Week 11 | March 13 -- 6,738 publications analyzed
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ValIndex Market Pulse
Week 11 · March 13, 2026
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Interactive Edition → |
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New Registrations
1,225
-2% WoW
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Distress Events
456
-2% WoW
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M&A Deals
4
-17% WoW
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Succession Alerts
50
+6% WoW
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Publications
6,738
-2% WoW
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Deal of the Week
CGI Switzerland SA ← Apside Genève SA INBOUND SERIAL
Merger · Assets CHF 2.9M · Net CHF 1.8M
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.
M&A Transactions (3 more)
| Type | Acquirer | Target | Assets | Net |
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| Asset Transfer | SLB Holding AG | BSK Holding AG | CHF 5.8M | CHF 5.8M |
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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.
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| Merger | MCM Schaublin AG | Ino Medical Solutions GmbH | CHF 1.2M | CHF 887K |
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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.
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| Merger | Equans Switzerland AG | Equans Techniques SA | CHF 20.4M | CHF 7.0M |
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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.
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Signal Spotlights
M&A
ZH
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.
SUCCESSION
SO
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.
DISTRESS
ZH
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.
Bankruptcy Watchlist (4)
| Company | Canton | Sector | Est. |
|---|---|---|---|
| Jank + Blatter AG GOV | LU | Industrial & Manufacturing | 1997 |
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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.
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| Bohnenblust & Partner AG | ZH | Industrial & Manufacturing | 1995 |
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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.
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| Rethan AG | ZH | Industrial & Manufacturing | 1973 |
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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.
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| Perseus Verlag AG TM | BL | Media & Telecom | 2010 |
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A niche anthroposophical publisher founded in 1990 by Thomas H. Meyer in Basel.
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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.
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ValIndex Market Pulse · Published every Friday
M&A deals, distress signals, and succession alerts from 6,738 weekly SOGC publications.
M&A deals, distress signals, and succession alerts from 6,738 weekly SOGC publications.
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