Swiss SMEs: Record number of takeovers from abroad
M&A activity among Swiss SMEs rose by 16 percent in 2025 to 208 transactions. The recovery was driven primarily by foreign investors: The number of inbound transactions reached a new high of 104 deals. Private equity was involved in 56 percent of all transactions, reaffirming its role as the market’s most important driver.
After two years of decline, the M&A market for Swiss SMEs recovered significantly in 2025. A total of 208 mergers and acquisitions were completed, an increase of 16% compared to the previous year. The Swiss SME market is thus following the global trend of a noticeable upturn in M&A activity, as the latest study by auditing and consulting firm Deloitte shows.
Foreign buyers drive the market
Foreign buyers were responsible for half of all transactions: the number of inbound transactions, i.e. takeovers of Swiss SMEs by foreign companies, rose by 65% to a new high of 104 completed transactions. This is the highest figure since Deloitte began its survey in 2013.
"In an uncertain global environment, Switzerland benefits from its economic stability, its innovative strength and its strong position in specialized niche markets," says Kristina Faddoul, Head of Strategy, Risk & Transactions Advisory at Deloitte Switzerland. "International investors are specifically looking for resilient companies and innovative products with long-term growth potential - and are increasingly finding these in Swiss SMEs."
Purely domestic transactions also recovered slightly in 2025. The number of takeovers between Swiss SMEs rose by 10% to 53 deals. Although this figure remains below the highs of previous years, it signals that companies continue to have confidence in the domestic market.
Swiss SMEs are more cautious abroad
In contrast to the otherwise positive trend, the number of outbound transactions, i.e. mergers and acquisitions abroad in which Swiss SMEs act as buyers, fell significantly. At 51 transactions, the volume was 25% down on the previous year. The life sciences sector, where not a single acquisition was recorded in 2025, was particularly hard hit, as was the manufacturing industry with a decline of 50%.
This development reflects the increased caution of many Swiss companies. In view of geopolitical tensions, trade policy uncertainties and a very challenging investment environment, many SMEs focused more strongly on their core activities and existing markets. Acquisitions abroad mainly took place where targeted bolt-on acquisitions - often in the consumer goods and services sector - appeared to make strategic sense.
IT and consumer sector as the main target
The main driver of the recovery in the Swiss SME market was the IT and software sector, which alone accounted for 56% of the growth in inbound transactions. Overall, the IT sector accounted for over a quarter (28%) of all takeovers of Swiss SMEs - twice as much as in the previous year. This underlines the attractiveness and innovative strength of Swiss technology companies for international buyers. The consumer goods sector also developed positively: with 13 transactions, it recorded the strongest growth among purely domestic transactions.
Europe dominates, USA slumps
European investors are particularly interested in Swiss SMEs: they are responsible for more than four out of five (83%) inbound transactions. There were noticeable shifts in 2025: French buyers made up the largest group of foreign investors for the first time at 27 percent, ahead of Germany (19 percent). Investments from the rest of Europe also increased significantly, particularly from the Nordic countries, whose share rose to 13%.
In contrast, the proportion of US buyers fell by more than half from 17% to just 8%. "The decline in American buyers by more than half is remarkable. The weak US dollar against the Swiss franc and the US customs policy made transactions more expensive and more uncertain. European investors have filled this gap with conviction," says Kristina Faddoul.
Private equity as a key growth driver
Private equity has become the most important driver of the Swiss M&A market and played a key role in 2025. In total, financial investors were involved in 116 transactions - an increase of 45% compared to 2024. 56% of all transactions were therefore private equity-driven investments. The increase is mainly due to targeted add-on acquisitions, which increased fivefold in 2025: Foreign PE firms are specifically buying Swiss SMEs to strengthen their portfolios.
Positive prospects for 2026
M&A activities are expected to pick up further in the near future with an even stronger focus on Europe. "The signs for 2026 are good: a low interest rate environment, a lot of investment capital in private equity and intra-European investments speak for even more transactions. However, geopolitical risks and trade barriers remain major uncertainty factors. What our study clearly shows is that Swiss SMEs enjoy an excellent reputation. They will continue to be attractive partners or acquisition targets in 2026," concludes Kristina Faddoul.
The Deloitte study on M&A activities of Swiss SMEs examines merger and acquisition transactions of small and medium-sized Swiss companies between January 1 and December 31, 2025. Deloitte defines SMEs as companies with a turnover of more than 10 million Swiss francs, fewer than 250 employees and an enterprise value of between 5 and 500 million Swiss francs.
