A look inside a machine manufacturing factory. The many SMEs are the backbone of the export-oriented industry.
Gaetan Bally / Keystone
Swiss small and medium-sized enterprises (SMEs) remain attractive to foreign buyers. An analysis by consultancy Deloitte shows that more Swiss SMEs were acquired by foreign investors in 2025 than ever before. Swiss public broadcaster SRF business editor Charlotte Jacquemart puts the figures into perspective.
How many Swiss SMEs were acquired by foreign investors in 2025?
In 2025, 104 Swiss SMEs were taken over by foreign investors. That is 65% more than in the previous year and the highest figure since 2013, when Deloitte began tracking acquisitions and sales of Swiss SMEs.
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In Deloitte’s analysis, SMEs are defined as companies with annual turnover of more than CHF10 million ($13 million) but fewer than 250 employees. Their enterprise value must lie between CHF5 million and CHF500 million. These are traditional SMEs, which employ around two-thirds of the Swiss workforce.
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Which countries do the buyers come from?
Significantly fewer Swiss SMEs were acquired by US investors in 2025 compared with previous years. European investors were far more active, accounting for four out of five transactions, according to Deloitte.
The consultancy attributes the decline in US acquisitions to the weak dollar and the tariff policy of US President Donald Trump. For American investors, purchases abroad have become more expensive.
Charlotte Jacquemart studied economics at the University of Zurich and has been working as economics editor at Swiss public radio SRF since June 2017. She previously worked at the NZZ am Sonntag for 13 years.
In 2025, French buyers made up the largest group of foreign investors at 27%, ahead of Germans at 19%. Investors from other European countries, particularly the Nordic region, also increased their activity.
How many Swiss companies bought firms abroad?
Transactions also occurred in the opposite direction. According to Deloitte, 51 Swiss investors acquired companies abroad in 2025. The consultancy suggests that geopolitical uncertainty has made Swiss investors and companies more cautious overall.
Will Swiss-owned SMEs disappear?
There is little reason to fear the disappearance of Swiss-owned SMEs. Switzerland currently counts around 620,000 SMEs – and new ones are created every year.
Click here for the Deloitte studyExternal link (in English)
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Translated from German using AI/amva/ts
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