Context

AS Equity Partners has entered into a binding agreement to acquire Hochdorf Swiss Nutrition (HSN), the core manufacturing subsidiary of the Hochdorf Group. The strategic rationale for the transaction is to preserve HSN’s operational business and its role in the Swiss dairy industry while separating it from the "legacy financial burdens" of its parent holding company, which has entered a debt restructuring moratorium. This carve-out allows HSN to continue its operational turnaround, which achieved positive EBITDA in 2023 for the first time in years, without being constrained by the over-indebtedness of Hochdorf Holding. AS Equity Partners intends to expand the infant nutrition business internationally, leveraging the brand's Swiss quality standards. The existing management team will remain in place to lead the company’s 129-year tradition into a new phase of sustainable profitability and international market penetration.

Target

Hochdorf Swiss Nutrition (HSN) is the primary operating subsidiary of the Hochdorf Group, specializing in the development, production, and marketing of high-quality nutrition products derived from Swiss milk and whey. The company’s business model is divided into two main pillars: Infant Nutrition, which provides infant formula and baby food under brands such as Bimbosan, Babina, and Primalac, and Food Solutions, which supplies milk powders, cream, and dairy-based semi-finished products to the global food industry. Its value proposition is built on "Swissness" quality features and technological expertise in milk protein refinement and powder drying. Strategically, HSN serves as a critical partner for the Swiss dairy industry, processing significant milk volumes into value-added nutritional solutions for both industrial B2B clients and direct consumer markets worldwide.