Winback lbo with Charterhouse

The French provider of non-invasive physiotherapy solutions announces that Charterhouse has joined its shareholding

LBO 2025, December

HealthCare

"If Cambon Partners didn’t exist, we would have had to invent it. Throughout this process, our path crossed that of the fairy Cambon Partners, who guided us to the top of our mountain. Their brilliant team helped us realize that we could now reach for the stars with Charterhouse. We are delighted to work with Charterhouse; we now have the ability to take on an extraordinary challenge where innovation becomes our main driver of growth."

Christophe Buée and Pierre Lebas, Co-CEOs of Winback

Founded in 2013, Winback is a global leader specialising in TECAR and radiofrequency therapy, cryotherapy and compression systems and digital service solutions used across physiotherapy, sports medicine, chronic pain, women’s health, and aesthetic care. Headquartered in Biarritz, France, the platform has a fully integrated value chain including proprietary technology that services over 15,000 clinics and practices across 55 countries, with circa 60% of its sales generated internationally.

Charterhouse Capital Partners, one of the longest established private equity firms operating in Europe, announces that it has agreed to invest in Winback, a French provider of non-invasive physiotherapy solutions, in partnership with Winback’s management team, who will reinvest significantly in the business. This marks a key step as the company continues to grow into a leading international medtech platform after 4 years with Capza.

Winback benefits from favourable industry tailwinds across the global health and wellness market, including increasing demand for non-drug solutions, strong growth in post-surgery rehabilitation and a rising focus on prevention, rapid recovery and performance.

Fabien Bernez, Partner at CAPZA, said: “During our partnership with Winback, the company has significantly strengthened its international footprint and expanded across physiotherapy, sports and aesthetic applications. We are pleased to have
supported two outstanding entrepreneurs and their team during this phase of growth. We are now delighted to hand over the reins to Charterhouse and are confident that they are the right partner to guide the business through its next stage of global expansion.”