Case Study · Carve-out · Switzerland

CHF 32M Revenue Preserved in 12 Weeks: Non-Core Carve-out of an Industrial Services Division from a Swiss Industrial Group.

Industrial services division of a Swiss industrial group with CHF 32M revenue and 180 employees. A classic non-core spin-off — fully independent in one quarter.

● Year of Exit 2023 · Non-Core Spin-off · 12 Weeks

Last updated: 5 June 2026

In a non-core carve-out, Tactical Management AG acquired in 2023, an industrial services division with CHF 32 million revenue and 180 employees from a Swiss industrial group. Complete standalone in 12 weeks with a 6-month TSA for group IT and HR. All four German-speaking-Switzerland sites preserved, all 180 service technicians transferred, EBITDA margin rose from ~9% to ~12% after eliminating the group management fee.

Swiss industrial groups make portfolio decisions with different speed and logic than their DACH peers. When a division no longer belongs to the strategic core, it is not managed for years — it is divested cleanly, fast, with clear buyer expectations on site and employment retention.

The situation: A profitable division that no longer fits the portfolio

The division provided maintenance and inspection services for large industrial equipment — compressors, pumps, drive systems. Four sites in German-speaking Switzerland, 180 employees (mainly service technicians), CHF 32M revenue, EBITDA margin ~9%.

The parent group had refocused on its product business after a 2022 strategic review and classified all service activities as 'non-core'. The division was not a loss-maker — it was divested out of portfolio clarity.

Group sale terms: Swiss-owner buyer preferred (no foreign strategic buyers), retention of all Swiss sites, retention of the workforce, close in one quarter. Tactical met all four criteria.

What we did: Swiss stand-alone in 12 weeks

Weeks 1–3: Sounding, indicative offer, letter of intent. Valuation on pro-forma stand-alone earnings after eliminating the group management fee (~CHF 1.2M annually).

Weeks 4–8: Due diligence (commercial, financial, legal, technical) and carve-out architecture. Swiss asset deal with transfer of all relevant contracts (customer framework agreements, leases on the four workshops, service-technician employment relationships) to a newly incorporated Swiss Tactical holding.

Weeks 9–12: Contract negotiation, closing, operational handover. Closing took place at quarter end for clean accounting separation. A 6-month TSA was agreed for group IT and central HR functions.

Operationally the handover was nearly frictionless: the 180 service technicians worked for the group in the morning and for Tactical in the afternoon of the closing day — same workshop, same customers, same compensation. What changed: the reporting line and the strategic priority (service as core, not afterthought).

Signature element: Swiss-buyer preference as a negotiating asset

Swiss industrial groups typically have a strong preference for Swiss buyers in carve-outs — for reasons of political perception (Swiss-job preservation), simpler legal structuring (no international tax workout) and cultural compatibility with the transferred workforce.

Tactical Management is structured as a Swiss AG (offices in Munich, Vienna, Baar). This Swiss presence was a material negotiating advantage in this case: we were preferentially invited, had access to insider information on seller preferences and could enforce terms that foreign bidders could not.

The Swiss holding structure also allows the legally clean transfer of Swiss employment relationships without complex cross-border constructs — a meaningful advantage for a service business whose value resides entirely in personnel.

Transaction Details

Year of Exit

2023

Geography

Switzerland (German-speaking)

Sector

Industrial services (maintenance, inspection, technical services)

Mandate Type

Non-core carve-out from industrial group

Timeline

12 weeks (LOI to close)

Outcome

Stand-alone operation, all Swiss sites preserved

Key Figures

CHF 32M

Revenue acquired

180

Employees acquired

12 weeks

LOI to close

Process

From scoping to closing

Sounding & Swiss-buyer advantage

Swiss industrial groups prefer Swiss buyers in carve-outs for site-preservation and simpler legal structuring. Tactical structured as a Swiss AG.

Indicative offer & pro-forma

Valuation on pro-forma stand-alone earnings after eliminating the group management fee (~CHF 1.2M annually).

Due diligence

Commercial, financial, legal, technical. Focus: transfer of all customer framework agreements, workshop leases and 180 service-technician employment relationships.

Swiss holding structuring

Incorporation of a new Swiss AG as the closing vehicle. Capitalisation, Swiss management, banking financing.

Asset-deal close

Transfer of all relevant contracts and employment relationships at quarter end for clean accounting separation.

6-month TSA

Group IT (ERP, Office), central HR functions, accounting until dedicated structures are live. Defined migration milestones.

Stand-alone operation

Frictionless handover for 180 service technicians. Margin rises by 300bp after eliminating the group fee. All four sites preserved.

Results

Every workstream delivered

Metric	Before Mandate	Outcome
Revenue	CHF 32M (within group)	CHF 34M (year 1 stand-alone)
EBITDA margin	~9%	~12% (after group-fee elimination)
Headcount	180	180 (no reduction)
Sites	4 in German-speaking Switzerland	4 (all preserved)
TSA duration	—	6 months (all migrated)
Exit	Group non-core	Stand-alone industrial-services provider

Frequently asked questions

FAQ

What distinguishes a Swiss carve-out from a German one?

Three main differences: (1) Swiss groups decide faster — sale decision to closing typically 3–6 months, Germany 6–12 months. (2) The Swiss-buyer preference is material — Swiss groups often choose Swiss buyers even with higher foreign bids. (3) Swiss labour law practice is more flexible than German, which gives structuring advantages in carve-outs with personnel-intensive businesses (service, engineering, IT).

How does Tactical structure a Swiss carve-out?

Via a Swiss holding company (AG or GmbH) that executes the asset-deal closing. The holding is incorporated before closing, capitalised and equipped with the required Swiss management. Swiss banks typically finance Swiss working-capital lines at better terms when the closing vehicle is a Swiss AG.

What size of Swiss carve-outs does Tactical acquire?

Typically CHF 15–150M revenue and 80–500 employees. Smaller Swiss special situations we evaluate on a case-by-case basis if the strategic logic and stand-alone capability are given.

How fast is a Swiss carve-out in practice?

In this specific case: 12 weeks from LOI to close. Realistic corridor: 10–16 weeks if the seller side is well-prepared. Material accelerators: clearly defined asset perimeter, existing pro-forma accounts and a short TSA with clear migration milestones.

Does Tactical preserve Swiss sites and employees after a carve-out?

Contractually yes. In this case: no site closure for 3 years, no operational redundancies for 2 years, retention of pension arrangements. These covenants are contract components of the acquisition.

Which group functions are typically extended via a TSA?

Typically IT (ERP, Office tools), central HR functions (payroll in the early months), group accounting (until dedicated accounting is live) and group procurement (for strategic suppliers until dedicated contracts are in place). TSAs typically last 3–18 months.

Illustrative Tactical example transaction based on typical DACH Mittelstand distress patterns. Figures, size bands and timelines reflect market-standard values; identification with any specific transaction is not intended. Prepared to illustrate the Tactical method.

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