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12/2025

WINBACK acquired by CHARTERHOUSE

FRANCE Life Sciences / Medical Devices EV €100–350M

Context

Charterhouse Capital Partners acquired a majority equity stake in Winback following a competitive process that attracted interest from several top-tier private equity funds. This transaction facilitates the exit of Capza, which had supported the company since late 2021 through a minority "flex equity" structure, and allows the founding duo to cash out a portion of their holdings while reinvesting to remain significant minority shareholders and operational leaders. The deal is financed through a combination of equity and a debt package comprising senior bank debt provided by a consortium of French banks and a mezzanine tranche arranged by a specialized private debt fund. The new partnership is intended to drive the next phase of growth, focusing on deepening market penetration in existing territories and expanding the product portfolio.

WINBACK, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a discount to the average currently observed in the Healthcare & Pharma sector (14.3x).

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Target

Founded in 2013, Winback is a high-growth French medical technology company specializing in the design, manufacturing, and distribution of advanced devices for tissue rehabilitation and pain management. The company has built its reputation on TECAR technology (Transfer of Energy Capacitive and Resistive), utilizing high-frequency currents to accelerate the body's natural regeneration processes. Beyond its core radiofrequency solutions, Winback has diversified its portfolio to include cryotherapy and compression systems. Its devices are essential tools for a wide range of practitioners, including physiotherapists, osteopaths, and sports doctors, with applications extending to chronic pain treatment, women's post-partum health, and aesthetic medicine.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
€25–50M
€5–25M
[members only]
2023
€25–50M
€5–25M
[members only]

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REFERENCES

Valuation range: EV €100–350M

Revenue range: €25–50M

EBITDA range: €5–25M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of WINBACK by CHARTERHOUSE are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: charterhouse