Mittelstand focus and buy-and-build playbook. Comparable on target company profile and geography.
• Bencis Capital Partners: Dutch mid-market private equity firm investing in succession and growth-stage SMEs across the Benelux and DACH region. Comparable on mid-cap succession-driven thesis.
• Paragon Partners: German mid-market private equity firm focused on succession-driven Mittelstand buyouts. Comparable as a DACH sector-focused buyout investor targeting similar SME transaction sizes.

Direct peers

• Stone Milliner (Stone 100): Zurich-based multi-family office and direct private equity investor focused on DACH SMEs and venture. Comparable as a Swiss multi-family office doing direct PE and VC.
• Bergos AG: Zurich-headquartered Swiss multi-family office offering direct investments and fund solutions to entrepreneurial families. Comparable as a Swiss MFO with direct investment mandate.
• Affentranger Associates: Swiss multi-family office based in Zurich managing direct investments and fund commitments for entrepreneurial families. Comparable as a Swiss MFO executing direct private equity strategies.
• HQ Capital: Frankfurt-based multi-family office and investment manager running private equity and venture programs across Europe and the US. Highly comparable as a DACH-rooted family-office investor executing both PE and VC strategies.

Emerging players

• Redalpine: Swiss early-stage venture capital firm focused on European tech-enabled startups across health, finance, and enterprise. Comparable on the early-stage Seed/Round A side of Winterberg's dual strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/winterberggroup
• Facebookfacebook.com/winterberggroupag
• LinkedInlinkedin.com/company/winterberg-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Winterberg Group